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.
Herman Miller Inc. (NASDAQ: MLHR) is one of the few Wall Street firms that managed to take advantage of the opportunities created by the pandemic, after being hit by the
Cognizant Technology Solutions (NASDAQ: CTSH) has been on a buying spree in 2020. The portfolio of the acquisitions that Cognizant made this year is expected to help the company in
After registering a slow recovery in the first half of the week, the markets pared these gains on Thursday and Friday. The weakness witnessed in the latter half of the