VF Corp (NYSE:VFC) earnings for the apparel company’s fiscal fourth quarter of 2020 have VFC stock falling on Friday. That comes after reporting adjusted earnings per share of 10 cents on revenue of $2.1 billion. These both miss Wall Street’s estimates of 13 cents per share and revenue of $2.31 billion.
Now, let’s take a closer look at the most recent VF Corp earnings report.
- Adjusted per-share earnings are down 70% from 60 cents during the same time last year.
- Revenue is sitting 11% lower than the $2.36 billion reported in the fiscal fourth quarter of 2019.
- Operating loss of -$256.76 million is worse year-over-year than an operating income of $126.36 million.
- The VF Corp earnings report also has a net loss coming in at -$483.78 million.
- That’s a major decline compared to its net income of $128.8 million in the same period of the year prior.
Steve Rendle, chairman, president and CEO of VF Corp, said this about the fiscal Q4 earnings.
“Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives. Then the world changed for all of us as a result of COVID-19. As we’ve implemented measures to care for and protect our people, we’ve also taken several key actions to advance our Enterprise Protection Strategy. These prudent actions, most of which have been precautionary, have helped us preserve liquidity and given us more flexibility to manage our global business operations through the prolonged crisis.”
VF Corp doesn’t reveal an outlook for fiscal 2021 but does give some details on fiscal Q1 2020 guidance. It expects revenue for the quarter to decline by more than 50%. The expected drop is contributed to the novel coronavirus pandemic.
VFC stock was down 5.2% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.