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V.F. profit misses consensus by 26.5% in fiscal Q1

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V.F. profit misses consensus by 26.5% in fiscal Q1

V.F. Corp. said its normalized net income for the fiscal first quarter ended April 1 was 41 cents per share, compared with the S&P Capital IQ consensus estimate of 55 cents per share.

EPS decreased year over year from 43 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $169.5 million, a decrease of 7.5% from $183.2 million in the prior-year period.

The normalized profit margin fell to 6.6% from 7.0% in the year-earlier period.

Total revenue declined year over year to $2.58 billion from $2.63 billion, and total operating expenses declined year over year to $2.29 billion from $2.32 billion.

Reported net income decreased 10.0% on an annual basis to $216.3 million, or 52 cents per share, from $240.3 million, or 56 cents per share.