Net income fell 20% to $209,163,000 from $260,269,000 for the period ended Mar. 31 on a 2% fall in revenues to $2,555,693,000 compared to $2,606,982,000. The results this year included a $5.5 million charge for the discontinued Licensed Sports Group and JanSport College operations. Fanatics paid $225 million for the Majestic assets it acquired. The exited businesses accounted for $575 million in sales and about $54 million in earnings.

In affirming guidance for the year excluding the discontinued businesses, VF noted that its international sales remained positive at 2% and DTC operations continued to perform well, despite the softness in the ... Log in to view full article.