Core Insights - V.F. Corporation (VFC) is successfully executing its turnaround strategy by optimizing its brand portfolio and divesting non-core assets like Dickies to focus on more profitable brands [1][4] Divestiture Details - VFC has completed the sale of the Dickies brand to Bluestar Alliance LLC for a base cash value of $600 million, subject to customary adjustments [2] - Dickies was acquired by VFC in 2017 for approximately $820 million and has faced declining sales for over a year [3] Strategic Focus - The divestiture of Dickies is aimed at reducing debt levels and reallocating resources to higher growth potential categories, reflecting VFC's sharpened strategic focus and commitment to financial discipline [3][4] - The sale supports VFC's efforts to enhance its balance sheet and improve financial flexibility, aligning with its medium-term leverage goals [4] Growth Initiatives - VFC is advancing its Reinvent transformation program, focusing on disciplined cost management, balance sheet improvements, and strategic brand focus [6] - The company is experiencing strength in its Outdoor segment, particularly with brands like The North Face and Timberland, which positions it well against durable consumer trends [6] - Ongoing investments in digital and supply-chain capabilities are enhancing efficiency and supporting long-term growth and improved shareholder confidence [6] Market Performance - VFC's shares have increased by 16.9% over the past three months, contrasting with a 9.3% decline in the industry [5]

Core Viewpoint - A class action lawsuit has been filed against V.F. Corporation (VFC) by Berger Montague on behalf of investors who acquired VFC shares between October 30, 2023, and May 20, 2025, alleging misrepresentation regarding the company's business transformation plan and its impact on financial performance [1][3]. Company Overview - V.F. Corporation is a leading global apparel and footwear company based in Denver, Colorado, owning well-known brands such as Vans, The North Face, Timberland, and JanSport [2]. Allegations - The lawsuit claims that VFC misrepresented the scope and progress of its business transformation plan, particularly failing to disclose necessary reset actions to address declining performance at the Vans brand [3]. - It is alleged that these undisclosed actions materially affected the company's financial outlook [3]. Financial Impact - On May 21, 2025, VFC reported a 20% drop in Vans revenue for the fourth quarter, compared to an 8% decline in the previous quarter, attributing the declines to internal restructuring and undisclosed revenue reductions [4]. - VFC acknowledged that even without these measures, Vans would have experienced a high single-digit revenue decline [4]. - Following the announcement, VFC's stock price fell sharply by 15.8%, from $14.43 per share on May 20, 2025, to $12.15 per share on May 21, 2025 [4].

丨证券研究报告丨 行业研究丨点评报告丨纺织品、服装与奢侈品 [Table_Title] 望远镜系列 24 之 VF FY2026Q2 经营跟踪： 收入表现超预期，后续指引延续谨慎 报告要点 [Table_Summary] FY2026Q2（2025/6/29-2025/9/27）VF 实现营收 28.0 亿美元，固定汇率下同比-1%，收入表 现优于市场及公司指引（彭博一致预期 27.3 亿美元，公司先前指引固定汇率下同比下滑 2%- 4%），毛利率同比持平为 52.5%，调整后营业利润为 3.3 亿美元，优于此前预期 2.6-2.9 亿美 元，净利率同比+4.9pct 至 6.8%。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 纺织品、服装与奢侈品 cjzqdt11111 [Table_Title 望远镜系列2]24 之 VF FY2026Q2 经营跟踪：收 入表现超预期，后续指引延续谨慎 [Table ...

Group 1 - V.F. Corporation reported better-than-expected sales and earnings, but provided disappointing guidance for the holiday quarter, leading to a stock decline of over 12% [1] - The company is a major player in the apparel industry, owning well-known brands such as Vans, North Face, and Timberland [2] - The negative guidance reflects broader concerns about consumer spending trends, indicating potential challenges in the mainstream apparel market [1]

Core Points - A class action lawsuit has been filed against V.F. Corporation (VFC) by Berger Montague on behalf of investors who purchased shares between October 30, 2023, and May 20, 2025 [1][2] - The lawsuit claims that VFC misled investors regarding the effectiveness of its turnaround plan, particularly for the Vans brand, failing to disclose necessary restructuring steps that were already in progress [3][4] - Following a report of a 20% decline in Vans revenue for Q4 fiscal 2025, VFC's stock price dropped over 15% in a single day, indicating significant investor concern [4] Company Overview - V.F. Corporation, headquartered in Denver, Colorado, is a global leader in branded lifestyle apparel, footwear, and accessories, owning well-known brands such as Vans, The North Face, Timberland, and JanSport [2] Financial Performance - In Q4 fiscal 2025, Vans revenue declined by 20%, worsening from an 8% decline in the previous quarter, attributed to undisclosed internal cost-cutting and restructuring actions [4] - VFC indicated that even without these restructuring measures, Vans would have experienced a high single-digit revenue decline, raising concerns about deeper issues within the brand [4]

