VFC VF Corporation

VF Corp. trimmed its guidance Monday as the apparel conglomerate continued to cope with weak demand for denim and sportswear.

VF—which owns brands like Wrangler, Timberland and North Face—now anticipates revenue to increase 2% this year, compared with its previous guidance of 3%-to-4% growth. The company now expects per-share earnings for the year at $3.13, down from its earlier projection of $3.20.

Chief Executive Eric Wiseman said business suffered from softness in demand in the Americas, the company's largest market.

Shares fell 2% to $53.55 in premarket trading.

In the third quarter ended Oct. 1, VF said sales in its outdoor and action sports segment rose 1.7% to $2.33 billion, led by a 7% jump in sales for the Vans brand, which offset declines in North Face and Timberland.

Sportswear sales slid 13% to $140.7 million as a shift toward licensed women's sleepwear and men's underwear businesses hurt Nautica brand revenue.

Meanwhile, the much larger jeanswear unit declined 6.2% to $701.4 million.

Direct-to-consumer business, a bright spot for the company, jumped 6% led by strength in e-commerce. The company now expects full-year growth in this segment, which represents 23% of total revenue, to be up by a percentage in the high single digits, compared with its previous estimate in the low single digits.

In all for the quarter, VF posted a profit of $498.5 million, or $1.19 a share, above the year-ago earnings of $459.8 million, or $1.07 a share, and the average analyst of $1.15 a share on Thomson Reuters.

Revenue fell 1.1% to $3.49 billion, below analysts' projection for $3.63 billion.

Write to Imani Moise at imani.moise@wsj.com

(END) Dow Jones Newswires

October 24, 2016 10:25 ET (14:25 GMT)

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