Executive Summary

• VF Corp. total revenues were $3.21 billion, up 5.5% year over year (9% at constant currency), in line with the consensus estimate. Adjusted EPS declined 10.4% to $0.60, beating the $0.58 consensus estimate.
• Gross margin expanded 30 basis points to 51.1%, including a 70-bps negative impact from the spin-off of Kontoor Brands.
• For FY20, management guided for revenue growth of 5–6% and adjusted EPS growth of 15–17%.