Core Insights - V.F. Corporation (NYSE:VFC) is a leading player in the branded lifestyle apparel market, owning well-known brands such as The North Face, Vans, and Timberland, and competes with major companies like Nike and Adidas [1][6] - Barclays has maintained an "Overweight" rating for VFC, indicating confidence in the stock's potential despite current challenges [1][6] Financial Performance - VFC reported second-quarter fiscal 2026 results, exceeding both sales and earnings estimates with an adjusted earnings per share of $0.52, surpassing the Zacks Consensus Estimate of $0.42, although this reflects a decline from $0.60 in the same quarter last year [2][6] - Revenues increased by 2% to $2.8 billion, driven by gains in the Outdoor segment and strong wholesale performance, surpassing the consensus estimate of $2.73 billion [3][6] - The company's market capitalization is approximately $5.7 billion, with a trading volume of 19,538,946 shares [5] Strategic Initiatives - VFC's Reinvent program is focused on cost savings and enhancing operating margins, which the company remains optimistic about despite the year-over-year decline in earnings [3][4][6] - Barclays adjusted the price target for VFC from $19 to $18, reflecting a cautious yet optimistic outlook for the company's future performance [5]

Core Insights - VF Corp's revenue declined by 1% year-over-year on a constant dollar basis, which was better than the company's guidance of a 2% to 4% decline [1] - The company reported operating income of $313 million and adjusted operating income of $330 million for Q2 FY26, with an operating margin improvement to 11.2% [2] - The North Face brand achieved a 6% revenue growth, with gains across all geographic regions and channels [3] - Timberland saw a 7% rise in quarterly revenue, particularly strong in the Americas during the back-to-school period [4] - Vans experienced a 9% revenue decline compared to last year, although results improved from earlier quarters [4] - VF Corp's SG&A costs increased by 1% year-on-year but decreased by 1% on a constant dollar basis due to cost-saving initiatives [5] - For Q3 FY26, VF Corp expects revenue to decline between 1% and 3% on a constant currency basis, with adjusted operating income projected between $275 million and $305 million [6] - The company anticipates higher operating income for the full fiscal year, despite a negative impact of $35 million from divestments, including Dickies [7]

Core Viewpoint - VF Corp's stock declined by 12.2% following its third-quarter guidance, despite a strong second-quarter performance that exceeded Wall Street's expectations [1][4]. Financial Performance - For the three months ended September 27, VF reported a net income of $189.8 million, or 48 cents per diluted share, an increase from $52.2 million, or 13 cents, in the same period last year [2]. - Revenue rose by 1.6% to $2.80 billion, compared to $2.76 billion in the previous year, while Wall Street expected adjusted diluted EPS of 42 cents on revenue of $2.73 billion [2]. Brand Performance - Revenue by brand showed mixed results: The North Face increased by 6% to $1.16 billion, Vans decreased by 9% to $606.9 million, Timberland grew by 7% to $506.4 million, and other brands collectively rose by 2% to $532.3 million [3]. Third-Quarter Guidance - VF's third-quarter revenue is forecasted to decline by 1% to 3%, with Wall Street's consensus expecting adjusted diluted EPS of 55 cents on revenue of $2.87 billion [4]. - In comparison, VF's adjusted diluted EPS for the three months ended December 28, 2024, was 62 cents on revenue of $2.8 billion [4]. Analyst Insights - Analyst Janine Stichter highlighted concerns regarding Vans' stagnant performance, despite some positive indicators from back-to-school sales [5]. - Stichter noted that third-quarter profit guidance was below consensus due to anticipated tariff impacts of $60 million to $70 million in the second half [5]. - Dana Telsey described VF's second-quarter report as "solid," with the outdoor segment growing by 4%, while the active business remains under pressure due to the ongoing Vans turnaround [6].

Core Viewpoint - V.F. Corporation is expected to report a strong quarter, with CEO Bracken Darrell's recent stock purchases indicating confidence in the company's performance [1]. Company Overview - V.F. Corporation designs and markets branded apparel, footwear, and accessories across outdoor, active, and work categories, with well-known brands such as The North Face, Vans, Timberland, and Dickies [2]. - The company has faced challenges in the apparel sector but is showing signs of recovery under the leadership of CEO Bracken Darrell, who was brought in two years ago to turn the company around [2]. Recent Performance - The company reported a "magnificent quarter," leading to a stock increase of at least 3% on the day of the announcement, although it had been higher earlier in the day [2]. - The stock had previously struggled, being described as a "real dog" for a long time, but recent developments suggest a positive turnaround [2].

Group 1 - V.F. Corporation (NYSE:VFC) has seen its stock price decline by over 34% since the beginning of 2025, making it one of the 10 best beaten down dividend stocks to consider for investment [1] - UBS has raised its price target for V.F. Corporation from $14 to $15 while maintaining a Neutral rating, indicating a balanced outlook with limited upside or downside potential ahead of the Q2 results [2] - The company has been paying regular dividends since 2010, with a current quarterly dividend of $0.09 per share, resulting in a dividend yield of 2.54% as of October 16 [3] Group 2 - V.F. Corporation manages a diverse portfolio of brands in the apparel, footwear, and accessories sectors, including well-known names like The North Face, Vans, Timberland, and Dickies, each targeting distinct market segments [4]