NYSE$VFC
VF Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
VF Corporation reported a balanced performance in Q2 with revenue declining 4% and adjusted EPS decreasing 34%.
VF Corporation's Q2 FY23 revenue reached $3.1 billion, a 4% decrease year-over-year, but up 2% in constant dollars. Adjusted EPS was $0.73, down 34%. The company is revising its full-year earnings outlook due to foreign currency fluctuations and increased promotional activity.
- Revenue declined by 4% to $3.1 billion, but increased by 2% in constant dollars.
- The North Face® revenue grew by 8% (14% in constant dollars), while Vans® revenue decreased by 13% (8% in constant dollars).
- Adjusted EPS decreased by 34% to $0.73.
- VF is revising its full-year earnings outlook to reflect increased negative impacts from foreign currency fluctuations as well as heightened inventory levels and increased promotional activity in the marketplace.
Headline financials
Revenue & EPS history
VF Corp · Revenue · Quarterly
$3.08B
Revenue by segment
VF Corp · $2.17B total across 3 segments · Q4 2026
- Outdoor$1.34B—61.9%
- Active$589M—27.2%
- All Other$238M—11.0%
Forward guidance
VF is maintaining its constant dollar revenue outlook but revising its earnings outlook to reflect increased negative impacts from foreign currency fluctuations as well as heightened inventory levels and increased promotional activity in the marketplace.
Tailwinds
- Total VF revenue up 5% to 6% in constant dollars, unchanged from the previous outlook
Headwinds
- Adjusted gross margin down 100 to 150 basis points, compared to the previous outlook of down 50 basis points
- Adjusted operating margin 11.0%, compared to the previous outlook of approximately 12.0%
- Adjusted EPS is now expected to be in the range of $2.40 to $2.50, versus $3.18 in the prior year and compared to the previous outlook of $2.60 to $2.70
- Adjusted cash flow from operations at least $0.9 billion, compared to the previous outlook of $1.0 billion
- Capital expenditures approximately $230 million versus the previous outlook of $240 million
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
-1.5%
Avg return
Earnings day
-2.6%
Avg return
5 days after
+0.6%
Avg return
30 days after
32%
22 / 69 earnings
Positive
+29.3%
Q2 2025
Best reaction
-15.9%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | -3.2% | -0.2% | +3.5% | |
| Q3 2026 | -5.5% | +1.1% | -4.2% | |
| Q2 2026 | -12.4% | -15.5% | +4.0% | |
| Q1 2026 | +2.4% | +1.5% | +22.0% | |
| Q4 2025 | -15.9% | -16.8% | -18.8% | |
| Q3 2025 | -3.9% | -7.4% | -6.2% | |
| Q2 2025 | +29.3% | +25.8% | +21.7% | |
| Q1 2025 | +9.5% | +8.3% | +11.0% | |
| Q4 2024 | -3.9% | -1.0% | +14.8% | |
| Q3 2024 | -7.4% | -7.4% | -2.7% | |
| Q2 2024 | -12.8% | -8.3% | +1.4% | |
| Q1 2024 | -3.8% | -2.1% | -0.3% | |
| Q4 2023 | -6.2% | -7.7% | -3.2% | |
| Q3 2023 | -0.8% | -8.3% | -19.7% | |
| Q2 2023 | -4.2% | -1.3% | +19.9% | |
| Q1 2023 | -4.7% | -5.4% | -12.2% | |
| Q4 2022 | +2.9% | -1.0% | -0.6% | |
| Q3 2022 | -3.2% | -3.0% | -12.9% | |
| Q2 2022 | -4.5% | -4.4% | +2.6% | |
| Q1 2022 | -3.2% | -6.2% | -9.4% | |
| Q4 2021 | -9.7% | -6.6% | -6.1% | |
| Q3 2021 | -6.8% | -7.6% | -7.0% | |
| Q2 2021 | -6.7% | -6.4% | +2.3% | |
| Q1 2021 | -1.1% | +2.4% | +12.3% | |
| Q4 2020 | +1.8% | +1.0% | +10.5% | |
| Q3 2020 | -10.6% | -11.6% | -11.5% | |
| Q2 2020 | -8.1% | -9.3% | -4.7% | |
| Q1 2020 | +1.2% | +0.1% | -11.2% | |
| Q4 2019 | -3.0% | -3.1% | +1.9% | |
| Q3 2019 | +11.6% | +13.1% | +18.6% | |
| Q2 2019 | -10.9% | -11.4% | -5.5% | |
| Q2 2018 | +1.8% | -0.7% | -5.5% | |
| Q1 2018 | -2.5% | -0.4% | +3.7% | |
| Q4 2017 | -12.4% | -11.2% | -10.1% | |
| Q3 2017 | +7.3% | +6.8% | +10.5% | |
| Q2 2017 | +4.1% | +5.5% | +6.7% | |
| Q1 2017 | -8.5% | -7.6% | -7.2% | |
| Q4 2016 | +4.1% | +6.2% | +7.1% | |
| Q3 2016 | -2.9% | -0.6% | +4.6% | |
| Q2 2016 | -1.0% | -2.3% | +2.6% | |
| Q1 2016 | +3.2% | — | — | |
| Q4 2015 | +0.4% | — | — | |
| Q3 2015 | -10.0% | — | — | |
| Q2 2015 | -1.0% | — | — | |
| Q1 2015 | -1.6% | — | — | |
| Q4 2014 | +6.2% | — | — | |
| Q3 2014 | +4.6% | — | — | |
| Q2 2014 | -1.4% | — | — | |
| Q1 2014 | +1.2% | — | — | |
| Q4 2013 | -5.7% | — | — | |
| Q3 2013 | +3.5% | — | — | |
| Q2 2013 | -2.3% | — | — | |
| Q1 2013 | -2.2% | — | — | |
| Q4 2012 | +6.9% | — | — | |
| Q3 2012 | -6.7% | — | — | |
| Q2 2012 | +6.1% | — | — | |
| Q1 2012 | -1.3% | — | — | |
| Q4 2011 | -0.1% | — | — | |
| Q3 2011 | +3.9% | — | — | |
| Q2 2011 | +0.1% | — | — | |
| Q1 2011 | +0.2% | — | — | |
| Q1 2010 | +0.0% | — | — | |
| Q4 2010 | -0.1% | — | — | |
| Q4 2007 | -0.1% | — | — | |
| Q3 2009 | -0.6% | — | — | |
| Q3 2010 | -0.6% | — | — | |
| Q4 2009 | -0.8% | — | — | |
| Q2 2010 | -0.8% | — | — | |
| Q2 2009 | -0.8% | — | — |
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