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Fiscal Year 2019

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Fiscal Year 2019 VF CORPORATION THE KIND F COMPANY g n i t WE WILL a e r C - e u l a V • BE n e v ri -D ce an rm rfo Pe ed • Purpose-L ANNUAL REPORT FISCAL YEAR 2019 ... WITH A DIVERSE PORTFOLIO OF ICONIC BRANDS AND A LONG TRACK RECORD OF DELIVERING STRONG SHAREHOLDER RETURNS. NOW WE’RE BUILDING ON THAT LEGACY OF SUCCESS TO CREATE AN EVEN BETTER VF FOR THE FUTURE. WE’VE EMBARKED ON A JOURNEY TO EVOLVE OUR COMPANY’S CULTURE AND TRANSFORM OUR OPERATIONS, BUILDING ON THREE COMMITMENTS: Bring a deep sense of PURPOSE to all that we do – using our talent, resources and scale to improve lives, make the world a better place and drive new forms of accretive growth. Ensure that, around the world, our company reflects the rich diversity of the consumers and communities we serve. We see an inclusive and diverse workforce and culture as powerful forces that drive greaterPERFORMANCE , more productive collaboration and a faster pace of innovation. Create superior VALUE for our shareholders, as we’ve consistently done in the past and as we’re doing today to keep delivering on our integrated 2021 Global Business Strategy. As we work to meet these commitments, we reject the zero-sum notion of either-or. Instead, we seek to unlock “the power of and.” In our priorities, decisions and actions, we believe we can find the balance that lives at the intersection of purpose, performance and value. This approach will help us lead by example and demonstrate that even the largest companies can excel by doing good. Today and in the future, you’ll see us continue to operate with the financial rigor and operational discipline you’ve come to expect, but with a new boldness that more fully aligns VF and our brands with the needs of our associates, consumers, shareholders and stakeholders. That’s how we’ll win in today’s fast-changing and dynamic marketplace. WE’RE PURPOSE-LED. WE’RE PERFORMANCE-DRIVEN. WE’RE VALUE-CREATING. WE’RE VF CORPORATION. VF Corporation | FISCAL YEAR 2019 ANNUAL REPORT 1 STEVEN E. RENDLE Chairman, President & Chief Executive Officer To Our Fiscal 20191 brought changes in our company that, taken together, mark the most significant transformation in VF Corporation’s 120-year history. We have taken bold actions to reshape our portfolio and evolve our company in ways we believe will lead us into another century of success and value creation. At the same time, we delivered the kind of financial results you’ve come to expect from us – performance that demonstrates our intense focus on creating superior shareholder value. Here are some highlights: • VF’s Total Shareholder Return (TSR) was 20 percent compared with 9 percent for the Standard & Poor’s 500 Index (S&P 500) and 13 percent for the S&P Consumer Discretionary Index. Our annualized TSR during the past 10-year period was 23 percent compared with 16 percent for the S&P 500 and 21 percent for the S&P Consumer Discretionary Index. • Revenue increased 12 percent (13 percent in constant dollars2) to $13.8 billion, including a $700 million contribution from the Williamson-Dickie, icebreaker® and Altra® acquisitions. Excluding our Jeans business3, revenue increased 16 percent (18 percent in constant dollars) to $11.2 billion. Growth was driven by our two largest brands – Vans® (up 24 percent, or 26 percent in constant dollars) and The North Face® (up 9 percent, or 10 percent in constant dollars). • On an organic basis4, revenue increased 7 percent (8 percent in constant dollars), with our International platform up 5 percent (8 percent in constant dollars) and our Direct-to-Consumer (DTC) platform up 11 percent (12 percent in constant dollars). Our Work segment increased 6 percent, as our Dickies® brand increased 5 percent (6 percent in constant dollars). Excluding our Jeans business, organic revenue increased 10 percent (11 percent in constant dollars) with our International platform up 7 percent (10 percent in constant dollars) and our DTC platform up 12 percent (13 percent in constant dollars). • Gross margin from continuing operations increased 10 basis points to 50.7 percent. On an adjusted basis5, gross margin increased 30 basis points to 51 percent. • Earnings per share (EPS) from continuing operations was $3.14. Adjusted EPS from continuing operations6 increased 20 percent to $3.78 (22 percent in constant dollars), including a $0.15 per share contribution from the Williamson-Dickie, icebreaker® and Altra® acquisitions. • Fiscal 2019 cash flow from operations reached approximately $1.7 billion, or approximately $1.8 billion on an adjusted basis7 , and we returned over $900 million to shareholders through share repurchases and dividends. See inside back cover for shareholder letter footnotes. VF Corporation | FISCAL YEAR 2019 ANNUAL REPORT 3 Boldly into the Future Highlighting fiscal 2019 was our announcement to spin off our Jeans business as an independent, publicly