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January 27 , 2021 V VF Reports Third Quarter Fiscal 2021 Results ; Raises Full Year Fiscal 2021 Outlook • Revenue from continuing operations decreased 6 percent ( down 8 percent in constant dollars ) to $ 3.0 billion ; • Active segment revenue decreased 9 percent ( down 11 percent in constant dollars ) including a 6 percent ( 8 percent in constant dollars ) decrease in VansⓇ brand revenue ; Outdoor segment revenue decreased 5 percent ( down 7 percent in constant dollars ) including flat revenue ( down 2 percent in constant dollars ) in The North Face® brand ; Work segment revenue increased 8 percent ( up 6 percent in constant dollars ) including a 9 percent ( 7 percent in constant dollars ) increase in Dickies® brand revenue ; • International revenue was flat ( down 4 percent in constant dollars ) ; Europe revenue increased 1 percent ( down 4 percent in constant dollars ) ; Greater China revenue increased 18 percent ( up 11 percent in constant dollars ) , including a 22 percent ( 15 percent in constant dollars ) increase in Mainland China ; • Direct - to - Consumer revenue decreased 2 percent ( down 4 percent in constant dollars ) including a 53 percent ( 49 percent in constant dollars ) increase in Direct- to - Consumer Digital revenue ; • Gross margin from continuing operations decreased 250 basis points , including a 90 basis point negative impact from the timing of net foreign currency transaction activity , to 54.7 percent ; on an adjusted basis , gross margin decreased 150 basis points to 55.7 percent ; • Operating income from continuing operations on a reported basis was $ 412 million ; on an adjusted basis , operating income from continuing operations was $ 458 million ; • Earnings per share from continuing operations was $ 0.83 ; adjusted earnings per share from continuing operations was $ 0.93 ; • VF ended the third quarter of fiscal 2021 with inventories down 14 percent compared to the prior year ; at the end of the third quarter the company had approximately $ 3.9 billion of cash and short - term investments , including approximately $ 2 billion of cash designated for the acquisition of the Supreme® brand that was completed in the fourth quarter , in addition to $ 1.9 billion remaining under VF's revolving credit facility ; the company also returned $ 191 million to shareholders through dividends ; • Full year fiscal 2021 revenue is now expected to be in the range of $ 9.1 billion to $ 9.2 billion , reflecting a decrease of 12 percent to 13 percent on an adjusted basis ; full year fiscal 2021 adjusted earnings per share is now expected to be approximately $ 1.30 , reflecting a decrease of approximately 51 percent .