V.F. Corp. shares surge 7% following Q4 beat & reaffirmed guidance By Investing.com

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V.F. Corp. shares surge 7% following Q4 beat & reaffirmed guidance

Published Feb 07, 2023 16:43

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V.F. Corp. shares surge 7% following Q4 beat & reaffirmed guidance

VFC

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By Davit Kirakosyan

V.F. Corporation (NYSE:VFC) share gained more than 7% after-hours following the company’s reported Q4 results, with EPS of $1.12 coming in better than the consensus estimate of $0.99. Revenue fell 3% (up 3% in constant dollars) to $3.5 billion, compared to the consensus estimate of $3.47B.

The company expects fiscal 2023 EPS to be in the range of $2.05-$2.15, compared to the consensus estimate of $2.07. Total VF revenue is expected to be up approximately 3% in constant dollars, within the previous outlook range.

The company also provided an outlook for fiscal 2024, anticipating revenue to be up by at least low-single digit % in constant dollars.

Benno Dorer, Interim President and CEO, said they are shifting resource priorities across the company, including a dividend cut by 41% to $0.30 per share, exploring the sale of non-core assets, cutting costs and eliminating non-strategic spend, while enhancing the focus on the consumer through targeted investments.

“We are confident these actions will enable a return to profitable and sustainable growth and, with that, strong shareholder value creation,” added Dorer.

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