V.F. Corp. said its normalized net income for the fiscal fourth quarter ended Jan. 2 came to 75 cents per share, compared with the S&P Capital IQ consensus estimate of $1.01 per share.

EPS declined year over year from 79 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $326.0 million, a decrease of 6.3% from $347.9 million in the year-earlier period.

Total revenue declined year over year to $3.41 billion from $3.58 billion, and total operating expenses fell year over year to $2.87 billion from $3.00 billion.

Reported net income increased on an annual basis to $311.1 million, or 72 cents per share, from $122.9 million, or 28 cents per share.

For the year, the company's normalized net income totaled $2.49 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.14.

EPS rose from $2.43 in the prior year.

Normalized net income was $1.08 billion, compared with $1.07 billion in the prior year.

Full-year total revenue increased on an annual basis to $12.38 billion from $11.88 billion, and total operating expenses increased year over year to $10.57 billion from $10.08 billion.

The company said reported net income decreased 7.4% on an annual basis to $1.23 billion, or $2.85 per share, in the full year, from $1.33 billion, or $3.02 per share.