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
Costco (COST) reports strong growth in Q1 FY26 earnings; revenue up 8%
Costco Wholesale Corporation (NASDAQ: COST) has reported an increase in net income for the first quarter of fiscal 2026. Revenues grew 8.3% year-over-year. The Issaquah, Washington-headquartered warehouse giant’s total revenues
AVGO Earnings: Broadcom reports higher Q4 FY25 revenue, profit; results beat
Semiconductor company Broadcom, Inc. (NASDAQ: AVGO) on Thursday reported an increase in revenue and adjusted earnings for the fourth quarter of fiscal 2025. The numbers also surpassed analysts' expectations. Adjusted
Lamb Weston (LW) is set to report Q2 2026 earnings next week, here’s what to look for
Shares of Lamb Weston Holdings, Inc. (NYSE: LW) rose over 1% on Thursday. The stock has gained 4% over the past three months. The French fry giant is slated to
