VF Corp. Reports 4Q Loss as Pandemic Hits Revenue
May 15 2020 - 7:45AM
Dow Jones News
By Matt Grossman
VF Corp. swung to a loss for its fourth quarter as revenue fell
during the Covid-19 pandemic, the company said Friday.
The Denver-based apparel retailer recorded a loss of $483.8
million, or $1.22 a share, in the latest quarter, compared with a
profit of $128.8 million, or 32 cents a share, for the same period
a year earlier.
Adjusted earnings per share were 10 cents, the company said.
Analysts were expecting adjusted earnings of 18 cents a share,
according to FactSet.
Revenue was $2.1 billion, down from $2.36 billion for the same
three months a year earlier. Analysts were expecting revenue of
$2.36 billion.
VF owns brands such as Vans, The North Face, Timberland and
Dickies. The company attributed its decline in revenue to lower
demand during the Covid-19 pandemic.
Many VF retail stores around the world have closed at different
times during the public-health crisis, the company said, although
all of its Asia-Pacific locations are now open again. Most of the
company's wholesale customers in North America are also closed, the
company said.
VF expects that revenue in its fiscal first quarter will decline
by slightly more than 50%, it said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
May 15, 2020 07:30 ET (11:30 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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