V.F. Corp. (VFC) Tops Q1 EPS by 2c, Beats on Revenues; Offers F19 EPS/Revenue Outlook Above Consensus

V.F. Corp. (NYSE: VFC) reported Q1 EPS of $0.67, $0.02 better than the analyst estimate of $0.65. Revenue for the quarter came in at $3 billion versus the consensus estimate of $2.9 billion.

• Revenue from continuing operations increased 22 percent (up 17 percent currency neutral) to $3.0 billion; revenue from continuing operations increased 12 percent (up 8 percent currency neutral) excluding the revenue contribution from the Williamson-Dickie acquisition;
• Outdoor & Action Sports revenue increased 19 percent (up 13 percent currency neutral); Vans® brand revenue increased 45 percent (up 39 percent currency neutral) and The North Face® brand revenue increased 11 percent (up 7 percent currency neutral);
• International revenue increased 27 percent (up 16 percent currency neutral), including an 8-percentage point revenue growth contribution from the Williamson-Dickie acquisition;
• Direct-to-consumer revenue increased 34 percent (up 29 percent currency neutral), including a 5-percentage point revenue growth contribution from the Williamson-Dickie acquisition; Digital revenue increased 61 percent (up 54 percent currency neutral), including a 13-percentage point revenue growth contribution from the Williamson-Dickie acquisition;
• Gross margin from continuing operations increased 20 basis points to 50.5 percent; on an adjusted basis, gross margin increased 50 basis points (up 20 basis points currency neutral) to 50.8 percent; excluding the impact of the Williamson-Dickie acquisition, on an adjusted basis, gross margin increased 160 basis points (up 140 basis points currency neutral) to 51.9 percent;
• Earnings per share from continuing operations was $0.65. Adjusted earnings per share from continuing operations increased 30 percent (up 22 percent currency neutral) to $0.67, including a $0.03 contribution from the Williamson-Dickie acquisition;
• Full year fiscal 2019 revenue is expected to be in the range of $13.45 billion to $13.55 billion, reflecting growth of approximately 9 percent to 10 percent; and,
• Full year fiscal 2019 adjusted earnings per share is expected to be in the range of $3.48 to $3.53, reflecting growth between 11 percent and 13 percent.

GUIDANCE:

V.F. Corp. sees FY2019 EPS of $3.48-$2.53, versus the consensus of $3.47. V.F. Corp. sees FY2019 revenue of $13.45-13.55 billion, versus the consensus of $13.28 billion.

For earnings history and earnings-related data on V.F. Corp. (VFC) click here.

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