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- VF Corp VFC reported second-quarter FY22 sales growth of 23% year-on-year, to $3.198 billion, missing the analyst consensus of $3.50 billion.
- Revenue from the Active segment increased 16% Y/Y, the Outdoor segment rose 31%, and the Work segment grew 18%. Direct-to-consumer revenue rose 32% Y/Y, and Digital increased 24%.
- The gross margin expanded 290 basis points to 53.7%. The operating margin was 17.5%, and operating income for the quarter rose 74.5% to $558 million.
- Adjusted EPS of $1.11 missed the analyst consensus of $1.15.
- The company noted the resurgence of COVID-19 lockdowns in key sourcing countries has resulted in additional manufacturing capacity constraints during Q2. VF said it is working with its suppliers to minimize disruption.
- "While the recovery has been impacted by further pandemic-related disruptions, we continue to see accelerating demand signals across our business," said CEO Steve Rendle.
- VF Corp held $1.4 billion in cash and equivalents as of September 2021.
- VF's Board declared a quarterly dividend of $0.50 per share, payable on December 20, 2021, to shareholders of record on December 10, 2021. VF intends to continue to pay its regularly scheduled dividend.
- Outlook: VF has reaffirmed its FY22 outlook of $12 billion in revenue against the consensus of $11.96 billion. Adjusted EPS of around $3.20 versus the consensus of $3.17.
- Price action: VFC shares are trading lower by 6.84% at $69 in premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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