VF Earnings: Small Signs of Progress in Otherwise Woeful Period; Shares Significantly Undervalued

Narrow-moat VF closed a difficult (March-ended) fiscal 2024 with fourth-quarter results that missed expectations and sent its shares down 12% in May 22 postmarket trading. While investor confidence is low, CEO Bracken Darrell inherited a troubled company and is making changes that we regard as necessary in VF’s products, marketing, distribution, and management. Indeed, the firm announced the appointment of a new CFO, Paul Vogel, in conjunction with the earnings. Vogel has a background as an equity analyst and was recently the CFO at no-moat Spotify. Vogel, who left Spotify at the end of 2023 after significant layoffs, appears to have adequate experience.