Executive Summary

• VF Corp. reported adjusted 4Q15 EPS of $0.95 versus the consensus estimate of $1.01.
• Total revenue was $3.41 billion versus consensus of $3.63 billion. Management noted a softer consumer environment, unseasonably warm weather and a strengthening US dollar as headwinds it faced in the fourth quarter.
• FY16 guidance calls for implied EPS of roughly $3.23 versus consensus of $3.43. Total revenue is expected to increase by a mid-single-digit rate. Consensus implies a 6% growth rate in sales.