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.
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