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VF Corporation (NYSE: VFC) 4Q19 Results: Spins Off Kontoor Brands, Adjusts Outlook

Coresight Research

Key Points

  • 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%.

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