VF Corp's Fiscal Year Earnings Targets to Exclude Jeans Spin-Off
May 22 2019 - 8:15AM
Dow Jones News
By Kimberly Chin
VF Corp. (VFC) said that its full year earnings guidance will be
adjusted based on the company's best estimates of its financial
results after the spin-off of its jeans business.
Last month, the company's shareholders approved the separation
of its jeans business into a newly-formed, independent company
called Kontoor Brands Inc. VF said it will no longer retain
ownership interest in the new company, and it will be reflected in
future financial statements as discontinued operations.
For fiscal year 2020, the company expects revenue in the range
of $11.7 billion to $11.8 billion, excluding the impact of
acquisitions net of divestitures.
VF expects adjusted earnings for the year to be between $3.30
and $3.35 a share.
Shares of VF fell 8.8% in premarket trading.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
May 22, 2019 08:00 ET (12:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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