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VF CORPORATION Table of Contents
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 27, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number: 1-5256 V. F. CORPORATION (Exact name of registrant as specified in its charter) Pennsylvania 23-1180120 (State or other jurisdiction of incorporation or organization) (I.R.S. employer identification number) 1551 Wewatta Street Denver, Colorado 80202 (Address of principal executive offices) (720) 778-4000 (Registrant’s telephone number, including area code) 8505 E. Orchard Road Greenwood Village, Colorado 80111 (Former address, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: (Title of each class) (Trading Symbol(s)) (Name of each exchange on which registered) Common Stock, without par value, stated capital, $0.25 per share VFC New York Stock Exchange 0.625% Senior Notes due 2023 VFC23 New York Stock Exchange 0.250% Senior Notes due 2028 VFC28 New York Stock Exchange 0.625% Senior Notes due 2032 VFC32 New York Stock Exchange Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -
Sustainability Report
We are Made for Change SUSTAINABILITY & RESPONSIBILITY REPORT 2018 WE ARE MADE FOR CHANGE CIRCULAR BUSINESS SCALE FOR GOOD MOVEMENT MAKERS HOW WE REPORT & DATA APPENDIX Contents We are ‘Made for Change’ Scale for Good Movement Makers 3 CEO Welcome 31 Doing Well by Doing Good 61 Brands with Impact 5 VF Corporation 62 Impactful Work 32 Environment 9 Value Chain 63 Developing a Diverse Workforce 33 Reducing Our Footprint 10 Key Trends in 2018 66 Our Workforce at a Glance 36 Smarter about Energy 12 Our ‘Made for Change’ Strategy 67 Building our Safety Culture 38 Greening our Buildings 17 How We Manage Sustainability 68 Empowering our Associates 39 The Path to Zero-Waste Facilities Circular Business 40 Saving Water in a Thirsty Industry 70 Impactful Brands 71 Putting Purpose at the 23 Doing Business Better 41 Key Materials & Products Heart of our Brands 42 Tracing our Raw Materials 24 Circular Business Models 72 Breaking Down Barriers 43 Shifting to more Sustainable Materials 25 Renting our Products for Change 46 Microfibers may have a Big Impact 25 Extending our life through 47 Safely Deliver High-Performing Products 73 Impactful Interventions recommerce 47 Good Chemistry Makes Great, 74 Striving for One Million 26 Second Life Safe Products Volunteering Hours 27 Repairing our Products 75 Investing in Communities 50 Responsible Sourcing & 27 Reusing our Products Worker Well-being How We Report & 28 Circular Design 51 Respecting Human Rights Data Appendix 29 Design for Circularity Philosophies 54 Valuing Workers’ Lives 78 About this Report 55 Freedom of Association 79 Materiality and Collective Bargaining 80 Data Appendix 55 Fair Wages 56 Supplier Assessment and Capacity-Building 58 Worker and Community Development Effective for the fiscal year April 1, 2018 through March 30, 2019 (‘Fiscal Year 2019’), VF changed its fiscal year from the Saturday closest to December 31, of each year to the Saturday closest to March 31, of each year, while this report covers calendar year 2018. -
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. -
Capstone Headwaters Apparel, Footwear, & Accessories M&A
BUSINESSES EXPAND E-COMMERCE, D2C CHANNELS AS PANDEMIC RESHAPES RETAIL APPAREL, FOOTWEAR, & ACCESSORIES INDUSTRY UPDATE | JANUARY 2021 Apparel, Footwear, & Accessories Industry Businesses Focus on E-Commerce, D2C Channels TABLE OF CONTENTS KEY INDUSTRY TAKEAWAYS Key Industry Takeaways Capstone Headwaters’ Consumer & Retail Group (CRG) is pleased to share its Industry Outlook Apparel, Footwear, & Accessories report. Through our ongoing conversations with active industry players and analysis of trends during COVID-19, we have Macroeconomic Backdrop identified several key takeaways below, followed by an in-depth overview of Winning Trends in Retail industry dynamics on the following pages. M&A Overview 1. 2020 was a transformational year for the Apparel, Footwear, & Accessories Notable Transactions industry as many years of change were compressed into a few months. Select Transactions 2. The rise of digitally native brands continues to disrupt the industry as the Bankruptcy Acquisitions shift from brick-and-mortar to e-commerce has been intensified. Strategies from Top Players 3. Product category nimbleness will continue to pay off as companies adapt to Public Company Data evolving consumer preferences. Report Contributors 4. Public equity valuations in the sector bounced back from their March 2020 Firm Track Record lows as investors overweight the winners from the pandemic. 5. Strategic buyers in the sector are well-capitalized and increasingly focused on mergers and acquisitions (M&A) to propel further growth in 2021. 6. Armed with $1.3 trillion in dry powder, private equity buyers are on the hunt for companies with strong brands and well-defined growth opportunities. 7. In 2021, we expect M&A activity in the sector to heat up as the year progresses, driven by widespread vaccine roll-out, rising consumer confidence, and the continued reopening of the economy. -
Vans® Timberland® Jeanswear + to a Thlete- Change Se Cond R E-Made 2012 Last: Driven Inc
VF Corporation 105 Corporate Center Blvd. Greensboro, NC 27408 5 Powerful 336.424.6000 Brands For additional content visit: vfc.com That Never 2012 Annual Review Stand Still & Performance Update + A Snapshot Of Other VF Brands On The Move MADE 6 12 18 24 The North Face® Vans® Timberland® Jeanswear + TO A THLETE- CHANGE SE COND R E-MADE 2012 LAST: DRIVEN INC. NATURE TO LAST SNAPSHOTS ® 2012 Annual Review The close partnership between The Vans brand is the original Creating innovative, environmentally A focus on consumer-centric innovation A look around the world of VF. ® ® ® & Performance Update The North Face brand and action sports and youth culture icon. responsible products consumers love is drives the Wrangler and Lee brands to its athletes drives its success. But you can’t stay original by doing second nature to the Timberland® brand. constantly invent new products and reinvent CONTENTS: what you’ve always done. older ones. 4 28 T o Our Shareholders VF Performance Update Eric Wiseman Bob Shearer Chairman, President & Chief Senior Vice President & Chief Executive Officer Financial Officer VF Brands At-A-Glance 34 O perating Committee 35 Board of Directors 36 T he Last Word 38 REVENUES GREW I NTERNATIONAL CA SH FLOW FROM D IRECT-TO-CONSUMER 15% REACHING REVENUES REACHED OPERATIONS WAS ACCOUNTED FOR A RECORD A RECORD 37% OF TOTAL 21% OF TOTAL $10.9 B REVENUES $1.3 B VF REVENUES quarterly dividend rate, marking the 40th consecutive year of increasing Our fourth growth driver is to “Win with Winning Retailers.” About T o Our Shareholders: 2012 was another year of records for VF— record revenues, record dividend payments to shareholders.