Vans and The North Face Still Leading Narrow-Moat VF After Jeanswear Spin-Off; Shares Overvalued
Narrow-moat VF reported fair earnings in its first report since the Kontoor Brands spin-off in May. VF’s fiscal 2020 first-quarter revenue of $2.27 billion met our estimate, while adjusted operating profit of $163 million fell just short of our $165 million forecast. Solid growth in VF’s active and outdoor coalitions overcame disappointingly flat year-over-year sales in the work coalition. Vans produced 23% constant-currency growth in the first quarter, fine improvement from the 18% constant-cur...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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