VF Corporation (NYSE: VFC) reported fourth-quarter adjusted earnings of 10 cents per share, which missed the analyst consensus estimate of 13 cents by 23%. This is an 83.3% decrease over earnings of 60 cents per share from the same period last year.
The company reported quarterly sales of $2.1 billion, which missed the analyst consensus estimate of $2.31 billion by 9%. This is a 34.6% decrease over sales of $3.213 billion the same period last year.
"Through the first ten months of fiscal 2020 our business delivered results above our stated long-term growth objectives. Then the world changed for all of us as a result of COVID-19," said Steve Rendle, CEO of VF Corp.
"From the early days of the outbreak VF has taken a people-first approach in our COVID-19 response, prioritizing the health and safety of our people, while also protecting their financial well-being. As we've implemented measures to care for and protect our people, we've also taken several key actions to advance our Enterprise Protection Strategy," Rendle said.
VF Corporation shares were trading down 7.20% at $51.45. The stock has a 52-week high of $100.25 and a 52-week low of $45.07.