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Report: VF Corp. Looks To Divest Jansport Brand

December 19, 2022 SGB Update

Bloomberg reported Friday that VF Corp. is considering a sale of its Jansport backpack business, according to people with knowledge of the matter.

EXEC: VF’s Shares Take Hit On CEO Exit, Guidance Cut

December 5, 2022 SGB Executive

Shares of VF Corp. fell about 11 percent on Monday following the news of Steve Rendle’s retirement as CEO. His exit was a surprise but not a shock to Wall Street analysts, given VF’s underperformance, led by Vans, in recent years. More worrisome was VF’s third guidance reduction in the last three months.

Steve Rendle Retires As VF Corp.’s CEO

December 5, 2022 SGB Update

VF Corp. reported Chairman, President and CEO Steve Rendle is retiring. Benno Dorer, a lead independent director of the VF Board, was named interim president and CEO, effective immediately. VF also again lowered its revenue and earnings expectations for the second half of its fiscal year.

VF’s Debt Ratings Downgraded By S&P

November 1, 2022 SGB Update

S&P Global Ratings lowered its debt ratings on VF Corp. as the company’s credit metrics are expected to remain pressured with leverage above 3x in fiscal 2023 due to elevated debt levels. The downgrade follows a similar move by Moody’s in mid-October.

EXEC: VF Trims EPS Guidance Again On Building Promotional Pressures

October 27, 2022 SGB Executive

VF Corp. reported second-quarter results that were generally in line with Wall Street targets but reduced its full-year outlook for the second time in a month. Momentum at The North Face is being offset by underperformance by Vans as well as an overall consumer pullback amid a heightened promotional climate in North America.

VF Corp. Trims EPS Outlook On FX And Promotional Headwinds

October 26, 2022 SGB Update

VF Corp. reported results in its fiscal second quarter ending October 1 that came in line with Wall Street targets but lowered its EPS guidance for the full year due to foreign currency fluctuations as well as heightened inventory levels and promotional activity in the marketplace.

Moody’s Changes VF Corp.’s Debt Rating Outlook To Negative

October 15, 2022 SGB Update

Moody’s Investors Service changed VF Corp.’s outlook to negative from stable, reflecting the company’s weaker-than-expected near-term operating performance expectations, increasingly challenging operating environment and higher-than-expected debt levels.

EXEC: VF Delivers Upbeat Five-Year Growth Plan, Cuts FY23 Outlook

September 28, 2022 SGB Executive

VF Corp.’s management team forecasted healthy growth under its new five-year plan announced during Investor Day, its first since 2019. However, it slashed its outlook for the current fiscal year primarily due to continued underperformance by Vans and an expected greater promotional environment than anticipated in North America in the back half of 2022.

VF Corp. Introduces Fiscal Year 2027 Long-Term Strategic Plan

September 28, 2022 SGB Update

At its 2022 Investor Day in Denver, CO, VF Corp. will introduce its fiscal year 2027 (FY27) long-term strategic growth plan that calls for sales to climb mid- to high-single-digit percent in constant dollars on average over the next five years with faster earnings growth. VF also downwardly revised its FY23 outlook due partly to lower-than-expected current quarter results.

VF Corp. Undergoes Layoffs

August 31, 2022 SGB Update

VF Corp. announced Tuesday in an internal e-mail that it has eliminated about 600 office-based positions at the company, including 300 current workers and 300 open positions, according to the Denver Business Journal.

EXEC: VF Corp. Not Yet Feeling Impact Of Inflationary Pressures

July 29, 2022 SGB Executive

VF Corp’s profits and sales for the fiscal first quarter ended July 2 were largely in line with plan amid weakness in China and foreign currency headwinds. Highlights included double-digit gains for The North Face and Timberland. Steve Rendle, chairman, president and CEO, said VF’s premium brands have not yet felt the impact of macroeconomic pressures.

VF Corp. Lowers FY Outlook Due To Currency Impact

July 28, 2022 SGB Update

VF Corp. reported sales on a currency-neutral basis rose 7 percent in its fiscal first quarter ended July 2 as 37 percent growth at The North Face offsetting a 4 percent slide at Vans. Earnings and sales were below analyst targets, and VF lowered its guidance for the year to reflect ongoing negative impacts from foreign currency fluctuations.

VF Corp. Debt Outlook Revised To Negative On Tax Ruling

June 7, 2022 SGB Update

S&P Global Ratings revised its debt ratings outlook on VF Corp. to negative from stable. The rating agency estimated VF will likely have to increase debt by more than $845 million to pay the assessed tax in order to appeal an unfavorable decision from the U.S. Tax Court regarding its post-acquisition restructuring of Timberland Co. in September 2011.

EXEC: VF Corp. Celebrates Murray’s TNF Success, Seeks Same In Bailey’s Return To Vans

May 20, 2022 SGB Executive

VF Corp. shares were up over two percent in trading overnight after the parent company for The North Face, Vans, Timberland, Altra, Dickies, and several other key outdoor and action sports brands missed fiscal 2022 Q4 estimates on both the top and bottom line. The Wall Street bump occurred as VFC came out with positive forecasts for its 2023 fiscal year.