{"id":7437,"date":"2023-10-31T06:10:30","date_gmt":"2023-10-31T06:10:30","guid":{"rendered":"https:\/\/infundpros.com\/markets\/vf-corp-pulls-full-year-guidance-on-vans-weakness-the-stock-drops\/"},"modified":"2023-10-31T06:10:30","modified_gmt":"2023-10-31T06:10:30","slug":"vf-corp-pulls-full-year-guidance-on-vans-weakness-the-stock-drops","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=7437","title":{"rendered":"VF Corp. Pulls Full-Year Guidance on Vans Weakness. The Stock Drops."},"content":{"rendered":"
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\n VF Corp.
\n missed second-quarter earnings estimates and pulled its guidance for fiscal 2024, sending the stock lower in after-hours trading.<\/p>\n

VF (ticker: VC) on Monday said it was withdrawing its fiscal-year outlook for earnings and revenue, as the company\u2019s efforts to turn around sales of its Vans brand falter. The guidance called for earnings per share to range between $2.05 and $2.25, and for sales to be either flat or modestly down. <\/p>\n

\n

\u201cDespite pockets of continued strong performance throughout the first half and solid profit margins in the second quarter, it\u2019s not enough and we are not making sufficient progress at Vans or in the U.S.,\u201d said Matt Puckett, the company\u2019s chief financial officer, in a news release. <\/p>\n

Vans\u2019 performance isn\u2019t expected to improve in the second half of the fiscal year, the company added. <\/p>\n

In the second quarter, Vans sales fell 21% compared with a year ago. Total revenue declined by 2% year-over-year to $3 billion. That was roughly in line with forecasts. Adjusted earnings of 63 cents a share, however, fell shy of consensus estimates for 65 cents a share, according to FactSet. <\/p>\n

VF stock was down 10.3% to $15.35 in after-hours trading. <\/p>\n

The company introduced on Monday a new plan to turn business around, called Project Reinvent. It aims to improve its business in North America, fast-track the Vans revamp, reduce costs, and strengthen the company\u2019s balance sheet. As part of Project Reinvent, Kevin Bailey, Vans global brand president, will be stepping down to lead Project Reinvent. The company is looking for a new brand president, but meanwhile, CEO Bracken Darrell will take a \u201cmore active role\u201d in heading up the brand, VF said. VF also plans to cut $300 million in costs.<\/p>\n

Vans has been dragging on VF\u2019s performance for several quarters now. Not even The North Face\u2019s strong results\u2014sales increased 19% this quarter\u2014have been able to give the stock a boost. Shares are down 38% this year. The company\u2019s underperformance have made it a prime target for activist investors, which are lobbying for sweeping changes at the company. <\/p>\n

Write to Sabrina Escobar at sabrina.escobar@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

VF Corp. missed second-quarter earnings estimates and pulled its guidance for fiscal 2024, sending the stock lower in after-hours trading. VF (ticker:…<\/p>\n","protected":false},"author":1,"featured_media":7438,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25],"tags":[],"class_list":{"0":"post-7437","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets"},"yoast_head":"\nVF Corp. Pulls Full-Year Guidance on Vans Weakness. The Stock Drops. | inFundPros<\/title>\n<meta name=\"description\" content=\"VF Corp. missed second-quarter earnings estimates and pulled its guidance for fiscal 2024, sending the stock lower in after-hours trading. 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