Overview

• US apparel and footwear firm's fiscal Q4 revenue rose 1% yr/yr, beating analyst expectations

• Company highlighted global growth for The North Face and Timberland, with Vans returning to growth in Americas DTC

• VF Corp reinstated annual guidance for FY27, expecting continued revenue growth and margin expansion

Outlook

• VF Corp expects FY27 revenue to rise 1% to 2% in constant dollars vs LY

• Company sees FY27 adjusted operating margin of about 8%

• VF Corp projects FY27 free cash flow flat to up vs LY of $405 mln

Result Drivers

• AMERICAS MOMENTUM - Q4 revenue growth was driven by the Americas region, which saw its highest growth since Q1 2023

• BRAND PERFORMANCE - The North Face and Timberland delivered global growth, with The North Face up 12% yr/yr and Timberland up 8% yr/yr

• VANS RECOVERY - Vans returned to growth in Americas DTC for the first time in over four years

Company press release: ID:nBw12BcG0a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q4 Revenue	Beat	$2.17 bln	$2.13 bln (18 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 12 "hold" and 3 "sell" or "strong sell"

• The average consensus recommendation for the apparel & accessories peer group is "buy."

• Wall Street's median 12-month price target for VF Corp is $20.00, about 19.5% above its May 19 closing price of $16.74

• The stock recently traded at 16 times the next 12-month earnings vs. a P/E of 19 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.