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VF Corporation (VFC) 2Q19 Results: Beats Consensus and Raises Guidance

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Coresight Research

Key Points

  • VF Corporation’s fiscal 2Q19 sales rose 15.2% driven by a 26% gain at Vans and 12% growth in China. Revenues were $3.91 billion compared with the consensus estimate of $3.87 billion; fiscal 2Q19 EPS of $1.43 from continuing operations came in 7.5% above the $1.33 consensus estimate.
  • Direct-to-Consumer (DTC) organic sales rose 13%, with digital sales up 31% and a mid-teen comps growth; including acquisitions, DTC and digital revenues increased by 19% and 48%, respectively.
  • Fiscal 2019 (year ending March 30) guidance lifted: revenues by 11% (at the high end of previous guidance); and EPS by 16%, to $3.65 from $3.52–$3.57.
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