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V.F. profit misses consensus by 18.9% in fiscal Q1

V.F. Corp. said its normalized net income for the fiscal first quarter ended April 4 came to 55 cents per share, compared with the S&P Capital IQ consensus estimate of 67 cents per share.

EPS climbed year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $236.8 million, compared with $238.6 million in the first quarter ended March 29, 2014.

The normalized profit margin dropped to 8.5% from 8.6% in the year-earlier period.

Total revenue rose on an annual basis to $2.84 billion from $2.78 billion, and total operating expenses increased on an annual basis to $2.44 billion from $2.38 billion.

Reported net income came to $290.8 million, or 67 cents per share, compared to $299.0 million, or 67 cents per share, in the first quarter ended March 29, 2014.