VF Corp. reported sales were down 3 percent in the fiscal fourth quarter ended April 1, dragged down by a 14 percent decline at Vans and a 7 percent overall decline in the Americas region. The North Face’s sales grew 12 percent globally. Earnings were down 62 percent on an adjusted basis but in line with guidance.
VF also absorbed another impairment charge related to the Supreme business. Guidance provided for the current fiscal year was in line with Wall Street estimates.
Q4’FY23 Financial Highlights
- Revenue $2.7 billion, down 3 percent (flat in constant dollars). Wall Street’s consensus estimate was $2.73 billion; and
- Earnings (loss) per share (EPS) (55 cents) vs. Q4’FY22 EPS 21 cents; Adjusted EPS 17 cents vs. Q4’FY22 Adjusted EPS 45 cents. Wall Street’s consensus estimate on an adjusted basis was 14 cents.
FY23 Financial Highlights
- Revenue $11.6 billion, down 2 percent (up 3 percent in constant dollars); and
- EPS 31 cents vs. FY22 $3.10; Adjusted EPS $2.10 vs. FY22 $3.18.
Look for more detailed reporting on VF Corp’s fourth quarter and full year results and outlook, including commentary from company executives, in SGB Executive here:
EXEC: VF Sees Weak Vans, Timberland Offset Strong TNF In Mostly Flat Q4