VF Corporation (NYSE: VFC), a leading apparel and footwear company, Tuesday announced financial results for the fourth quarter of 2023.
- Fourth-quarter revenue decreased 3% year-over-year to $2.7 billion and remained flat in constant dollars
- On an unadjusted basis, the company reported a loss of $0.55 per share for Q4, compared to earnings of $0.21 per share last year
- Adjusted profit was $0.17 per share during the three-month period, down from $0.45 per share reported last year
- For fiscal 2024, the management expects total revenues to be flat to up slightly in constant dollars
- Gross margin is expected to grow at least 100 basis points, benefiting from a lower promotional environment
- The estimate for earnings per share is $2.05-$2.25 for fiscal 2024
- The management expects the full-year free cash flow to be about $900 million
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