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V.F.'s fiscal Q4 EPS misses estimates due to one-time charges

V.F. Corp.'s fiscal fourth-quarter earnings per share missed analysts' estimates on a combination of asset impairment, pension and restructuring charges.

The apparel giant said Feb. 17 that it posted GAAP diluted earnings per share of 63 cents for the fiscal fourth quarter ended Dec. 31, missing analysts' consensus mean estimates of consolidated GAAP EPS of 96 cents, according to data from S&P Capital IQ. The figure was down 32.9% from the retailer's earnings of 94 cents per share for the fiscal fourth quarter for the same period a year prior.

Adjusted to exclude the asset impairment, restructuring and pension charges, fourth-quarter EPS was 97 cents, in line with analysts' estimates for normalized EPS.

Fourth-quarter net income fell 15% to $264.3 million from $312.2 million a year ago.

Operating income fell 41% to $320.1 million from $538.0 million for the same period a year prior.

Selling, general and administrative expenses for the fiscal fourth quarter rose 23% to $1.31 billion from $1.07 billion for the same period a year prior. The company booked an $80 million asset impairment charge for the Lucy activewear brand, $58 million in restructuring charges and a pension settlement charge of $51 million.

The company's revenue was nearly flat at $3.32 billion for the fiscal fourth quarter, compared to $3.33 billion for the same period a year ago. Growth internationally, and in its direct-to-consumer and Vans units, had a positive impact, the company said. Vans' revenue grew 14% in the fiscal fourth quarter.

V.F. said it expects full-year revenue to increase at a low-single-digit percentage rate. Full-year 2016 revenue came in nearly flat at $12.02 billion. The company said full-year 2017 EPS is expected to be down at a low-single-digit percentage rate compared to full-year 2016 adjusted EPS of $3.11.