### VF Reports Third Quarter Fiscal 2020 Results and Adjusts Full Year Fiscal 2020 Outlook

VF’s outlook for full year fiscal 2020 is on an adjusted continuing operations basis, which includes the occupational Work business, unless otherwise noted, and has been updated to include the following:

• Revenue is now expected to be approximately USD 11.75 billion, reflecting an increase of approximately 5 % (7 % on a constant dollar basis excluding the impact of acquisitions and divestitures). This compares to a previous expectation of approximately USD 11.8 billion, reflecting an increase of approximately 6 % (approximately 8 % on a constant dollar basis excluding the impact of acquisitions and divestitures). Excluding the occupational Work business, revenue is expected to increase approximately 6 % (approximately 8 % on a constant dollar basis excluding the impact of acquisitions and divestitures).
• By segment, revenue for Outdoor is now expected to increase approximately 4 % (approximately 5 % on a constant dollar basis, excluding the impact of acquisitions). This compares to the previous expectation of an increase in revenue of approximately 5 % (6 % to 7 % on a constant dollar basis, excluding the impact of acquisitions). Revenue for Active is now expected to increase approximately 8 % (approximately 12 % on a constant dollar basis, excluding the impact of divestitures). This compares to the previous expectation of an increase in revenue of approximately 8 % to 9 % (11 % to 12 % on a constant dollar basis, excluding the impact of divestitures). Revenue for Work is now expected to increase approximately 1 % (2 % to 3 % on a constant dollar basis, excluding the impact of divestitures). This compares to the previous expectation of an increase in revenue of approximately 2 % to 3 % (4 % to 5 % on a constant dollar basis, excluding the impact of divestitures). Excluding the occupational Work business, Work revenue is expected to increase approximately 3 % (6 % to 7 % on a constant dollar basis excluding the impact of divestitures).
• International revenue is now expected to increase approximately 6 %, or approximately 9 % on a constant dollar basis, excluding the impact of acquisitions and divestitures. This compares to the previous expectation of an increase in revenue of approximately 4 % to 5 %, or approximately 8 % to 9 % on a constant dollar basis, excluding the impact of acquisitions and divestitures.
• Direct-to-consumer revenue is now expected to increase approximately 9 % to 10 % (10 % to 11 % on a constant dollar basis), including about 20 % growth in Digital on a constant dollar basis, excluding the impact of acquisitions and divestitures. This compares to the previous expectation of an increase in revenue of approximately 11 % to 12 % (12 % to 13 % on a constant dollar basis), including about 25 % growth in Digital on a constant dollar basis, excluding the impact of acquisitions and divestitures.
• Adjusted gross margin is still expected to be 54.1 %, which represents an estimated increase of 80 basis points.
• Adjusted operating margin is still expected to be 13.8 %, which represents an estimated increase of approximately 90 basis points. Adjusted operating income is expected to increase approximately 12 % (approximately 14 % on a constant dollar basis excluding the impact of acquisitions and divestitures). Excluding the occupational Work business, adjusted operating income is expected to increase approximately 15 % (approximately 18 % on a constant dollar basis excluding the impact of acquisitions and divestitures).
• Adjusted earnings per share is now expected to be approximately USD 3.30, reflecting growth of approximately 15 % (approximately 18 % on a constant dollar basis, excluding acquisitions and divestitures). This compares to the previous expectation of adjusted earnings per share in the range of USD 3.32 to USD 3.37, reflecting growth of 16 % to 18 % (19 % to 21 % on a constant dollar basis excluding the impact of acquisitions and divestitures).
• Adjusted cash flow from operations is now expected to approximate USD 1.3 billion. This compares to the previous expectation of at least USD 1.3 billion.
• Other full year assumptions include an effective tax rate of approximately 15.5 % and capital expenditures of approximately USD 350 million. This compares to the previous expectation of an effective tax rate of approximately 15 % to 15.5 % and capital expenditures of approximately USD 400 million.

Dividend Declared

VF’s Board of Directors declared a quarterly dividend of USD 0.48 per share, payable on March 20, 2020, to shareholders of record on March 10, 2020.

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans®, The North Face®, Timberland® and Dickies®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit www.vfc.com