VFC - Cautious on the FY27 outlook without evidence of meaningful improvements for underlying Vans trends

研报英文原文证据摘录

VFC - Cautious on the FY27 outlook without evidence of meaningful improvements for underlying Vans trends

Truist Securities

Equity Research Report May 20, 2026

CONSUMER: Softlines V.F. Corporation (VFC)

VFC - Cautious on the FY27 outlook without evidence of Joseph Civello

212-590-0968 meaningful improvements for underlying Vans trends

Joseph.Civello@truist.com

Scot Ciccarelli, CFA While Timberland/TNF/other brands remain fairly-solid, Vans’ is projected to be down MSD

212-319-3920 % in FY27 (despite multiple years of steep headwinds including recent reset activities).

Scot.Ciccarelli@truist.com While mgmt’s execution on cost cutting has been encouraging, we remain on the sidelines

given limited visibility into potential turnaround timing for the key brand (wholesale buy-in

Craig Larsen has remained elusive, macro pressures persist, and we think a projected 2H acceleration

212-319-2120 that is currently embedded into the outlook adds further risk). PT to $15 from $18.

Craig.Larsen@truist.com

Underlying Vans trends remain soft; FY27 guidance embeds a meaningful sequential

improvement through the year – Vans’ revs declined 5% CC in 4Q (despite a ~2pt benefit

Stock Rating HOLD from the pull-forward of wholesale orders), and mgmt expects underlying trends to improve

Unchanged sequentially through FY27 (guidance calls for MSD% CC declines in FY27, which we think

implies a HSD% decline in 1Q). While we are encouraged by growth in the Americas

Price Target $15.00 DTC business and the traction we have seen for some of the newness (i.e. Pearlized

↓ models), we note they are up against easy reset-pressured comparisons and do not

from think the products that are working are necessarily scalable to a wider consumer base

$18.00 outside of core Vans fans.