VF Corp CFO to Depart as Vans Weakness Drives Q1 Miss; Shares Slide 6.8%
VFC sits 53% above its 52-week low of $11.105.
Summary
VF Corp's Q1 results missed on the bottom line with an adjusted loss of 27 cents per share, wider than the 22-cent consensus, despite revenue of $1.67B beating estimates. The miss was driven by Vans brand weakness, where global wholesale declines offset direct-to-consumer growth in the Americas. CEO Bracken Darrell expects Vans wholesale to improve significantly in the second half. Separately, CFO Paul Vogel is departing after two years, with COO Abhishek Dalmia taking on the additional CFO role effective August 1. The company raised its full-year constant-currency revenue growth outlook to at least 2% from 1-2%, but shares fell 6.8% premarket. This follows the earlier Q1 release and adds the CFO transition and Vans specifics, which were not in the initial headline.
At the time of this announcement, VFC was trading at $17.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $7.2B. 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: Dow Jones Newswires.