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Article Date: May 2019
Word Count: 675

VF Splits Jeans Biz, Makes M&A Top Priority but Outlook Disappoints


As it spins off its jeans business to shareholders, net income from continuing operations in its final quarter ended Mar. 31 declined 49% to $128,804,000 from $252,793,000 on a sales gain of 6% to $3,212,969,000 from $3,045,446,000. But VF also said it expected sales of the Vans brand to decelerate from 26% growth to low-double digits while The North Face grows high-single digits after 10% growth last year with sales overall growing 5-6% to $11.7-11.8 billion producing EPS of $3.30-3.35 ($1.3 bb). The stock dropped 6% on the forecast early in the day though recovered later.

 

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