Stock Alert: V.F. Corporation Declines 6%
Shares of apparel and footwear company V.F. Corporation (VFC) are down more than 6% Friday morning.
The company Friday reported net income of $89.52 million or $0.23 per share compared with net loss of $483.78 million or $1.24 per share in the same quarter a year ago.
Excluding items, earnings were $0.27 per share, including a $0.06 per share contribution from acquisitions. On average, 20 analysts polled by Thomson Reuters expected earnings of $0.29 per share.
However, revenue for the quarter increased 23 percent to $2.583 billion, and beat the consensus estimate of $2.5 billion.
Looking forward, full-year 2022 revenue is expected to be about $11.8 billion and adjusted EPS to be about $3.05. Analysts expect the company to report earnings of $1.32 per share on revenue of $9.16 billion.
VF’s Board of Directors declared a quarterly dividend of $0.49 per share, payable on June 21, to shareholders of record on June 10.
VFC, currently at $79.27, has traded in the range of $54.46- $90.79 in the last one year.
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