By Matt Grossman
VF Corp. swung to a loss for its fourth quarter as revenue fell during the Covid-19 pandemic, the company said Friday.
The Denver-based apparel retailer recorded a loss of $483.8 million, or $1.22 a share, in the latest quarter, compared with a profit of $128.8 million, or 32 cents a share, for the same period a year earlier.
Adjusted earnings per share were 10 cents, the company said. Analysts were expecting adjusted earnings of 18 cents a share, according to FactSet.
Revenue was $2.1 billion, down from $2.36 billion for the same three months a year earlier. Analysts were expecting revenue of $2.36 billion.
VF owns brands such as Vans, The North Face, Timberland and Dickies. The company attributed its decline in revenue to lower demand during the Covid-19 pandemic.
Many VF retail stores around the world have closed at different times during the public-health crisis, the company said, although all of its Asia-Pacific locations are now open again. Most of the company's wholesale customers in North America are also closed, the company said.
VF expects that revenue in its fiscal first quarter will decline by slightly more than 50%, it said.
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