Vans and The North Face parent VF Corp. (VFC) reported better-than-expected first-quarter results early Friday, days after completing the sale of the Nautica brand to Authentic Brands Group.
XEstimates: An 18% rise to 65 cents in per-share earnings as revenue grows 21% to $2.9 billion, according to Zacks Investment Research
Results: EPS rose 22% to 67 cents as revenue climbed 22% to $3.05 billion.
Outlook: VF Corp. sees full-year 2019 EPS of $3.48-$3.53 and revenue $13.45 billion to $13.55 billion. Analysts had seen $3.47 EPS and sales of $13.167 billion.
Stock: Shares of the apparel company fell 2.8% to 76.27 in the stock market today, but closed above their 50-day line after tumbling to 73.90 intraday. Going into earnings, VF was building a consolidation with 84.48 entry point.
Timberland, Dickies, Bulwark and denim classics Wrangler and Lee are part of the company's portfolio. VF has been shedding certain brands as it looks to ramp up sales growth. The '90s are on trend, but the style comeback hasn't been enough to revive Nautica.
When it first announced the sale of Nautica in March, VF CEO Steve Rendle said that the company's goal is to "actively manage our brand portfolio to ensure that its composition positions us to accelerate growth" and that the sale "marks yet another example of how we're delivering on our commitment."
Last year, the apparel giant also dropped its licensed sports business to Fanatics.
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The post Vans, The North Face Parent VF Corp. Tops On Earnings, Sales appeared first on Investor's Business Daily.
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