Strategic Asset Sale and Financial Maneuvers Justify Buy Rating for VF CorporationWe view this development favorably, as Dickies has languished in recent years (3 straight years of -DD revenue declines). And importantly, it helps VFC with their balance sheet cleanup efforts, as the sale price represents ~15% of the current net debt balance, we think it reduces the net leverage by half a turn, and it covers the next debt maturity (~$540 million Notes due March 2026). We are not yet adjusting our estimates for the deal, but we are tweaking our estimates for i) a higher tax rate in 2Q26 (we were previously outside of guidance), ii) current FX rates, and iii) a slower margin recovery in FY27 due to the tough macro. We now model $0.92/$1.10 (vs. $0.98/$1.27 prior).