FY23 Financial Outlook
- VF provides the following outlook for full year fiscal 2023, which is based on these assumptions:
- No additional significant COVID-19 related lockdowns in any key commercial or production regions, with the current restrictions in China expected to ease from the beginning of June 2022
- No significant worsening in global inflation rates and consumer sentiment
- Total VF revenue up at least 7% in constant dollars
- The North Face® revenue up low double digit percent; Vans® revenue up mid-single digit percent
- Gross margin up approximately 50 basis points
- Operating margin approximately 13.6%
- Tax rate approximately 16%, returning to a more normalized rate
- EPS $3.30 to $3.40
- Adjusted cash flow from operations approximately $1.2 billion; Capital expenditures approximately $250 million
- Excludes the impact of a payment VF anticipates making to the Internal Revenue Service in fiscal 2023 of approximately $845 million plus accrued interest relating to the dispute regarding the timing of income inclusion associated with VF’s acquisition of Timberland in 2011, as discussed in more detail below
