VF Corp. earnings beat consensus

VF Corp. whose portfolio of brands includes Lee and Wrangler jeans, The North Face, and Timberland, reported net income of $252.8 million, or 63 cents per share, for the three months ended March 31, 2018, up from $209.2 million, or 50 cents per share, for the same period last year. Adjusted EPS was 67 cents. Revenue totaled $3.02 billion, up from $2.48 billion last year. The FactSet EPS consensus was 55 cents and the revenue consensus was $2.58 billion. Jeanswear revenue fell 1% to $639.5 million, missing the FactSet consensus for $662.8 million. Outdoor and actions sports revenue was up to $2.01 billion, meeting the FactSet consensus. The VF Corp. board has authorized a change to the company's fiscal year, which will now end on the Saturday closest to March 31 rather than the Saturday closest to December 31. During the previous period, the company completed the sale of the Nautica brand. For full-year fiscal 2019, the company expects revenue in the range of $13.45 billion to $13.55 billion and adjusted EPS in the range of $3.48 to $3.53. The FactSet consensus is for revenue of $13.31 billion and EPS of $3.49. VF Corp. shares are up 6% for the year so far while the S&P 500 index is down 1.6% for the period.