For much of fiscal 2020, the global apparel company VF Corporation was producing results above its long-term goals for growth, “then the whole world changed,” company executives said in a call Friday.

The global coronavirus pandemic’s toll on the Denver-based corporation is clear in the newly released fourth-quarter earnings. Revenue decreased 11% to $2.1 billion, which VF Corp. attributed to dropping demand and the closure of stores across the world.

The earnings per share fell 70% to 10 cents. On an adjusted basis, operating income decreased 51% to $87 million.

For the full fiscal year, the company’s revenues rose 2% to $10.5 billion, while adjusted earnings per share increased 5% to $2.68.

The company’s brands include some of the best-known in outdoor recreation — The North Face, Timberland, Vans, Jansport. VF Corp. moved its headquarters to Denver from Greensboro, N.C., last year.

Steve Rendle, VF chairman, president and CEO, said during the earnings call that when the COVID-19 outbreak started, the company took several steps to protect its employees and the business. The company recently completed a $3 billion bond offering to create a cash buffer and ensure “near-term liquidity,” according to a statement.

In addition, Rendle’s base salary was cut by 50% and top executives’ base pay was cut by 25%. VF has temporarily suspended plans to buy back shares.

“In year one of our long-range plan, we were tracking well against the goal to generate more than $8 billion of free cash flow over the next five years. Just a handful of months later, the whole world changed,” said Scott Roe, VF executive vice president

Most of VF’s retail stores in the Asian Pacific region, China, have reopened. Traffic is still down significantly, but has been rising weekly, the company said. About 40% of its stores in Europe have reopened and Rendle said outlets in a handful of states will open next week in the U.S.

Company officials stressed the growing importance of online sales and is looking to expand its digital commerce. VF still plans to sell its occupational segment of its work apparel and said it is talking to prospective buyers.

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