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

(RTTNews) - 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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