January 23, 2020 / 12:06 PM / 7 months ago

Vans sneaker maker VF Corp cuts full-year forecast after revenue miss

Jan 23 (Reuters) - Apparel maker VF Corp cut its full-year revenue and profit forecast on Thursday after missing Wall Street estimates for third-quarter revenue, dragged by weak demand for its Timberland brand.

The company now expects to post annual revenue of $11.75 billion, compared with its prior forecast of $11.8 billion.

It also expects adjusted profit per share to be about $3.30, compared with its prior range of $3.32 to $3.37.

Net revenue for the third quarter ended Dec. 28 rose to $3.38 billion from $3.23 billion a year earlier, but fell short of the average analyst estimate of $3.43 billion, according to IBES data from Refinitiv. (Reporting by Praveen Paramasivam in Bengaluru; Editing by Sriraj Kalluvila)

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