Benzinga | Jul 30, 2021 11:56AM EDT

VF Corp Q1 Results Tops Consensus, Boosts FY22 Outlook

* VF Corp (NYSE:VFC) reported first-quarter FY22 sales growth of 104% year-on-year, to $2.19 billion, beating the analyst consensus of $2.14 billion.

* Revenue from the Active segment increased 128% Y/Y to $1.3 billion, the Outdoor segment rose 81% to $617.7 million, and the Work segment increased 69% to $274.7 million.

* International revenue increased 84% Y/Y. Direct-to-Consumer revenue expanded 97%, and digital revenue increased 25%.

* Gross margin increased 360 basis points to 56.5% of net sales.

* It reported an operating margin of 9.2% and an operating income of $203 million.

* The company held $1.03 billion in cash and equivalents as of June 30, 2021. Net cash provided by operating activities totaled $81 million during the quarter.

* Adjusted EPS of $0.27 beat the analyst consensus of $0.10.

* "Our teams delivered an outstanding first quarter, powering VF back to pre-pandemic revenue levels while driving an earnings recovery ahead of our expectations," said Chairman, President, and CEO Steve Rendle.

* VF's quarterly dividend of $0.49 per share is payable on September 20, 2021, to shareholders of record on September 10, 2021.

* Outlook: VF raised FY22 revenue outlook to $12 billion from previously expected $11.8 billion versus the consensus of $11.86 billion.

* The company raised the FY22 adjusted EPS outlook to at least $3.20 from the prior $3.05, compared to the consensus of $3.08.

* Price action: VFC shares are trading lower by 6.21% at $79.13 on the last check Friday.