Citi Downgrades VF Corp. (VFC) to Neutral
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VF Reports Third Quarter 2016 Results
October 24, 2016 6:55 AM EDTTotal revenue from continuing operations down 1 percent to $3.5 billion; Outdoor & Action Sports revenue up 2 percent to $2.3 billion; Direct-to-consumer revenue up 6 percent to $800 million; International revenue up 5 percent to $1.4 billion (up 6 percent currency neutral); Gross margin up 70 basis points to 48.4 percent, including 60 basis points of negative impact from changes in foreign currency; Earnings per share up 13 percent to $1.20 (up 16 percent currency neutral); Inventories up 1 percent compared with the... More
