VFC - Why VF Corp Stock Dropped Today
2023-10-31 17:51:42 ET
Shares of VF Corp (NYSE: VFC) fell 14% on Tuesday after the apparel and footwear company of brands including Vans, The North Face, Timberland, and Smartwool announced mixed quarterly results and withdrew its full fiscal-year earnings guidance.
For its fiscal second-quarter 2024 ended Sept. 30, VF Corp's revenue declined 2% year over year (down 4% at constant-currency), to $3.034 billion, translating to a generally accepted accounting principles ( GAAP ) net loss of $450.7 million, or $1.16 per share. On an adjusted (non-GAAP) basis -- which notably excludes an additional tax expense booked resulting from an unfavorable tax case ruling for its Timberland brand -- VF Corp generated net income of $0.63 per share.
Analysts, on average, were looking for higher adjusted earnings of $0.66 per share, but on slightly lower revenue of $3.02 billion.
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Why VF Corp Stock Dropped Today