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V.F. Corp (NYSE:VFC) shares are trading lower after the company reported its fourth-quarter financial results Wednesday. Here's a look at the details.
The Details: VF Corp. reported quarterly losses of 32 cents per share which missed the analyst consensus estimate of earnings of 1 cent per share.
Quarterly sales came in at $2.4 billion which missed the analyst consensus estimate of $2.41 billion and represents a 12.4% decrease from sales of $2.74 billion from the same period last year.
The company appointed Paul Vogel as CFO, effective July 8, 2024.
“In Q4, we made progress advancing our Reinvent transformation program. We closed the fiscal year with further inventory reductions helping us deliver $1 billion in operating cash flow and over $800 million in free cash flow, exceeding our guidance,” said Bracken Darrell, CEO of VF Corp.
“As we move into fiscal year 2025, we will continue to execute our broader turnaround plans, including driving continued momentum on our key priorities, namely fixing the Americas, turning around Vans, reducing costs and paying down debt, while progressing on the actions resulting from our strategic portfolio review.”
Outlook: VF Corp. said free cash flow and the benefit of non-core asset sales are expected to generate approximately $600 million in fiscal year 2025.
VFC Price Action: According to Benzinga Pro, VF Corporation shares are down 7.95% after-hours at $11.35 at the time of publication Wednesday.
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Image: Ahmad Ardity from Pixabay
Posted In: VFC
