VF Corp. (VFC): F1Q27 First Take: 1Q EPS miss / raised FY revenue guidance; CFO transition announced

First-page research excerpt

Equity Research

29 July 2026 | 5:29AM MDT

VF Corp. (VFC): F1Q27 First Take: 1Q EPS miss / raised FY revenue

guidance; CFO transition announced

VFC reported adjusted F1Q27 EPS of -$0.27, below GS/FactSet consensus of -$0.22.

Revenue of $1.669bn grew 1.3% and was ahead of GS/consensus expectations of

$1.638bn (-0.5%/-0.6%). Revenues were largely driven by growth at The North Face

(+4% Y/Y ex-FX) and Timberland (+3% Y/Y ex-FX). Vans revenues declined -9% Y/Y

ex-FX vs. -5% in F4Q26. Vans Americas declined -4% ex-FX, with management

highlighting continued growth in Americas DTC which was more than offset by global

wholesale declines. Adjusted gross margin expanded ~10bps Y/Y to 54.9%

(ex-Dickies), falling below GS/consensus of 55.6%/55.2%. Adjusted SG&A spend at

60.6% of sales was better than GS/consensus at 61.3%/61.1%. Net, adjusted

operating margin of -5.7% was in line with GS and slightly ahead of consensus at

-5.8%.

Brooke Roach, CFA

+1(212)357-2421 |

Goldman Sachs & Co. LLC

Mentesnot Adamu

+1(801)744-0630 |

Goldman Sachs & Co. LLC

Carly Chasen

+1(212)902-2327 |

Goldman Sachs & Co. LLC

VFC raised its FY27 revenue outlook. Sales are now expected to grow 2% or better

ex-FX (excluding Dickies but including 53rd week), ahead of management’s prior

guide of 1-2%. GS/consensus expectations on a reported basis are +2.0%/+1.9%.

The company continues to expect adj. operating profit margins of ~8% vs.

GS/consensus at 7.9%/7.8%. Within this, the company continues to expect adjusted

gross margin up Y/Y and adjusted SG&A rate down Y/Y. The company continues to

expect FCF of flat to up, which compares to FY26 levels of $405mn, and continues to

expect leverage to move to 2.6x-2.9x. By brand, management continues to forecast

the Vans brand -MSD%, but clarified that F2H trends will improve to -2% or better

Y/Y.

VFC also announced that Mr. Abhishek Dalmia will assume the expanded role of CFO

and COO effective August 1st. Mr. Dalmia succeeds Mr. Paul Vogel as CFO.

Upon first glance, this is a mixed update from VFC. We acknowledge muted investor

expectations heading into the print given management’s prior commentary flagging

…