Narrow-Moat VF Reports Solid 4Q Ahead of Spin but 2020 Outlook Disappoints; Shares Overvalued
Narrow-moat VF closed fiscal 2019 with an extremely messy earnings report but one that met our forecast. The fourth quarter was VF’s final full quarter before the Kontoor Brands spin-off on May 23. VF’s sales of $3.21 billion in the fourth quarter slightly exceeded our forecast of $3.19 billion but adjusted gross margin of 51.0% fell short of our 51.4% forecast. The sales outperformance was due entirely to the outdoor coalition, led by strong 8% (11% constant-currency) growth for The North Face....VF is an apparel and footwear company. The company designs, produces, procures, markets and distributes a variety of lifestyle products, including outerwear, footwear, occupational and performance apparel, jeanswear, backpacks and luggage for consumers of all ages. Products are marketed primarily under the company-owned brand names. The company's segment comprised of: Outdoor, which includes performance-based and outdoor apparel, footwear and equipment; Active, which includes active apparel, footwear and accessories; Work, which consists of work and work-inspired lifestyle apparel and footwear and occupational apparel; and Jeans, which markets denim and related casual apparel products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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