“Fiscal 2019 marked one of the most significant periods of transformation in VF's 120-year history, highlighted by our announcement to spin off our Jeans business as an independent, publicly traded company”, commented said Steve Rendle, Chairman, President and Chief Executive Officer, adding: “Despite the tremendous workload, we remained sharply focused and delivered another year of strong financial results and top quartile returns to our shareholders."

"As we enter fiscal 2020, our portfolio is well positioned, and our growth and momentum are strong, fueled by the investments we are making in support of our long-term strategy. The bold decisions we continue to make to evolve our company underpin the transformational journey we're on to deliver on our commitment to be a purpose-led, performance-driven and value-creating enterprise capable of delivering sustainable long-term shareholder value”, Rendle concluded.

Fourth Quarter Review

Revenue increased by 6% (up by 9% in constant dollars) to 3.2 billion US dollars, driven by VF's largest brands, international and direct-to-consumer businesses, as well as strength from the Active, Outdoor and Work segments. Excluding Kontoor Brands, revenue increased by 8% (up by 12% in constant dollars). Operating income on a reported basis was 194 million US dollars. On an adjusted basis, operating income declined by 5% to 313 million US dollars, including a 7 million US dollars contribution from acquisitions net of divestitures. Excluding Kontoor Brands, adjusted operating income increased by 3%. Earnings per share was 0.32 US dollars on a reported basis. On an adjusted basis, earnings per share declined by 10% (4% in constant dollars) to 0.60 US dollars, including a 0.01 US dollars contribution from acquisitions net of divestitures, and 0.04 US dollars per share (20 million US dollars pretax) of incremental investment relative to the company's prior outlook provided on the 18^th of January 2019.

Full Year Review

Revenue increased by 12% (up by 13% in constant dollars) to 13.8 billion US dollars. Excluding acquisitions net of divestitures, revenue increased by 7% (up by 8% in constant dollars), driven by VF's largest brands, international and direct-to-consumer businesses, as well as strength from the Active, Outdoor and Work segments. Excluding Kontoor Brands, revenue increased by 16% (up by 18% in constant dollars), or 10 US dollars (by 11% in constant dollars), excluding acquisitions net of divestitures. Operating income on a reported basis increased 10 percent to 1.7 billion US dollars. On an adjusted basis, operating income increased by 21% to 1.9 billion US dollars, including a 73 million US dollars contribution from acquisitions net of divestitures. Excluding Kontoor Brands, adjusted operating income increased by 32%. Earnings per share on a reported basis increased by 63% to 3.14 US dollars. Adjusted earnings per share increased by 20% (up by 22% in constant dollars) to 3.78 US dollars, including a 0.15 US dollars contribution from acquisitions net of divestitures. Relative to the company's original outlook provided on the 4th of May 2018, full year fiscal 2019 earnings per share included a 0.13 US dollars (about 65 million US dollars pretax) impact from incremental investments.