VFC VF Corporation

By Michael Dabaie

VF Corp. (VFC) lowered its fiscal-year 2020 outlook Thursday.

The lifestyle-apparel and footwear company said it now sees adjusted earnings per share from continuing operations to be about $3.30, reflecting growth of about 15%. This is lower than the previous expectation of adjusted EPS of $3.32 to $3.37.

The company said it now sees adjusted revenue from continuing operations about $11.75 billion, from the previous expectation of about $11.8 billion.

VF said its outlook for 2020 is on an adjusted continuing operations basis, which includes the occupational Work business the company is reviewing.

Revenue for Outdoor is now expected to increase about 4%, down from previous expectation of an increase in revenue of about 5%. Revenue for Active is now expected to increase about 8%, compared to the previous expectation of an increase about 8% to 9%.

Revenue for Work is now expected to increase about 1%, from previous guidance of an increase of about 2% to 3%.

Excluding the occupational Work business, Work revenue is seen up about 3%.

Earlier this week, VF said it is commencing a review of strategic alternatives for the occupational portion of its Work segment. The occupational portion consists of nine brands and businesses: Red Kap, VF Solutions, Bulwark, Workrite, Walls, Terra, Kodiak, Work Authority and Horace Small. The review doesn't include the Dickies and Timberland PRO brands, the company said.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

January 23, 2020 07:51 ET (12:51 GMT)

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