VF Posts Higher 2Q Profit; Sales Miss Estimates
October 25 2019 - 7:39AM
Dow Jones News
By Dave Sebastian
VF Corp. (VFC) reported higher second-quarter profit as sales
rose below Wall Street estimates.
The apparel company, which owns brands such as Vans, Timberland
and the North Face, posted net income of $649 million, or $1.61 a
share, compared with $507 million, or $1.26 a share, in the prior
year. Analysts polled by FactSet were expecting $1.31 a share.
Excluding the impact of acquisitions and divestitures, earnings
were $1.26 a share. Analysts were expecting $1.31 a share.
Sales rose to $3.39 billion from $3.22 billion, but missed the
$3.42 billion analysts had expected. Gains in Vans and the North
Face sales offset slight declines in Timberland and Dickies
sales.
VF said its international revenue increased 4%, driven by a 20%
increase in China sales. The company's U.S. sales increased 7% for
the quarter.
The company reaffirmed its guidance for adjusted earnings to be
between $3.32 a share and $3.37 a share. It also backed its
adjusted revenue guidance of about $11.8 billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 25, 2019 07:24 ET (11:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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