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VF Corp. Retools After CEO Switch, Company Not Reaching ‘Full Potential’

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Interim chief Benno Dorer cut VF’s dividend and plans to sell the backpack business while sharpening operational focus.

But the former Clorox Co. CEO reaffirmed VF’s annual outlook — narrowing the range some to earnings per share of $2.05 to $2.15 from the $2 to $2.20 previously projected.

In addition to being more consistent with its brands, particularly Vans, VF intends to live up to its reputation as a savvy supply chain giant. Revenues for the three months ended Dec. 31 decreased 2.6 percent to $3.5 billion from $3.6 billion. In constant currencies, revenues increased 3 percent. The outdoor brands proved strongest, with The North Face revenues up 13 percent in constant dollars, while Timberland was ahead 6 percent.

With VF tweaking its biggest brand, getting back into its supply chain groove and costs being managed closely, the company seems to be on the dealmaking sidelines for now.

 

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VF in Wall Street Limbo as Company ResetsThe parent to Vans, Supreme and The North Face is trying to get its groove back under interim CEO Benno Dorer.
Fonte: wwd - 🏆 24. / 68 Leggi di più »