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BRIEF-VF Corp expects gross margin to reach 51.5 pct in 2021
March 30, 2017 / 11:16 AM / 6 months ago

BRIEF-VF Corp expects gross margin to reach 51.5 pct in 2021

March 30 (Reuters) - VF Corp:

* VF Corp introduces 2021 strategic growth plan; updates strategy and long-term financial outlook

* Says revenue through 2021 is expected to grow at a five-year compounded annual growth rate (CAGR) between 4 percent and 6 percent

* VF Corp - earnings per share is expected to grow at a five-year CAGR of between 10 percent and 12 percent in 2021

* VF Corp - gross margin is expected to reach 51.5 percent in 2021

* Operating margin is expected to reach 16.0 percent in 2021

* VF Corp - board of directors also approved a new $5 billion share repurchase authorization

* Expects to generate more than $9 billion of cash from operations on a cumulative basis between 2017 and 2021

* VF - expects to deliver annual total shareholder return in 13 percent to 15 percent range through 2021

* VF Corp says board authorized change in fiscal year end from Saturday closest to December 31 of each year to saturday closest to March 31 of each year

* VF Corp - expects to generate more than $9 billion of cash from operations from 2017 to 2021 and return $8 billion to shareholders through dividends & share repurchases

* VF Corp - will report results for fiscal 2017 in Feb 2018, for three-month transition period of Dec 31, 2017 through March 31, 2018, in April 2018

* VF Corp -Five-year plan focuses on elevating direct-to-consumer while prioritizing digital & distorting investment toward Asia, with heightened focus on China Source text for Eikon: Further company coverage:

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