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- VFC Corp. has reported its 3rd quarter’s financial report.
- The company is excited about the long-term possibilities.
- The current price of VFC stock has crossed the 50-day EMA level of $16.84.
Colorado-based company VF Corp. (NYSE: VFC) facilitates the production and marketing of apparel, footwear, and accessories. It operates through several segments including Outdoor, Active, Work, and some non-VF products and sourcing activities related to transition services.
Fundamental Brief of VF Corp.
The VFC has generated negative revenue growth since the 2nd quarter of 2022. However, in Q3 of fiscal year 2023, the company made a positive operating profit for the first time since September 2022.
VF Corporation achieved double-digit revenue growth of 19% this quarter due to on-time deliveries. The previous year was impacted negatively by supply chain disruption. However, the international business saw a growth of 10%. The total revenue decreased by 2% to $3.0 Billion.
The loss per share this quarter was $1.16 as a result of the Timberland tax case ruling. However, the adjusted earnings per share was $0.63, compared to $0.73 in the same period last year. Furthermore, on the longer horizon, VF’s acquisitions like The North Face, Eastpak, and Vans have been profitable for the company.
What Does the Management Say About The Recent Quarter Results?
Bracken Darrell, President and CEO, has stated that the company has a significant potential that it is yet to deliver. However, the transformation plan, Reinvent, has provided an even stronger conviction towards the company’s potential.
The Reinvent plan aims to improve brand-building and execution while addressing the top priorities of improving North America. Moreover, it accelerates the Van’s turnaround, significantly reducing the fixed costs, and reducing the leverage.
The company is excited about the long-term possibilities and has taken the first significant steps to improve its near-term performance, which will position it to return to growth and generate shareholder value.
Technical Analysis and Prediction of the VFC Stock Price
At press time, the VFC stock price is trading at the level of $17.7. The immediate resistance is at $20.31, while the immediate support is at $15.30. Moreover, the 2nd support and resistance are at $10.89 and $25.23, respectively.
The trading price has crossed the 50-day EMA, which is at $16.84, while the 150-day EMA is at $19.6. The predicted price from here will be bullish, as the RSI is still near the neutral zone of 57.
Conclusion
VF Corp. (NYSE: VFC) reported its 3rd quarter report. In the report, the CEO stated that the company has significant potential that it is yet to deliver. The company’s reinventing plan aims to improve brand-building and execution while addressing the top priorities of its subsidiaries. The current price trend is bullish and so is the price prediction.
Technical Levels
- Support Levels: $15.30 and $10.89
- Resistance Levels: $20.31 and $25.23
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
