VF Corporation’s Jeanswear business slowed in Q4, decreasing 5 percent to $697 million.
On Friday, the company posted revenue of $3.32 billion in fourth quarter 2016, missing Wall Street forecasts. AP reported 18 analysts surveyed by Zacks expected $3.45 billion.
Earnings per share on a reported basis was down 33 percent to $0.63 compared to $0.94 during the same period last year. Adjusted earnings per share for the fourth quarter increased 3 percent to $0.97.
Wrangler brand revenue dipped one percent in the fourth quarter with revenue in line with last year in the Americas business. The brand’s revenue saw a high single-digit rate decrease in Europe and a 20 percent decline in the Asia Pacific region. Full year revenue for Wrangler was down one percent to $1.7 billion.
Lee’s revenue saw a larger decline. The brand’s Q4 revenue decreased 13 percent, with the biggest decrease in sales coming from its Americas business. Full year revenue for Lee declined three percent to $1 billion.
For the full year, VF’s global Jeanswear revenue was down two percent to $2.7 billion.
Looking ahead, VF remain cautionary, expecting revenue to increase at a low single-digit percentage rate.
“The pace of change in both our industry and the broader consumer landscape is happening at an accelerated rate,” said Steve Rendle, VF president and chief executive officer. “The proliferation of technology and innovation across all aspects of our lives has shifted consumers’ shopping behaviors and elevated their expectations when engaging with our brands. We are pivoting to become more agile and consumer centric to compete and win in this changing global marketplace.”
