Branded lifestyle products provider V.F. Corp. (NYSE:VFC) reported a lower-than-expected top line for the second quarter.
Revenue declined 3.8% year-over-year to $3.08 billion, missing estimates by $20 million. EPS at $0.73 too, missed the bus by $0.02. While revenue from The North face inched up 8%, revenue from Vans declined 13% during this period.
Looking ahead to fiscal 2023, while the company maintained its constant U.S. Dollar top line outlook, it revised its bottom line outlook owing to foreign currency gyrations as well as higher inventory levels.
Total revenue is expected to increase by 5% to 6% in constant currency terms while adjusted EPS is seen ranging between $2.40 and $2.50. VFC’s earlier EPS expectations were in the range of $2.60 to $2.70.
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