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July 31, 2020, 7:23 a.m. EDT

Vans parent VF's stock gains after Q1 results; over 120 stores have re-closed amid COVID-19 outbreaks

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By Tomi Kilgore

Shares of VF Corp. /zigman2/quotes/206706147/composite VFC +0.43% gained 0.8% in premarket trading Friday, after the apparel and accessories company, with brands including Vans and The North Face, reported a narrower-than-expected fiscal first-quarter loss and revenue that fell less than forecasts. The company said 75% of its North America stores were open at the end of the quarter, as the company continued to feel the effects of the COVID-19 pandemic. While some additional stores have reopened since then, those were partially offset by over 120 retail stores that have re-closed due to the resurgence of COVID-19 outbreaks. The company swung to a net loss of $285.6 million, or 73 cents a share, from net income of $49.2 million, or 12 cents a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was 57 cents, compared with the FactSet loss consensus of 66 cents. Revenue fell 48% to $1.08 billion, but was above the FactSet consensus of $975.7 million, as beats by outdoor and work revenue offset a miss in active revenue. The stock has tumbled 39.3% year to date through Thursday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.30% has gained 0.5%.

/zigman2/quotes/206706147/composite
US : U.S.: NYSE
$ 69.37
+0.30 +0.43%
Volume: 2.44M
Sept. 24, 2020 4:00p
P/E Ratio
86.32
Dividend Yield
2.77%
Market Cap
$26.91 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,246.59
+9.67 +0.30%
Volume: 2.39B
Sept. 24, 2020 5:06p
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