VF Corp. Issues Q1 Guidance - Quick Facts

(RTTNews) - VF Corp. (VFC) said it expects first quarter revenues to be down slightly more than 50%. Full-year fiscal 2021 free cash flow is expected to exceed $600 million.

For the fourth quarter, on an adjusted basis, earnings per share decreased 70 percent (down 69 percent in constant dollars) to $0.10. On average, 18 analysts polled by Thomson Reuters expected the company to report profit per share of $0.13, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter revenue decreased 11 percent (down 10 percent in constant dollars) to $2.1 billion driven by lower consumer demand as a result of the COVID-19 outbreak. Analysts expected revenue of $2.31 billion for the quarter.

VF has approximately $3 billion of cash on hand in addition to approximately $2.2 billion available under its revolving credit facility. Currently, all of VF's retail stores in the APAC region, including Mainland China, have re-opened.

On May 12, 2020, VF's Board of Directors declared a quarterly dividend of $0.48 per share. The dividend will be payable on June 22, 2020, to shareholders of record on June 10, 2020.