How Ongoing ‘Evolution’ Prepared VF For Current Crisis

The ongoing evolution of VF Corp.—which began in 2017 and was elevated last year through several measures—has the Denver, CO-based well-positioned during this ongoing pandemic. CEO Steve Rendle and CFO Scott Roe discussed VF’s playbook for getting the company back on track after a hard-hit Q4.

April Retail Sales Drop Nearly Twice As Much As March

Retail sales dropped almost twice as much during April as they did in March as the nation’s economy saw its first full month when most businesses were closed because of the coronavirus pandemic, the National Retail Federation said today.

VF Corp.’s Q4 Sales Sink 11 Percent

VF Corp. reported revenue in the fourth quarter ended March 31 decreased 11 percent on a reported basis and fell 10 percent in constant dollars. Among key brands, currency-neutral sales were down 6 percent at Vans, 13 percent at The North Face, 18 percent at Timberland, and 2 percent at Dickies. Companywide sales and adjusted earnings both missed Wall Street’s targets.

Yue Yuen Q1 Revenues Slump 20.6 Percent

Yue Yuen Industrial (Holdings) Limited, the largest sports footwear manufacturer, recorded revenue of $1.97 billion in the three months ended March 31, representing a decrease of 20.6 percent compared to revenue of $2.48 billion recorded in the same period of 2019.

Adidas Launches #HOMETEAMHERO Challenge

Adidas plans to launch a virtual sporting event, the #HOMETEAMHERO Challenge, to support essential workers. From May 29 to June 7, for every hour of tracked activity, Adidas will donate $1 to the COVID-19 Solidarity Response Fund for the World Health Organization (WHO), with the goal of reaching one million hours.