Lifestyle apparel maker VF Corp. on March 30 released its financial targets for 2021 and announced plans to buy back $5 billion shares from the market.

The owner of clothing brands like North Face, Timberland and Wrangler said it expects revenue through 2021 to grow at a five-year CAGR between 4% and 6% and EPS growth at a five-year CAGR between 10% and 12%. It estimates operating margin to reach 16% in 2021.

Focusing on a digital platform and greater investments in China are part of a five-year growth plan to help reach the targets, VF said.

The company's board also approved a $5 billion share repurchase authorization and agreed to change its fiscal year end to the Saturday closest to March 31 from the Saturday closest to Dec. 31, effective for the fiscal year beginning April 1, 2018.

VF said it is not mandated to purchase a particular amount of common stock under the buyback program and may cancel it at any time under its sole discretion.