VF Corporation (VFC)

Pretax margin

		Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021	Mar 31, 2020
Earnings before tax but after interest (EBT)	US$ in thousands	-233,685	43,287	1,523,250	456,472	727,208
Revenue	US$ in thousands	10,454,700	11,612,500	11,841,800	9,238,830	10,488,600
Pretax margin		-2.24%	0.37%	12.86%	4.94%	6.93%

March 31, 2024 calculation

Pretax margin = EBT ÷ Revenue
= $-233,685K ÷ $10,454,700K
= -2.24%

The pretax margin for VF Corporation has fluctuated over the past five years. In the most recent fiscal year ending March 31, 2024, the company experienced a negative pretax margin of -2.29%, indicating that its operating expenses and other costs exceeded its gross profit, resulting in an overall loss before taxes.

This represents a significant decline from the previous year, when the pretax margin was 0.38%. The company's performance in fiscal year 2023 was notably weaker compared to the two preceding years, where the pretax margins were 14.48% in fiscal year 2022 and 5.59% in fiscal year 2021.

The pretax margin of 7.41% in fiscal year 2020 was also stronger than the most recent year but lower compared to fiscal year 2022.

Overall, the fluctuation in VF Corporation's pretax margin over the past five years suggests varying levels of profitability and operational efficiency within the company. Additional analysis of the factors influencing these fluctuations would be necessary to gain a deeper understanding of the company's financial performance.