{"id":22965,"date":"2022-08-03T08:06:19","date_gmt":"2022-08-03T00:06:19","guid":{"rendered":"https:\/\/www.aplf.com\/2022\/08\/03\/freight-costs-and-china-lockdowns-impact-vf-corp-q1-results\/"},"modified":"2022-08-03T08:06:24","modified_gmt":"2022-08-03T00:06:24","slug":"freight-costs-and-china-lockdowns-impact-vf-corp-q1-results","status":"publish","type":"post","link":"https:\/\/www.aplf.com\/zh-hant\/2022\/08\/03\/freight-costs-and-china-lockdowns-impact-vf-corp-q1-results\/","title":{"rendered":"Freight costs and China lockdowns impact VF Corp Q1 results"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"22965\" data-post-id=\"22965\" data-obj-id=\"22965\" class=\"elementor elementor-22965 dce-elementor-post-22965 elementor-22948\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-372d15d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"372d15d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-865f172\" data-id=\"865f172\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-35eab76 elementor-widget elementor-widget-text-editor\" data-id=\"35eab76\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>3 Aug 2022<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f231751 elementor-widget elementor-widget-heading\" data-id=\"f231751\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\"><a href=\"\">Freight costs and China lockdowns impact VF Corp Q1 results<\/a><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a08a724 elementor-widget elementor-widget-text-editor\" data-id=\"a08a724\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>VF Corp, whose brands include Timberland, The North Face, Vans and Eastpak among others on July 28 released Q1 fiscal 2023 results with revenues slightly up compared with the same period last year, reports <a href=\"https:\/\/internationalleathermaker.com\/\" target=\"_blank\" rel=\"noopener\">ILM<\/a>. <\/p><p>\u00a0<\/p><p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-medium wp-image-22951\" src=\"https:\/\/www.aplf.com\/wp-content\/uploads\/2022\/08\/image-4-500x338.jpg\" alt=\"\" width=\"500\" height=\"338\" srcset=\"https:\/\/www.aplf.com\/wp-content\/uploads\/2022\/08\/image-4-500x338.jpg 500w, https:\/\/www.aplf.com\/wp-content\/uploads\/2022\/08\/image-4.jpg 540w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/p><p>\u00a0<\/p><p>First quarter fiscal 2023 revenue increased 3% (up 7% at a constant dollar exchange rate) to $2.3 billion driven by increases in the EMEA and Americas regions which partially offset by a decline in the APAC region primarily due to Covid-19 lockdowns in China.<\/p><p><br \/>Gross margin decreased to 53.9%, primarily driven by mix and higher freight costs partially offset by price increases. On an adjusted basis, gross margin decreased to 54.1%. Operating income on a reported basis was $63.4 million. On an adjusted basis, operating income decreased 48% (down 40% for a constant dollar exchange rate) to $77.5 million. Operating margin on a reported basis was 2.8%. Adjusted operating margin decreased to 3.4%.<\/p><p><br \/>Steve Rendle, Chairman, President and CEO of VF said: \u201cWe delivered solid top-line results in Q1, ahead of our initial expectations, led by strong consumer engagement with our outdoor, streetwear and active brands amid a softer consumer environment and inflationary pressures. Importantly, we are maintaining our operating outlook for FY23, a testament to the resiliency of our purpose-built family of brands. While uncertainty persists across geographies and marketplaces from ongoing macro-economic headwinds, we are focused on the things that we can control and will continue our strategic investments to ensure long-term, sustainable and profitable growth.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-516b9ba elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"516b9ba\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b6081fe\" data-id=\"b6081fe\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8d853ad elementor-widget elementor-widget-spacer\" data-id=\"8d853ad\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>3 Aug 2022 Freight costs and China lockdowns impact VF &hellip; <a class=\"more-link\" href=\"https:\/\/www.aplf.com\/zh-hant\/2022\/08\/03\/freight-costs-and-china-lockdowns-impact-vf-corp-q1-results\/\">\u95b1\u8b80\u5168\u6587 <span class=\"screen-reader-text\">Freight costs and China lockdowns impact VF Corp Q1 results<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[33],"tags":[],"class_list":["post-22965","post","type-post","status-publish","format-standard","hentry","category-industry-news-tc","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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