VF Corporation raised its full-year revenue growth forecast to at least 2% after first-quarter revenue declined 5% to $1.67 billion.
VF Corporation revised its full-year revenue guidance upward, now expecting at least 2% growth on a constant-currency basis, up from a prior 1% to 2% range. The update follows first-quarter revenue of $1.67 billion, down 5% year-over-year but ahead of internal projections for a low-single-digit decline when excluding the sold Dickies brand and currency effects.
Analysts had anticipated a steeper 6.8% revenue drop for the quarter. The company reported a net loss of $97.2 million, or $0.25 per share, compared with a $116.4 million loss, or $0.30 per share, in the same period last year. Adjusted loss per share of $0.27 missed expectations of $0.22.
VF shares fell over 6% in premarket trading. Vans revenue declined 8%, while The North Face and Timberland posted 6% and 4% growth, respectively.