VF Corp. Raises Fiscal 2020 Guidance; Shares Up

By Michael Dabaie

Vans and Timberland parent VF Corp. (VFC) boosted its fiscal 2020 earnings guidance.

The apparel and footwear company, which owns Vans, The North Face, Timberland and Dickies, guided for adjusted earnings per share of $3.32 to $3.37, from its previous expectation of $3.30 to $3.35.

Shares were up 3.4% premarket to $91.30.

Revenue is now expected to be about $11.8 billion. Its previous expectation was for $11.7 billion to $11.8 billion.

The company reported first-quarter revenue from continuing operations increased 6% to $2.3 billion. Earnings per share from continuing operations was 24 cents and adjusted EPS from continuing operations increased 61% to 30 cents, the company said.

VF in May completed the spin-off of its jeans business, which included the Wrangler, Lee and Rock & Republic brands, as well as the VF Outlet business, into independent, publicly traded company Kontoor Brands Inc. (KTB).

Write to Michael Dabaie at [e-mail]

(END) Dow Jones Newswires

July 24, 2019 08:59 ET (12:59 GMT)

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