Revenue in the three-month period ended April 1, was down 2 percent to $2.6 billion, but the company said its international and direct-to-consumer platforms, plus its Outdoor & Action Sports segment delivered stronger results in the quarter.
During August of 2016, the company sold its Contemporary Brands business, which included 7 For All Mankind, Splendid and Ella Moss. The company’s net loss for discontinued operations was $5.5 billion for the first quarter of 2017.
Operating income fell 7 percent to $291 million compared to the previous year’s quarter. VF also said its inventories were up 2 percent in the period.
“VF’s first quarter results were right in line with our expectations. The company’s largest brands and international and direct-to-consumer platforms performed well, delivering solid results against a retail backdrop that continues to experience significant dislocation,” VF president and CEO Steve Rendle, said. “Our diversified value-creation model and our focus on becoming a more agile and consumer-centric organization position us to accelerate growth through 2017 and execute against our recently announced 2021 strategic growth plan.”
In looking ahead to the rest of 2017, VF said revenue is expected to increase at a low single-digit percentage and earnings per share will be down in the low single-digits.