VF Corp Posts Q4 Loss, But Adj. EPS Beats Street V

(RTTNews) - Global apparel and footwear company V.F. Corporation (VFC), on Tuesday posted a loss for the fourth quarter, compared to a profit last year.

Net loss for the quarter was $214 million or $0.55 per share, compared to the earnings of $80 million or $0.21 per share in the same period last year.

Excluding items, VF Corp reported adjusted earnings of $0.17 per share for the period. Twenty analysts on average had expected the company to earn $0.14 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell to $2.73 billion from $2.8 billion last year, due to a challenging wholesale environment, partially offset by increases in the EMEA and APAC regions. The Street estimate for the revenues were $2.73 billion for the quarter.

Looking ahead to fiscal 2023, the company continues to see adjusted earnings in the range of $2.05 to $2.25 per share, due to the adverse effect of higher interest. The Street estimate for the fiscal year 2023 is $2.08 per share.

Tuesday, the stock closed at $18.97 in regular trading hours, down 3.02% or $0.59 a share, on The New York Stock Exchange