Executive Summary

• VF Corporation reported 1Q19 adjusted EPS of $0.43, above the consensus estimate of $0.33. Revenues were $2.79 billion, beating the consensus estimate of $2.68 billion.
• During the quarter, direct-to-consumer revenues increased 22%, up 20% in constant dollars, and digital revenues increased 54%, up 50% in constant dollars.
• VF Corporation raised its EPS guidance range by 12%–14% to $3.52–$3.57. The company raised its full-year revenue guidance 10%–11% to $13.6–$13.7 billion.