V.F. Corp (NYSE:VFC) slides in early trading after posting a mixed quarter and setting guidance below expectations.
Revenue rose 5% during the quarter after F/X changes lopped off a percentage point of growth. Active segment revenue was 8% higher during the quarter, including a 12% gain for the Vans brand.
Gross margin arrived at 55.7% of sales vs. 55.2% consensus and 52.2% a year ago.
Operating margin was 17.6% of sales vs. 17.0% consensus and 16.6% a year ago.
"Despite a mixed holiday season in the US, we're on track to deliver solid performance and are well positioned for continued growth and value creation in fiscal year 2021," says V.F. CEO Steve Rendle.
Looking ahead, VF anticipates full-year revenue of ~$11.75B vs. $11.85B consensus and full-year EPS of ~$3.30 vs. $3.37 consensus.
VFC -4.48% premarket to $90.33.
Previously: V.F. Corp EPS beats by $0.02, misses on revenue (Jan. 23)