VF Corporation Falls, Despite Earnings, Revenue Beat By Investing.com

VF Corporation Falls, Despite Earnings, Revenue Beat

Stock MarketsJan 28, 2022 12:20PM ET

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VF Corporation Falls, Despite Earnings, Revenue Beat

By Sam Boughedda

Investing.com — Shares of apparel and footwear company VF Corporation (NYSE:VFC) hit lows of $62.12 Friday despite reporting a top and bottom-line beat in its earnings report.

The shares were down 5% as of midday.

The company announced adjusted earnings per share of $1.35 on revenue of $3.62 billion. Analysts polled by Investing.com anticipated EPS of $1.21 on revenue of $3.61 billion.

The company told investors that the spread of the Omicron variant is affecting global sales. However, the company's president was upbeat in his comments.

"We delivered strong double-digit top and bottom-line results and returned about $500 million in cash to shareholders in the third quarter, all of which has been achieved amidst continuing macro headwinds," said Steve Rendle, VF's chairman, president and CEO.

The company has been facing labor and manufacturing shortages and cut its revenue forecast for full-year 2022 to approximately $11.85 billion from $12 billion, reflecting growth of around 28%. Adjusted earnings per share is expected to be about $3.20, above the $3.17 consensus.

Following the earnings report, BMO Capital analyst Simeon Siegel said in a note to clients that despite the top and bottom-line beat, the company's gross margin continues to disappoint.

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