V.F. Corp. (VFC) Misses Q1 EPS by 5c; Lowers Outlook
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VF Corporation Reports Solid Top-Line Performance in First Quarter and Revises Full Year Fiscal 2023 Outlook Due to Currency Impact
July 28, 2022 4:05 PM EDTDENVER--(BUSINESS WIRE)-- VF Corporation (NYSE: VFC) today announced financial results for its first quarter (Q1'FY23) ended July 2, 2022.
Q1'FY23 Financial Highlights
Revenue $2.3 billion, up 3% (up 7% in constant dollars) with big four brands up 2% (up 6% in constant dollars) and the balance of the portfolio up 9% (up 16% in constant dollars) The North Face® revenue $0.5 billion, up 31% (up 37% in constant dollars) Vans® revenue $0.9 billion, down 7% (down 4% in constant dollars) Gross margin 53.9%, down 260 basis points; Adjusted gross margin 54.1%, down 260 basis points Operating margin 2.8%,... More