traded company comprising the Wrangler ®, Lee® and Rock & Republic® brands and the VF Outlet™ business. Separating this new company, named Kontoor Brands, Inc., enables VF to sharpen our focus as a global apparel and footwear powerhouse, anchored in activity-based outdoor, active and work lifestyle brands. It also allows for enhanced strategic and management focus, reduced complexity and more efficient allocation of capital. With the separation of Kontoor Brands, VF will be an $11.2 billion company, with approximately 80 percent of revenue driven by our four largest brands: Vans ®, The North Face®, Timberland® and Dickies®. Our global growth platforms of International and DTC will represent 45 percent and over 35 percent of total revenue, respectively. We also announced our decision to establish a shared global headquarters in Denver to serve as the home for certain VF leaders and our The North Face ®, JanSport®, Eagle Creek®, Smartwool® and Altra® brands, as well as our Global Innovation Center for technical apparel. Co-locating these brands, along with VF leadership, at the base of the Rocky Mountains not only simplifies our North American office footprint, but also better positions us to collaborate across brands and functions, unlock innovation and business opportunities, attract and retain talent, and better connect with our outdoor and active lifestyle consumers. These moves underscore our bias for boldness as we evolve our company and shape our future. Moreover, they underpin the transformational journey we’re on to be a company that delivers on our commitment to be a purpose-led, performance-driven and value-creating enterprise. MILESTONES THAT HELPED SHAPE the company we are today VF acquires The North Face® and Vans® brands – its two largest today – laying the VF – then Vanity Fair – foundation for the company’s enters the denim category portfolio of powerful, activity- VF acquires Blue Bell, based lifestyle brands. with the acquisition of the ® ® which includes the Wrangler , Lee brand and renames ® ® itself VF Corporation. JanSport and Red Kap brands – doubling its size and creating the world’s largest publicly traded apparel company. 4 SHAREHOLDER LETTER Leading with Purpose Much has been said in recent years about the importance of doing well in business by also doing good for society. At VF, we view this as more than a business trend. We believe it’s become a business imperative. Without a doubt, a bitter mix of social, environmental, political and economic issues is having a negative impact on our communities and our world. Many challenges have grown so large and complex that the institutions traditionally responsible for addressing them can’t deliver effective solutions at scale. Our world needs steady and principled leadership. And, perhaps more than ever, we in the business community have the responsibility to provide that leadership. At VF and across our brand portfolio, we’re leaning into this opportunity by declaring our commitment to be a purpose-led company that puts purpose on par with profit. This means you’ll see us increasingly combine our relentless focus on shareholder value creation with a complementary focus on stakeholder value and a commitment to use our business as a force for good – true to the purpose we defined and launched last year: WE POWER MOVEMENTS OF SUSTAINABLE AND ACTIVE LIFESTYLES FOR THE BETTERMENT OF PEOPLE AND OUR PLANET. This purpose has galvanized our diverse organization behind one shared reason for being. As we move forward, it will not only give greater meaning to our work, it will help VF announces the separation of its Jeans business and VF completes its largest establishes a shared global acquisition in the Timberland® headquarters in Denver for VF and Smartwool® brands, and five of its outdoor brands. immediately doubling its VF divests its namesake global footwear business. brand, Vanity Fair, when it sells the intimate apparel business that represents a sizeable part of its revenue. VF acquires Williamson-Dickie Mfg. Co. and its portfolio of workwear brands – including the Dickies® brand – and establishes itself as a global leader in the workwear category. VF Corporation | FISCAL YEAR 2019 ANNUAL REPORT 5 THE ADDITION OF ICEBREAKER®– OUR FIRST PURPOSE-LED ACQUISITION – IS AN IDEAL COMPLEMENT TO OUR SMARTWOOL® BRAND, STRENGTHENING VF’S INDUSTRY LEADERSHIP IN THE USE OF NATURAL AND SUSTAINABLE PERFORMANCE MATERIALS. fuel our business success as we more deeply engage with our consumers to advance shared interests and widen our market reach. Most importantly, as we closely connect purpose and profit, we will leverage our resources and scale to make a measurable impact on millions of lives and the planet we all share. Although we’re early in our journey, we’ve already made significant strides. For example, we’re leading the industry in advancing the use of natural and sustainable performance materials.
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