Costa Mesa-based Vans Inc.’s parent, VF Corp. (NYSE: VFC) saw its stock dip Thursday following the release of its third-quarter results and reduced forecasts for fiscal 2020.
The Denver-based company pared guidance on the release of its results, sending shares down 8.6% to $86.40. VF had a recent market capitalization of $35 billion.
VF Chair, President and CEO Steve Rendle called the company’s holiday performance “mixed” in the U.S., mirroring a similar patchwork of results among domestic retailers for the historically high-traffic selling season.
Revenue overall for fiscal 2020, ending in March, is now expected to be $11.8 billion, up 5% and off slightly from the original 6% growth guidance the company earlier provided. Earnings are also expected to come in lower than previously estimated: up 15% to $1.32 billion, compared with prior guidance in the range of 16% to 18% growth, for net income of $1.33 billion to $1.35 billion.
VF’s active division, which includes Vans, is expected to see an 8% increase in revenue for fiscal 2020, compared with an earlier projection of 8% to 9%.
Vans saw its revenue growth continue to slow in the third quarter, up 12%.