Executive Summary

• VF Corp. reported 1Q17 EPS of $0.52, which includes a $0.55 contribution from the licensing business that the company agreed to sell on April 4; consensus called for EPS of $0.55.
• Total revenues were $2.58 billion, below expectations of $2.73 billion. On a continuing-operations basis, revenues were down 2%, and on a currency-neutral basis, revenues were down 1%. Revenues in the outdoor and action sports category were up 2%, while jeanswear revenues were down 9%.
• The company guided for a low single-digit decline in full-year EPS versus 2016’s adjusted EPS of $2.98. The company expects full-year EPS to be up by mid-single digits on a currency-neutral basis.