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Apr 02, 2022
VF Corp Q4 2022 Earnings Report
VF Corporation Reported Broad-Based Growth and Introduced Full Year Fiscal 2023 Outlook
Key Takeaways
VF Corporation reported a 9% increase in revenue to $2.8 billion for the fourth quarter of fiscal 2022. Earnings per share increased 32% to $0.21, and adjusted EPS increased 67% to $0.45.
Revenue increased 9% (up 12% in constant dollars) to $2.8 billion.
The North Face® revenue increased 24% (up 26% in constant dollars).
Vans® revenue was flat (up 2% in constant dollars).
Earnings per share (EPS) increased 32% to $0.21; Adjusted EPS increased 67% to $0.45.
VF Corp
VF Corp
VF Corp Revenue by Segment
Revenue by Segment
Outdoor segment Revenue
CapyFin.comActive segment Revenue
CapyFin.com Forward Guidance
VF provides the following outlook for full year fiscal 2023, which is based on these assumptions: No additional significant COVID-19 related lockdowns in any key commercial or production regions, with the current restrictions in China expected to ease from the beginning of June 2022 No significant worsening in global inflation rates and consumer sentiment
Positive Outlook
- Total VF revenue up at least 7% in constant dollars
- The North Face® revenue up low double digit percent
- Vans® revenue up mid-single digit percent
- Gross margin up approximately 50 basis points
- Operating margin approximately 13.6%
Challenges Ahead
- Tax rate approximately 16%, returning to a more normalized rate
- EPS $3.30 to $3.40
- Adjusted cash flow from operations approximately $1.2 billion
- Capital expenditures approximately $250 million
- Excludes the impact of a payment VF anticipates making to the Internal Revenue Service in fiscal 2023 of approximately $845 million plus accrued interest relating to the dispute regarding the timing of income inclusion associated with VF's acquisition of Timberland in 2011
Revenue & Expenses
Visualization of income flow from segment revenue to net income