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VF CORPORATION

(VFC)
  Report
Delayed Nyse  -  04:00 2022-09-29 pm EDT
30.75 USD   -5.85%
10:56aCredit Suisse Adjusts VF's PT to $45 From $59 to Reflect 'Tougher' Business Conditions; Reiterates Outperform Rating
MT
09:22aStifel Adjusts Price Target on VF to $35 From $43, Reiterates Hold Rating
MT
08:55aWells Fargo Adjusts VF's Price Target to $40 From $50, Maintains Equalweight Rating
MT
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VF : Presentation Q1 2023

07/28/2022 | 04:31pm EDT

Q1'FY23

EARNINGS

J U L Y 2 8 , 2 0 2 2

Safe Harbor Statement

Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "should," and "may" and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF's plans, objectives, projections and expectations relating to VF's operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis, including the coronavirus (COVID-19) global pandemic; the level of consumer demand for apparel, footwear and accessories; disruption to VF's distribution system; changes in global economic conditions and the financial strength of VF's customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; VF's response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; intense competition from online retailers and other direct-to-consumer business risks; third-party manufacturing and product innovation; increasing pressure on margins; VF's ability to implement its business strategy; VF's ability to grow its international, direct-to- consumer and digital businesses; VF's ability to transform its model to be more consumer-minded,retail-centric and hyper-digital; retail industry changes and challenges; VF's ability to create and maintain an agile and efficient operating model and organizational structure; VF's and its vendors' ability to maintain the strength and security of information technology systems; the risk that VF's facilities and systems and those of our third-party service providers may be vulnerable to and unable to anticipate or detect data or information security breaches and data or financial loss; VF's ability to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; foreign currency fluctuations; stability of VF's vendors' manufacturing facilities and VF's ability to establish and maintain effective supply chain capabilities; continued use by VF's suppliers of ethical business practices; VF's ability to accurately forecast demand for products; continuity of members of VF's management; VF's ability to recruit, develop or retain qualified employees; VF's ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF's licensees and distributors of the value of VF's brands; VF's ability to execute acquisitions and dispositions and integrate acquisitions; business resiliency in response to natural or man-made economic, political or environmental disruptions; changes in tax laws and additional tax liabilities, including for the timing of income inclusion associated with our acquisition of the Timberland® brand in 2011; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflict in Ukraine; changes to laws and regulations; adverse or unexpected weather conditions; VF's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent VF from fulfilling its financial obligations; climate change and increased focus on environmental, social and governance issues; and tax risks associated with the spin-off of our Jeanswear business completed in 2019. More information on potential factors that could affect VF's financial results is included from time to time in VF's public reports filed with the SEC, including VF's Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

2

Q 1 F I S C A L 2 0 2 3

GAAP to Non-GAAP

All numbers and information presented are on a continuing operations basis, and thus exclude the Occupational Workwear business. Additionally, unless otherwise noted, all numbers are on an "adjusted" basis which excludes transaction and deal related activities associated primarily with the acquisition and integration of Supreme Holdings, Inc., costs related to VF's business model transformation, costs related to a transformation initiative for our Asia-Pacific regional operations and a pension settlement charge.

This presentation also refers to "reported" amounts in accordance with U.S. generally accepted accounting principles ("GAAP"), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to "constant dollar" amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Unless otherwise noted, "reported" and "constant dollar" are the same. Reconciliations of GAAP to Non-GAAP measures are presented in the Appendix to this presentation. These reconciliations identify and quantify all excluded items, and provide management's view of why this information is useful to investors.

Please refer to the press release dated July 28, 2022 for more information.

3

Q 1 F I S C A L 2 0 2 3

STEVE RENDLE

C H A I R M A N ,

P R E S I D E N T & C E O

Our purpose-built portfolio of brands is performing

Strong top-line growth achieved despite ongoing macro-economic headwinds

  • Softer macro conditions impacting consumer sentiment and behavior, mainly at the value end
  • Revenue $2.3B, +7% C$, above our expectation, led by The North Face and Timberland
    • Revenue excluding China up low-double digits
    • Reported revenue +3%, with -$96M of FX translation impact
  • Continue to invest in our brands and business to drive sustainable long-term growth
  • Committed to returning cash to shareholders through the dividend of $194M

+2%

+9%

+16% C$

+6% C$

$2.2B

$2.3B

-4%

Q1'FY22 REVENUE

BIG 4 BRANDS

REST OF PORTFOLIO

FX

Q1'FY23 REVENUE

5

Q 1 F I S C A L 2 0 2 3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

VF Corporation published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 20:26:54 UTC.


© Publicnow 2022
All news about VF CORPORATION
10:56aCredit Suisse Adjusts VF's PT to $45 From $59 to Reflect 'Tougher' Business Conditions;..
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Analyst Recommendations on VF CORPORATION
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Financials (USD)
Sales 2023 11 919 M - -
Net income 2023 1 027 M - -
Net Debt 2023 5 006 M - -
P/E ratio 2023 11,8x
Yield 2023 6,55%
Capitalization 11 946 M 11 946 M -
EV / Sales 2023 1,42x
EV / Sales 2024 1,34x
Nbr of Employees 27 650
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 30,75 $
Average target price 45,29 $
Spread / Average Target 47,3%
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Managers and Directors
Steven E. Rendle Executive Chairman, President & CEO
Matt Puckett VP-Global Financial Planning & Analysis
Velia Carboni Executive VP-Chief Technology & Digital Officer
Clarence Otis Independent Director
Juliana L. Chugg Independent Director
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