Vans parent VF Corp. shares VFC, -8.40% fell 1.7% in premarket trade Thursday, after the company posted weaker-than-expected sales for the third quarter. The company said it had net income of $465.0 million, or $1.16 a share, in the quarter, after income of $463.5 million, or $1.16 a share, in the year-earlier period. Adjusted per-share earnings came to $1.23, ahead of the $1.21 FactSet consensus. Revenue rose to $3.385 billion from $3.228 billion, just below the FactSet consensus of $3.433 billion. The company, which also owns the Timberland brand, completed the spinoff of its jeans business in May, including Wrangler, Lee and Rock & Republic brands, as well as the VF Outlet business, which was spun off into a separate traded company under the name Kontoor Brands Inc. KTB, -0.72% On Tuesday, the company said it is reviewing strategic options for some of its work brands, which make uniforms and work clothing for American workers. It now expects fiscal 2020 revenue from continuing operations of about $11.75 billion and adjusted EPS of $3.30. The FactSet consensus is for EPS of $3.37 and revenue of $11.85 billion. Shares have gained 21% in the last 12 months, while the S&P 500 SPX, -0.49% has gained 26%.
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January 23, 2020 at 07:22PM
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Vans parent VF Corp. shares slide premarket after sales fall short of estimates - MarketWatch
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