VF Corporation (VFC)

Inventory turnover

		Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020
Cost of revenue (ttm)	US$ in thousands	3,471,773	4,697,673	4,786,803	4,948,443	5,018,069	5,173,759	5,438,939	5,458,089	5,515,800	5,493,000	5,492,550	5,473,820	5,386,391	5,264,001	5,016,421	4,819,381	4,370,781	4,120,647	4,276,087	4,590,987
Inventory	US$ in thousands	—	1,794,520	2,082,920	2,110,600	1,766,370	2,148,220	2,481,050	2,787,020	2,292,790	2,591,920	2,749,890	2,341,400	1,418,670	1,287,210	1,464,710	1,216,820	1,061,840	1,075,980	1,434,840	1,402,860
Inventory turnover		—	2.62	2.30	2.34	2.84	2.41	2.19	1.96	2.41	2.12	2.00	2.34	3.80	4.09	3.42	3.96	4.12	3.83	2.98	3.27

March 31, 2025 calculation

Inventory turnover = Cost of revenue (ttm) ÷ Inventory
= $3,471,773K ÷ $—K
= —

VF Corporation's inventory turnover has shown some fluctuations over the years based on the provided data. Initially, the inventory turnover was 3.27 as of June 30, 2020, indicating that the company's inventory was being sold and replaced approximately 3.27 times during that period.

The ratio decreased slightly to 2.98 by September 30, 2020, before picking up again to 3.83 by December 31, 2020. This improvement in inventory turnover suggested that VF Corporation was managing its inventory more efficiently by selling goods at a faster rate.

Subsequently, there was a further increase in inventory turnover to 4.12 as of March 31, 2021, indicating that the company was managing its inventory even more effectively. However, the ratio began to stabilize around the 3.5 to 4 range in the following quarters.

A noticeable decline was observed as of June 30, 2022, when inventory turnover dropped to 2.34, suggesting that VF Corporation may have experienced challenges in selling its products efficiently during that period.

The ratio continued to decrease to 1.96 by June 30, 2023, but then started to gradually improve in the subsequent quarters, reaching 2.84 as of March 31, 2024.

Overall, VF Corporation's inventory turnover has shown variability, with both improvements and declines over the years. It is essential for the company to closely monitor and manage its inventory turnover to ensure optimal utilization of its resources and maintain healthy operational efficiency. The trend indicates that the company may have experienced some challenges in managing its inventory efficiently during certain quarters but has also shown the ability to make improvements in this area.