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VF Corp (VFC; Baa3 Neg, BBB- Neg)

CONSUMER CYCLICALS

VF equities are bid this morning - seems news agnostic for now - note its coming off a -35% sell-off YTD.

  • 4Q24 earnings (3m ending March) come on the 22nd May at US Close (9pm London).
  • No news on business sales since last earnings & still weak operating performance (consensus at operating income of $63m from sales of $1.2b) makes for a tough & high risk event.
  • Weakness has been echoed in bbg's second measure (VF has 60% of sales from US) & we haven't seen a pick-up in April on card data unfortunately (-26% flat yoy on March).
  • We were quite surprised Moody's stayed on IG after Q3 earnings - it seems to be placing faith on VF's "Project Reinvent" to turnaround the business (has seen board changes since last earnings as well after market pressure). More disappointment particularly with lack of positive near-term guidance could easily test that /put it into HY.

Earnings preview from last month; https://marketnews.com/vf-corp-vfc-baa3-neg-bbb-ne...

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