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May 15, 2020, 7:13 a.m. EDT

Vans, North Face parent VF's stock sinks after earnings miss expectations

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By Tomi Kilgore

Shares of Vans and The North Face parent VF Corp. /zigman2/quotes/206706147/composite VFC -1.15% tumbled 7.1% in premarket trading Friday, after the apparel, footwear and accessories company reported fiscal fourth-quarter earnings that missed expectations, as the COVID-19 pandemic reduced consumer demand. VF swung to a net loss of $483.8 million, or $1.22 a share, from net income of $128.8 million, or 32 cents a share, in the year-ago period. Excluding non-recurring items, such as the impact of tax legislation in Switzerland, adjusted earnings per share came to 10 cents, below the FactSet consensus of 18 cents. Revenue fell 11% to $2.10 billion, missing the FactSet consensus of $2.36 billion. Outdoor revenue, which includes North Face, fell 15% to $848.3 million, below the FactSet consensus of $919.9 million, and active revenue, which includes Vans, declined 9% to $1.03 billion to miss expectations of $1.07 billion. VF said it could not provide financial guidance given the uncertainties associated with COVID-19. Separately, the company declared a regular dividend of 48 cents a share, payable June 22 to shareholders of record on June 10. The stock has plunged 33.7% over the past three months through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.40% has lost 15.6%.

/zigman2/quotes/206706147/composite
US : U.S.: NYSE
$ 63.72
-0.74 -1.15%
Volume: 1.23M
Aug. 12, 2020 4:00p
P/E Ratio
79.29
Dividend Yield
3.01%
Market Cap
$25.12 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,380.35
+46.66 +1.40%
Volume: 2.25B
Aug. 12, 2020 5:10p
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