VF Corp (VFC), the parent company of popular apparel brands like Timberland, The North Face, and Vans, saw its stock plummet by 5% during Wednesday's intraday trading session.
The apparel giant reported mixed third-quarter results, beating analyst expectations on earnings but falling short on revenue. While VF Corp posted adjusted earnings per share of $0.62, exceeding the consensus estimate of $0.34, its revenue of $2.83 billion fell 4.3% year-over-year and missed expectations of $2.75 billion.
Despite the earnings beat, investors seem concerned about the company's outlook and growth prospects. VF Corp also issued guidance for the fourth quarter, projecting an operating loss range of $30 million to break-even and a 4-6% decline in revenue compared to the previous year.
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