Vans Stands Out for VF, but Crowded Markets Poised to Hinder Growth for the Overall Firm Long Term
Narrow-moat V.F. Corporation reported strong fiscal 2019 third-quarter results, as growth in its key brands (namely Vans and The North Face, which drive its intangible asset edge), offset disappointing results from its jeans business. VF reported 8.0% revenue growth, above our estimate of 5.4% growth. Adjusted operating margin of 16.8% was an improvement of 280 basis points. However, guidance of EPS from continuing operations of $3.73 for fiscal 2019 (from $3.65 previously) nearly matches our ex...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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