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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
DENVER, Colo., July 28, 2022 - 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%, down 640 basis points; Adjusted operating margin 3.4%, down 340 basis points
? Earnings (loss) per share (EPS) $(0.14), down 137%; Adjusted EPS $0.09, down 68%
? Return of $194 million to shareholders through cash dividends
FY23 Financial Outlook
? VF is maintaining its currency adjusted FY23 outlook while revising its earnings outlook on a reported dollar basis to
reflect ongoing negative impacts from foreign currency fluctuations; we now expect adjusted EPS of $3.05 to $3.15,
implying 4% to 7% growth versus the prior year on a constant dollar basis
? Total VF revenue up at least 7% in constant dollars, unchanged from the previous outlook
? Adjusted gross margin up slightly versus previous outlook of up approximately 50 basis points
? Adjusted operating margin approximately 13.2% versus previous outlook of approximately 13.6%
? Adjusted cash flow from operations approximately $1.2 billion; Capital expenditures approximately $250 million, both
unchanged versus previous outlook
? Excludes the impact of a payment VF anticipates making in FY23 of approximately $857 million plus additional
accrued interest relating to an assessment from the Internal Revenue Service (IRS) for the dispute regarding the
timing of income inclusion associated with VF's acquisition of Timberland in 2011, as previously disclosed
? VF's FY23 outlook assumes the following:
? No additional significant COVID-19 related lockdowns in any key commercial or production regions
? No significant worsening in global inflation rates and consumer sentiment
Steve Rendle, Chairman, President and CEO of VF said:
"We delivered solid top-line results in Q1, ahead of our initial expectations, led by strong consumer engagement with our
outdoor, streetwear and active brands amidst a softer consumer environment and inflationary pressures. Importantly, we
are maintaining our operating outlook for FY23, a testament to the resiliency of our purpose-built family of brands.
I remain impressed by our teams, whose passion, perseverance and execution continue to drive our success.
While uncertainty persists across geographies and marketplaces from ongoing macro-economic headwinds, we are
focused on the things that we can control and will continue our strategic investments to ensure long-term, sustainable and
profitable growth.?
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