VF Corp. posts decline in 3rd-quarter profit

posted: 31 DAYS 1 HOUR AGO

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GREENSBORO, N.C. -Apparel maker VF Corp. said Monday its third quarter profit fell 7 percent on lower revenue, missing analysts' estimates by a penny.

In after-hours trading, shares of VF fell $5.03, or 6.6 percent, to $73, after adding 17 cents to close at $78.49.

The company reported net income fell to $217.9 million, or $1.94 per share, down from $233.9 million, or $2.10 per share in the prior-year period.

The latest results were hurt by a combined 17-cent per share impact from higher pension expense and foreign currency translation. The quarter also didn't include a 7-cent per share benefit seen in the same period last year.

Revenue fell 5 percent to $2.1 billion from $2.2 billion a year earlier.

Analysts surveyed by Thomson Reuters were looking for a profit of $1.95 per share on revenue of $2.1 billion.

The Greensboro, N.C.-based company says sales of its largest brands, including Wrangler, The North Face and Vans, continued to grow.

Based on the quarter's results, the company said it is moving its earnings guidance toward the higher end of its prior range of $4.70 to $5 per share.

Separately, the company also raised its quarterly dividend by 2 percent to 60 cents per share.

2009-10-26 17:24:53