VF Corp Stock Is Sliding: What's Going On?

V.F. Corp VFC shares are trading lower in Tuesday’s after-hours session after the company reported worse-than-expected quarterly results.

What Happened: VF Corp, which owns a slew of popular retail brands including Vans, The North Face and Timberland, said fiscal third-quarter revenue fell 16% year-over-year to $2.96 billion, which missed the consensus estimate of $3.24 billion, according to Benzinga Pro.

The North Face revenues were down 10% in the fourth quarter, and Vans’ revenues fell 28%. Americas revenues were down 24% and the international business was down 5% in the quarter.

VF Corp reported quarterly adjusted earnings of 57 cents per share, which missed analyst estimates of 77 cents per share.

“Our third quarter top-line performance was disappointing. However, we are confident the actions we are implementing as part of Reinvent will enable VF to stabilize and then grow revenue and improve operational performance across brands and regions,” said Bracken Darrell, president and CEO of VF Corp.

What’s Next: VF Corp reaffirmed its free cash flow guidance of approximately $600 million for the full year 2024.

Consistent with the company’s Reinvent strategy, it announced initiating a strategic portfolio review of its brand assets to ensure it owns the brands it believes will create the most long-term value for shareholders.

The company also announced that its board declared a quarterly dividend of 9 cents per share, payable on March 20 to shareholders of record as of March 11. A conference call to discuss these results kicked off at 4:30 p.m. ET.

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VFC Price Action: VF Corp shares were down 7.46% after hours at $15.70 at the time of publication, according to Benzinga Pro.

Photo: WOKANDAPIX from Pixabay.