VF Corp Reports Inline Revenue as Outlook Falls Short
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By Liz Moyer
Investing.com — VF Corporation (NYSE:VFC) reported second-quarter earnings that fell short of estimates and revenue that was inline with expectations.
Earnings per share of 73 cents and on revenue of $3.1 billion compared with estimates for earnings of 75 cents a share on revenue of $3.1 billion.
Shares of the apparel maker, which makes shoes and clothing under the Timberland, Vans, and North Face brands, fell 2.4% in after-hours trading.
CEO Steve Rendle said, “We are acting proactively to generate increased revenue through the balance of the year while protecting profitability by tightly controlling all non-strategic spend. I am confident in our ability to deliver on our targets and to maximize the potential of all our brands when the environment improves.”
VF shares are down 4.3% from the beginning of the year.
The company guided to full-year 2023 earnings per share of $2.40 to $2.50, which is below expectations for $2.63.