VF Q2 FY23 GAAP EPS loss $(0.31); revises FY23 adjusted EPS down to $2.40-$2.50

V F CORP

2023-Q2 EPS reported -$0.45 revenue$5,342,195,000

Revenue $3.1B, -4% reported (+2% constant dollar); Vans revenue -13% (-8% constant dollar).
GAAP operating loss $90.8M; adjusted operating margin 12.3%, -440 bps.
Adjusted EPS $0.73, -34%; gross margin 51.4%, -230 bps on higher costs and promotions.
Inventories up 88% YoY; returned $194M via dividends; quarterly dividend raised 2% to $0.51.
FY23 outlook: adjusted gross margin down 100-150 bps, adjusted EPS $2.40-$2.50 from $2.60-$2.70.

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