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VF Corp. Revises FY23 Outlook Due To Lower-than-expected Q2 Results

VF Corp. (VFC) said its second quarter revenue is expected to be up low single digit percentage in constant dollars and adjusted EPS is expected to be in the range of $0.70 to $0.75. Also, the company expects to record a non-cash charge during second quarter in the range of $300 million to $450 million.

The company also revised its fiscal 2023 outlook due to lower-than-expected second quarter results, coupled with ongoing uncertainty in the current environment, weaker
than anticipated back-to-school performance at Vans and increasing inventories leading to a more promotional environment in North America in the fall: Adjusted EPS is now expected to be in the range of $2.60 to $2.70, compared to previous outlook of $3.05 to $3.15. Adjusted cash flow from operations is projected to be approximately $1.0 billion versus previous outlook of approximately $1.2 billion.

The company expects revenue through fiscal 2027 to grow at a five-year CAGR of mid- to
high single digit percent in constant dollars. EPS is expected to grow at a five-year CAGR of high-single to low double-digit percentage in constant dollars, versus fiscal 2022 adjusted EPS of $3.18.

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