VF Corporation, the a global leader in branded lifestyle apparel, footwear and accessories has introduced the company’s ‘2021 Strategic Growth Plan’ and key initiatives designed to deliver superior returns to shareholders.
The Greensboro, NC-based company expects to deliver revenue growth at a five-year compounded annual growth rate (CAGR) of between 4 and 6 per cent led by its top three brands, its direct-to-consumer business, and international business. It projects earnings per share to grow at a five-year CAGR of between 10 and 12 per cent. The company also expects to generate over $9 billion of cash from operations between 2017 and 2021 and return $8 billion to shareholders through dividends and share repurchases.
President and CEO Steve Rendle says their 2021 strategic growth plan fuels aspiration to consistently grow by creating amazing products and brand experiences that transform and improve the lives of consumers worldwide. The company’s direct-to-consumer business increased substantially in Q4 led by Vans, North Face and Timberland, in the Americas, Europe and Asia, and the European business increased in sales for all three brands. VF’s Board of Directors authorized a change in VF’s fiscal year end from the Saturday closest to December 31 of each year to the Saturday closest to March 31 of each year. The changes will be effective for the fiscal year beginning on April 1, 2018.