VF Posts Higher 2Q Profit; Sales Miss Estimates

Date : 10/25/2019 @ 11:39AM
Source : Dow Jones News
Stock : VF Corporation (VFC)
Quote : 83.72  -0.27 (-0.32%) @ 1:00AM
After Hours
Last Trade
Last $ 83.72 ◊ 0.00 (0.00%)

VF Posts Higher 2Q Profit; Sales Miss Estimates

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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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