VF Corp. (NYSE: VFC), the parent company of Costa Mesa retailer Vans, said it will begin a portfolio review to decide which brands to keep after reporting its third-quarter revenue dropped 16%.
As part of its improvement strategy, dubbed Reinvent, VF began “an in-depth strategic review of the brand assets within the portfolio” during the quarter in order “to ensure the company owns the brands that it believes create the greatest long-term value.”
“The initial four priorities of Reinvent are to improve North America results, deliver the Vans turnaround, reduce costs and strengthen the balance sheet,” the company said in a statement.
VFC revenue for the third quarter ended Dec. 30 was down 16% to $3 billion, with Vans falling 28% to $668 million. The Denver-based parent missed the general analyst estimate of $3.2 billion for the quarter.
During after-hours trading, shares fell 6.7% to $15.82.
