Credit: Shutterstock photoApparel conglomerate VF Corp ( VFC ) - whose many brands include North Face, Nautica, Dickies, Vans and Wrangler - just fell short of analyst expectations early Friday with its fourth-quarter results.
[ibd-display-video id=3151711 width=50 float=left autostart=true] Estimates : Profit growth of 5% to $1.02 a share on 10% sales gains to $3.66 billion.
Results : VF Corp earned $1.01 a share, up 4%. Revenue was $3.65 billion
Stock : Shares fell 9% to 76.41 intraday on the stock market today , undercutting their 50-day moving average after hitting a record high Thursday.
Among other notable apparel stocks, Canada Goose ( GOOS ) rose 0.6%, PVH ( PVH ) fell 1.4% and G-III Apparel ( GIII ) was flat.
Piper Jaffray said last week that VF Corp was making "significant inroads" with Amazon ( AMZN ) in cleaning up unauthorized third-party distribution of its products on the e-commerce site - and said it "would not be surprised" if VF announced a deeper first-party merchant partnership with Amazon soon.
VF got an upgrade to buy from Stifel Nicolaus on Monday for its healthy inventories, favorable foreign exchange rates, plus strong consumer sentiment and spending power.
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Apparel makers have been facing a crowded market in the U.S. Under Armour (UAA), for example, beat forecasts earlier this week but is said to still need time for a full turnaround in North America.
Parka maker Canada Goose beat quarterly forecasts last week, but shares fell amid indications that expectations had become sky high, overshadowing a solid performance.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
