The preliminary release of results was short of the $11.5 billion analysts were expecting as the toll taken by the pandemic continues to expand. VF said it expected GAAP operating income of $1.0-1.1 billion, or $1.4-1.5 billion adjusted for deal expenses involving acquisitions and divestitures completed or in process, plus a goodwill impairment charge of $320 million for the Timberland brand and another $11 million for the soon-to-be-divested occupational workwear business.

Terms of the notes, which will be offered in four tranches, say only that proceeds will be used to repay its outstanding revolver, currently drawn down completely at $2.25 billion, ... Log in to view full article.