Shares Of North Face, Vans Owner VF Corp Are Trading Lower Thursday: Here's Why

Author: Dylan Berman | May 23, 2024 12:42pm

V.F. Corporation (NYSE:VFC) shares are trading down Thursday after the company reported worse-than-expected financial results for the fourth quarter.

What Happened: V.F. Corp released fiscal fourth-quarter earnings results on Wednesday after the market close. The North Face and Vans owner reported a loss of 32 cents per share, missing analyst estimates for earnings of 1 cent.

The company also reported $2.4 billion in sales for the quarter, missing analyst estimates of $2.41 billion, according to Benzinga Pro. Sales for the full fiscal year came in at $10.5 billion, down 10% year-over-year. Revenue for The North Face and Vans was down 5% and 26%, respectively, compared to last year’s fourth quarter.

Following V.F. Corp’s earnings release, several analysts announced price target adjustments that may be adding to the selling pressure on shares Thursday.

• Stifel analyst Jim Duffy maintained V.F. Corp with a Buy rating and lowered the price target from $22 to $19.

• Goldman Sachs analyst Brooke Roach maintained V.F. Corp with a Neutral rating and lowered the price target from $12.50 to $11.

• BMO Capital analyst Simeon Siegel maintained V.F. Corp with a Market Perform rating and lowered the price target from $18 to $13.

• Wells Fargo analyst Ike Boruchow maintained V.F. Corp with an Equal-Weight rating and lowered the price target from $14 to $11.

Related Link: In-Depth Analysis: Lululemon Athletica Versus Competitors In Textiles, Apparel & Luxury Goods Industry

VFC Price Action: At the time of writing, V.F. Corp shares were down 3.45%, trading at $11.90, according to Benzinga Pro.

Photo: Sorbis from Shutterstock.

Posted In: VFC