The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — VF Corp., owner of the North Face, Lee and Wrangler clothing brands, slid in early trading after fourth-quarter profit and sales trailed analysts' estimates, hurt by the sluggish consumer demand that's taken a toll on retailers and apparel companies.
Profit in the quarter through Jan. 2 was 95 cents a share, excluding some items, the Greensboro, North Carolina-based company said Friday in statement. Analysts projected $1.01, on average. Sales fell 4.6 percent to $3.41 billion, missing analysts’ $3.64 billion average projection.
Chief Executive Officer Eric Wiseman attributed the weaker-than-estimated performance to a "softer consumer environment, record warm weather and a strengthening U.S. dollar." Retailers ranging from discount giant Wal-Mart Stores Inc. to luxury department-store chain Nordstrom Inc. have cited similar factors for their disappointing holiday-quarter results.
VF shares fell 6.9 percent to $57 at 7:47 a.m., before the start of regular trading in New York. The stock already had declined 1.6 percent this year through Thursday.
By Kevin Orland; editors: Nick Turner and Tony Robinson.
In 2020, like many companies, the $50 billion yoga apparel brand created a new department to improve internal diversity and inclusion, and to create a more equitable playing field for minorities. In interviews with BoF, 14 current and former employees said things only got worse.
For fashion’s private market investors, deal-making may provide less-than-ideal returns and raise questions about the long-term value creation opportunities across parts of the fashion industry, reports The State of Fashion 2024.
A blockbuster public listing should clear the way for other brands to try their luck. That, plus LVMH results and what else to watch for in the coming week.
L Catterton, the private-equity firm with close ties to LVMH and Bernard Arnault that’s preparing to take Birkenstock public, has become an investment giant in the consumer-goods space, with stakes in companies selling everything from fashion to pet food to tacos.