VF Corporation (NYSE: VFC) slipped to a loss in the fourth quarter of 2020 from a profit last year due to the impairment of goodwill as well as the impact of COVID-19 pandemic. The results missed analysts’ expectations.
The top-line fell by 11% due to lower consumer demand as a result of the COVID-19 outbreak and related government actions and regulations. Gross margin dropped by 150 basis points due to elevated promotional activity to clear excess inventory, partially offset by a favorable mix shift toward higher-margin businesses.
The company will not provide a financial outlook for full-year 2021 due to the uncertainty of the duration and severity of COVID-19. The first-quarter of 2021 revenues are expected to be down slightly more than 50%. Full-year fiscal 2021 free cash flow is expected to exceed $600 million.
Take a look our Retail stories here
Most Popular
Colgate-Palmolive (CL) Q3 2024 Earnings: Key financials and quarterly highlights
Colgate-Palmolive Company (NYSE: CL) reported its third quarter 2024 earnings results today. Net sales increased 2.4% year-over-year to $5 billion. Organic sales grew 6.8%. Net income attributable to Colgate-Palmolive Company was $737
Key takeaways from Southwest Airlines’ (LUV) Q3 2024 earnings report
Shares of Southwest Airlines Co. (NYSE: LUV) were down over 4% on Thursday. The stock has gained 4% over the past three months. The airline reported its earnings results for
HOG Earnings: A snapshot of Harley-Davidson’s Q3 2024 results
Motorcycle manufacturer Harley-Davidson (NYSE: HOG) Thursday reported a sharp fall in sales and net profit for the third quarter of 2024 amid weak demand. Consolidated net income declined to $119
