VF Corp. bested revenue expectations and raised its outlook for the year, but the company’s first-quarter results showed that it still has plenty of work to do.
First-quarter adjusted operating losses, excluding the now-sold Dickies, narrowed to $95 million and were better than the $100 million the company forecast. Net losses narrowed to $119.3 million, down from $150.8 million.
Revenues for the quarter ended June 27 declined 5 percent to $2.2 billion — better than the 6.8 percent decline analysts projected, according to Yahoo Finance.
Shares fell 8.2 percent to $16.77 in premarket trading, unwinding the 6.6 percent gain logged on Tuesday.
Excluding Dickies and currency fluctuations, overall revenues were up 1 percent, including a 5 percent increase in the global direct-to-consumer business and a 4 percent rise in the Americas division.
