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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).
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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