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6 Months : From Aug 2019 to Feb 2020
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 firstname.lastname@example.org
(END) Dow Jones Newswires
October 25, 2019 07:24 ET (11:24 GMT)
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