VF Corporation VFC shared its fiscal year 2024 strategic growth plan and says it expects to generate approximately $8 billion of free cash flow on a cumulative basis between fiscal 2020 and fiscal 2024.
The company expects fiscal years 2024 to grow at a five-year compounded annual growth rate between 7% and 8% and will be fueled by VF's largest brands the Vans, The North Face, Timberland and Dickies brands.
VF Corporation says gross margin is expected to exceed 55.5%in fiscal 2024 and operating margin is expected to exceed 15.0% in fiscal 2024.
Related Link: VF Reports Q1 Earnings Beat, Raises Guidance
"Today is an exciting day for VF Corporation as we step into the next phase of our journey as an evolved company," said CEO Steve Rendle. "The past two-and-a-half years represent one of the most transformative periods in VF's 120-year history. We've emerged with a sharpened focus on what's required to become even more consumer minded and retail centric. With greater clarity to the opportunities ahead, we're confidently updating our five-year strategic growth plan and financial outlook."
VF Corporation shares closed Tuesday at $86.44. The stock has a 52-week high of $91.54 and a 52-week low of $63.04.
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