FMP
V.F. Corporation Reports Q1 EPS Miss, Revenue Slightly Better, 2023 Outlook Miss Expectations
Aug 1, 2022 10:08 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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V.F. Corporation (NYSE:VFC) reported its Q1 earnings results, with EPS of $0.09 coming in worse than the Street estimate of $0.14. The shortfall was largely due to weaker than expected gross profit margin, which was negatively impacted by freight headwinds and mix.
Revenue was $2.3 billion, slightly better than the Street estimate of $2.25 billion. Analysts at Deutsche Bank mentioned they were pleased to see the ongoing momentum at The North Face and Timberland with sales growth of 37% and 14% year-over-year, while noting that trends at Vans remained challenged and fell short of investor and management's expectations with sales growth decelerating on a three-year basis to about flat.
The company expects the full 2023-year adjusted EPS to be in the range of $3.05 to $3.15, compared to the Street estimate of $3.34.
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