Footwear Giant VF Beats Analysts Despite an Almost 50% Revenue Plunge
Reporting on its fiscal Q1 2021 results, VF (NYSE: VFC), the parent company of the Vans, Timberland, North Face, and JanSport brands, says its revenue fell by 48% and its adjusted loss per share came in at $0.57 -- yet it still managed to positively beat analyst consensus in both areas. The company also says its liquidity position and its digital sales initiatives offer a springboard to a successful recovery from the COVID-19 trough.
Analysts expected adjusted earnings-per-share (EPS) losses of $0.68 per share, $0.11 worse than the actual figure of $0.57 loss per share. Net revenue came in at $1.076 billion, a marked drop from last year's $2.05 billion for the same quarter but still ahead of analyst forecasts of $971.8 million by approximately $104.5 million.
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Source Fool.com
