VF Corp.’s (VFC) shares took a tumble Monday morning after the multi-brand conglomerate missed Wall Street expectations in its third quarter.
The Greensboro, North Carolina-based company said that revenue declined 1 percent to $3.5 billion in the three months ended Oct. 1. Analysts had estimated $3.63 billion. According to VF, weak consumer demand and ongoing challenges in the U.S. department store and outlet channels hurt business for several of its brands.
“We continue to operate in an uneven, global economic environment including especially sluggish retail conditions in the Americas, our largest market,” Eric Wiseman, VF chairman and chief executive officer, explained in a press release.
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