VF Corp. Raises Fiscal 2020 Guidance; Shares Up
July 24 2019 - 9:14AM
Dow Jones News
By Michael Dabaie
Vans and Timberland parent VF Corp. (VFC) boosted its fiscal
2020 earnings guidance.
The apparel and footwear company, which owns Vans, The North
Face, Timberland and Dickies, guided for adjusted earnings per
share of $3.32 to $3.37, from its previous expectation of $3.30 to
$3.35.
Shares were up 3.4% premarket to $91.30.
Revenue is now expected to be about $11.8 billion. Its previous
expectation was for $11.7 billion to $11.8 billion.
The company reported first-quarter revenue from continuing
operations increased 6% to $2.3 billion. Earnings per share from
continuing operations was 24 cents and adjusted EPS from continuing
operations increased 61% to 30 cents, the company said.
VF in May completed the spin-off of its jeans business, which
included the Wrangler, Lee and Rock & Republic brands, as well
as the VF Outlet business, into independent, publicly traded
company Kontoor Brands Inc. (KTB).
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
July 24, 2019 08:59 ET (12:59 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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