VF Corp (NYSE: VFC) 1Q20 Results: Revenue and EPS Growth Boosts Guidance for FY20

Executive Summary

• Total revenues were $2.27 billion, up 6% year over year (9% at constant currency), ahead of the consensus estimate. Adjusted EPS increased 61% to $0.30, beating the $0.29 consensus estimate.
• Adjusted gross margin expanded 120 bps to 54.4%.
• The company adjusted its outlook for 2020 to revenue growth of 6% to $11.8 billion and adjusted EPS growth of 15-17% to $3.32-3.37.