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V.F., owner of Dickies brand, reports fiscal 1Q results impacted by COVID

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GREENWOOD VILLAGE, Colo. (AP) _ V.F. Corp. (VFC) on Friday reported a fiscal first-quarter loss of $285.6 million, after reporting a profit in the same period a year earlier.

The Greenwood Village, Colorado-based company said it had a loss of 73 cents per share. Losses, adjusted for non-recurring costs and to account for discontinued operations, came to 57 cents per share.

The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 68 cents per share.

The maker of brands such as Vans, North Face and Timberland posted revenue of $1.08 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $960.3 million.

V.F. shares have dropped 39% since the beginning of the year, while the Standard & Poor’s 500 index has stayed nearly flat. The stock has dropped 31% in the last 12 months.

V.F. is owners of the Dickies brand and, in a shareholder call, noted that Dickies donated $100,000 to the National Urban League’s Entrepreneurship Center and the Harold Hunter Foundation during the quarter. Dickies, of course, secured the naming rights for the Dickies Arena in Fort Worth.

The company saw all four of its main brands report revenue losses in the quarter, but the Dickies brand fell the least, dropping only 16%. The Vans brand fell 52%, Timberland 43% and NorthFace, 45%.

V.F. said Dickies revenue was impacted by lower wholesale Workwear shipments in Americas and EMEA resulting from COVID-19.  The Direct-To-Customer channel for Dickies showed an increase of 21%, with the digital portion of that channel showing the most increase. The company said it expects revenue in that brand to be up “mid-single-digits in Q2.”

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VFC at https://www.zacks.com/ap/VFC

Additional reporting by FWBP Staff

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