VF Corp Q2 loss per share $(1.16), cuts dividend 70%, withdraws FY24 guidance, launches Reinvent plan

V F CORP

2024-Q2 EPS reported -$1.31 revenue$5,120,575,000

Revenue $3.0B, down 2% (down 4% constant currency); The North Face up 19%, Vans down 21%.
GAAP loss per share $(1.16) vs $(0.31); adjusted EPS $0.63 vs $0.73 prior year.
Dividend cut 70% to $0.09/share; payable Dec 20 to holders of record Dec 11.
Withdraws FY24 revenue/earnings outlook; lowers FY24 free cash flow guidance to ~$600M from ~$900M.
Launches Reinvent transformation targeting $300M in fixed cost savings; Kevin Bailey steps down as Vans president, external search underway.

item 2.02 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Martino Scabbia Guerrini

Executive Vice President, Chief Commercial Officer and President, Emerging Brands

VFC · V F CORP

Effective: 2023-10-16
Filed: October 30, 2023, 7:59 PM ET

On October 30, 2023, V. F. Corporation (the “Company”) announced the promotion of Martino Scabbia Guerrini, previously Executive Vice President and President, EMEA (Europe, Middle East, Africa), APAC (Asia Pacific) and Emerging Brands, to the position of Executive Vice President, Chief Commercial Officer and President, Emerging Brands, effective October 16, 2023.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

V F CORP reported financial results for second quarter (Q2'FY24) ended September 30, 2023.

Period: second quarter (Q2'FY24) ended September 30, 2023
Result: reported results

Exact text from the filing

On October 30, 2023, V.F. Corporation issued a press release setting forth its second quarter fiscal 2024 earnings.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Martino Scabbia Guerrini changed role as Executive Vice President, Chief Commercial Officer and President, Emerging Brands at V F CORP.

Action: promoted
Role: Executive Vice President, Chief Commercial Officer and President, Emerging Brands

Exact text from the filing

On October 30, 2023, V. F. Corporation (the “Company”) announced the promotion of Martino Scabbia Guerrini, previously Executive Vice President and President, EMEA (Europe, Middle East, Africa), APAC (Asia Pacific) and Emerging Brands, to the position of Executive Vice President, Chief Commercial Officer and President, Emerging Brands, effective October 16, 2023.

View on SEC.gov

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V F CORP filing history →

Source: SEC EDGAR

accession 0001157523-23-001573

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