V.F. Corporation Mixed 4Q & 2H-Weighted FY27 Guide; Remain Underweight

研报英文原文证据摘录

V.F. Corporation Mixed 4Q & 2H-Weighted FY27 Guide; Remain Underweight

J P M O R G A N North America Equity Research

20 May 2026

V.F. Corporation Underweight

VFC, VFC US

Mixed 4Q & 2H-Weighted FY27 Guide; Remain Price (19 May 26):$16.74

Underweight Price Target (Dec-26):$18.00

Retailing – Department Stores &

Specialty Softlines

Matthew R. Boss, CPA AC

(1-212) 622-2630

matthew.boss@jpmorgan.com

I. 4Q Normalized EBIT Below Consensus: VFC reported 4Q adj. EPS of $0.00 Amanda K. Douglas

ex. Dickies (in line with Street at $0.00) based on adj. EBIT of $54M (vs. $10-30M (1-212) 622 0316

amanda.douglas@jpmorgan.com

guidance) and constant-currency revenue growth of +3% (vs. flat to +2% c/c

Brady T Arnette, CFA

guidance) with +240bps of gross margin expansion to 56.4% inclusive of a tariff

(1-212) 622-0046

receivable benefit. On an apples-to-apples basis with our model/Street, mgmt brady.arnette@jpmorgan.com

clarified 4Q “normalized” EBIT (excluding the tariff receivable and offsetting Lucas Hudson

charges) would have been at the midpoint of the $10-30M EBIT guidance (1-212) 622-0273

(below the Street at $27M and JPMe $23M), including flat “normalized” gross lucas.hudson@jpmchase.com

margins Y/Y (below Street +20bps Y/Y). Taya Lindner

(1-212) 622-9424

• Revenues: +3% constant currency revenue growth ex. Dickies (above mgmt’s taya.lindner@jpmorgan.com

flat to +2% c/c guide). Within revenue growth, management clarified that J.P. Morgan Securities LLC

4Q benefited from a pull-forward of wholesale orders into 4Q (out of 1Q)

based on demand, which resulted in a ~2pt benefit to Vans revenues and

Key Changes (FYE Mar) a ~2pt benefit to TNF revenues, and therefore a ~150bps benefit to

Prev Cur Δ

consolidated revenue growth. Said differently, consolidated revenues Adj.