VF Corp (NYSE:VFC) Q1 2021 Earnings Conference Call - Final Transcript
Jul 31, 2020 • 08:30 am ET
Greetings, and welcome to VF Corporation's First Quarter Fiscal 2021 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Joe Alkire, Vice President of Investor Relations.
Good morning, and welcome to VF Corporation's first quarter fiscal 2021 conference call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC. Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we defined in the press release that was issued this morning. We use adjusted constant dollar amounts as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business. You may also hear us refer to reported amounts, which are in accordance with U.S. GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management's view of why this information is useful to investors. During the fourth quarter of 2020, the company determined that the Occupational Workwear business met the held-for-sale and discontinued operations accounting criteria. Accordingly, the company has reported the related assets and liabilities of the Occupational Workwear business in discontinued operations as of the date noted above and included the operating results of this business in discontinued operations for all periods presented. Unless otherwise noted, results presented on today's call are based on continuing operations. Joining me on today's call will be VFC Chairman, President and Chief Executive Officer, Steve Rendle; and Chief Financial Officer, Scott Roe. Following our prepared remarks, we'll open the call for questions. Steve?
Thank you, Joe, and welcome, everyone. I hope my comments this morning find you and your loved ones healthy and safe. And please bear with us again as, today, we will be conducting this call from separate locations. I'd like to begin by taking a moment and sharing some thoughts on recent events and outrage over the issues of racial injustice and systemic discrimination that have gripped our nation. Racism and discrimination are not welcome at VF Corporation. We are a purpose-led, diverse and inclusive company, much like the consumers of our brands. VF and our brands have been championing equity, equality and belonging for a long time, whether that's through a specific support for initiatives and organizations from our individual brands or supporting dozens of minority-led and focused organizations through the VF Foundation, along with other forms of corporate support. This isn't new territory for us, and our actions are woven into a culture that has been built over 100 years. We, at VF, will continue to do what's right and lead by example through not just words, but actions. As always, we remain absolutely committed to