VF Corp CEO Admits Quarter 'Wasn't Great' as Stock Plunges 18%
VFC sits 36% above its 52-week low of $11.105 on elevated volume (3.6× avg).
Summary
VF Corp shares cratered 18% after mixed Q1 results, with an adjusted loss of $0.27 per share missing consensus by a nickel. Revenue of $1.67B beat estimates, and the company raised its full-year outlook to over $9.53B, but CEO Bracken Darrell's blunt admission that the quarter 'wasn't great' and confidence is tied to a second-half recovery spooked investors. The North Face and Timberland grew, while Vans revenue fell 8%. Adding to the shake-up, Abhishek Dalmia was named CFO and COO effective Aug. 1, replacing Paul Vogel. Needham cut its price target to $21 from $25, reflecting tempered near-term expectations. The selloff extends the day's earlier 17.6% drop, signaling deep disappointment despite the raised guidance.
At the time of this announcement, VFC was trading at $15.07 on NYSE in the Trade & Services sector, with a market capitalization of approximately $5.9B. The 52-week trading range was $11.11 to $22.27. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Benzinga.