V.F. Corporation VFC shares are trading lower in Monday's after-hours session after the company released its second-quarter earnings report.
What To Know: The company reported quarterly earnings of 63 cents per share which missed the analyst consensus estimate of 66 cents, a 13.7% decrease over earnings of 73 cents per share from the same period last year. The company reported quarterly sales of $3.03 billion which beat the analyst consensus estimate of $3.02 billion, a 1.52% decrease over sales of $3.08 billion the same period last year.
VF anticipates Free Cash Flow for the full-year 2024 to be approximately $600 million, versus the previous guidance of approximately $900 million.
Among the operating highlights were results from The North Face, which clocked in another quarter of double-digit revenue growth, up 19% (up 17% in constant dollars). The company attributed the success to on-time deliveries.
The company also introduced the transformation program known as Reinvent, which Bracken Darrell, President and CEO, touched on in his statement, saying, "In my first 100 days, as I have spent time with our brands, teams, and customers around the world, I have developed even stronger conviction in the company's significant potential, which is far greater than what we are delivering today."
"Our transformation plan, Reinvent, will improve our brand-building and execution while addressing with urgency our top priorities of improving North America, accelerating the Vans turnaround, significantly reducing our fixed costs and reducing leverage. We are excited about the long term, starting with these first major steps toward improving our near-term performance, positioning us to return to growth and generate shareholder value."
Related Link: Why Aehr Test Systems Plunged Today
VFC Price Action: Shares of VFC were down 9.81% at $15.44 in the after-hours session at the time of publication, according to Benzinga Pro.
Image by Michal Jarmoluk from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
