VF(US:VFC) zacks.comยท2024-05-23 17:05Core Insights - V.F. Corporation reported fourth-quarter fiscal 2024 results that missed both top and bottom line estimates, with revenues declining 13% year over year to $2.37 billion and an adjusted loss per share of 32 cents compared to earnings of 17 cents in the prior-year quarter [1][2] Financial Performance - The company experienced an operating loss of $355.8 million, worsening from a loss of $160.9 million in the same period last year [2] - Adjusted gross margin contracted by 120 basis points to 48.4%, influenced by a 300-bps adverse rate impact and negative foreign currency effects, partially offset by a favorable mix contributing 180 bps [1] - Cash and cash equivalents at the end of fiscal 2024 were $674.6 million, with long-term debt at $4.7 billion and shareholders' equity at $1.7 billion [6] Revenue Breakdown - Revenues in the Americas fell 22% year over year, while EMEA and APAC regions saw declines of 3% and 3% respectively [4] - Wholesale and direct-to-consumer revenues decreased by 20% and 4% year over year [4] - By segment, Outdoor revenues dipped 8% to $1.2 billion, Active segment revenues fell 19% to $914 million, and Work segment revenues dropped 16% to $240.3 million [5] Strategic Initiatives - The company is advancing its Reinvent transformation program aimed at brand-building and operational improvements, achieving gross cost savings of $80 million in fiscal 2024 [7] - An in-depth strategic review of brand assets is underway to maximize long-term value [7] Shareholder Returns - V.F. Corp returned $35 million to shareholders through dividends in the fourth quarter and $303 million for the entire fiscal year [6]