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VFC WI - VF News Story

$85.5 -1.1  -1.3%

Last Trade - 22/05/19

Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £20.95bn
Enterprise Value £24.22bn
Revenue £8.25bn
Position in Universe th / 7294

BUZZ-VF Corp: Falls as preliminary FY 2020 revenue disappoints

Tue 21st April, 2020 3:51pm
** Shares of Vans sneakers maker  VFC.N  fall 3% to $54.19
    ** VFC posts preliminary fiscal 2020 revenue of $11.3
billion to $11.4 billion, below market estimates of $11.53
billion, according to IBES data from Refinitiv
    ** This implies fourth-quarter revenue was down 11% and with
only 12% of revenue in APAC and demand in North America and
Europe not affected by virus until mid-March, this is worse than
we had forecast - Bernstein analysts
    ** Total estimated impairment charges were about $331
million in fiscal 2020 - VFC  urn:newsml:reuters.com:*:nBw3P4ZS9a
    ** VFC also says it will proceed with the divestiture of its
occupational work wear business and is engaging with potential
buyers
    ** Company is likely to report fourth-quarter results on May
20
    ** Earlier in the session, VFC hit a two-week low of $53.27
    ** Shares down about 46% so far this year

 (Reporting by Praveen Paramasivam in Bengaluru)
 ((Praveen.Paramasivam@thomsonreuters.com; within U.S. +1 646
223 8780 (Extn. 3478), outside U.S. +91  80 6182 3478;))
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