VF Corporation, the owner of brands such as Vans, The North Face and Timberland, has reported a 2% increase in full-year revenues but has warned that it expects current-quarter revenue to more than halve due to the coronavirus outbreak.\r\n\r\nIn a trading update for the full-year ended March 28, 2020, it revealed revenues from continuing operations increased by 2% to $10.5bn (\u00a38.6bn).\r\n\r\nThe firm also saw international revenues increase by 1% and by 10% in China.\r\n\r\nHowever, during the fourth quarter of the year, when the current pandemic began impacting its performance, the group saw revenues decrease by 11% to $2.1bn (\u00a31.7 bn).\r\n\r\nDuring the quarter the company also reported a net loss of $483.8m (\u00a3398m) compared with a profit of $128.8m (\u00a3106m) during the same period a year prior.\r\n\r\nLooking ahead, VF Corporation said that due to the \u201cuncertainty of the duration and severity\u201d of the pandemic \u201cit is not possible\u201d for it to provide a financial outlook for full-year fiscal 2021 at this time.\r\n\r\nHowever it added that first quarter fiscal 2021 revenues are expected to be down slightly more than 50%. Full-year fiscal 2021 free cash flow is expected to exceed $600m (\u00a3495m).\r\n\r\nSteve Rendle, chairman, president and CEO, said: \u201cThrough the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives. Then the world changed for all of us as a result of Covid-19.\r\n\r\n"From the early days of the outbreak VF has taken a people-first approach in our Covid-19 response, prioritizing the health and safety of our people, while also protecting their financial well-being. As we've implemented measures to care for and protect our people, we've also taken several key actions to advance our Enterprise Protection Strategy.\u201d\r\n\r\nHe added: "These prudent actions, most of which have been precautionary, have helped us preserve liquidity and given us more flexibility to manage our global business operations through the prolonged crisis. Moving forward we're committed to using this moment to set VF and our brands up for the next successful chapter in our 121-year history."