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VF Corp
🇺🇸 NYSE:VFC
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Sep 30, 2023

VF Corp Q2 2024 Earnings Report

VF Corporation reported a revenue decrease of 2% and a loss per share of $(1.16) for Q2 Fiscal Year 2024, while also announcing 'Reinvent,' a comprehensive transformation program.

Key Takeaways

VF Corporation reported a 2% decrease in revenue to $3.0 billion, with a loss per share of $(1.16). Adjusted EPS was $0.63. The company announced 'Reinvent,' a transformation program, and reduced its quarterly dividend by 70% to $0.09 per share. The company withdrew its FY24 revenue and earnings outlook and updated its FY24 free cash flow guidance.

Revenue decreased by 2% (4% in constant dollars) to $3.0 billion.

Loss per share was $(1.16), impacted by additional tax expense; adjusted EPS was $0.63.

The North Face® revenue increased by 19% (17% in constant dollars).

Vans® revenue decreased by 21% (23% in constant dollars).

Total Revenue
$3.03B
Previous year: $3.08B
-1.5%
EPS
$0.63
Previous year: $0.73
-13.7%
Gross Margin
51.3%
Previous year: 51.4%
-0.2%
Gross Profit
$1.56B
Previous year: $1.58B
-1.7%
Cash and Equivalents
$485M
Previous year: $553M
-12.3%
Free Cash Flow
-$217M
Total Assets
$13.1B
Previous year: $13.8B
-4.7%

VF Corp

VF Corp

VF Corp Revenue by Geographic Location

Forward Guidance

The company withdraws its previous FY24 revenue and earnings guidance and updates its free cash flow projection.

Challenges Ahead

  • Vans' performance is not anticipated to improve in 2H'FY24
  • A more difficult US wholesale environment
  • Reinvent will likely result in charges including cash and non-cash items

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View VF Corp