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Old 04-28-2009, 11:35 PM   Nav to Top 
Mendy
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Default V.F. VFC Short term trade...

Apparel company VF Corp. reported late Tuesday that its first-quarter earnings took a 32 percent hit amid weak economic conditions, prompting the company to revise its annual outlook for 2009.

The Greensboro-based company reported earnings of $100.9 million for the quarter, compared with $149 million in first quarter 2008. Earnings per diluted share fell to 91 cents, from $1.33, which the company attributed to higher pension expenses and currency exchange rates.

Revenue dropped 7 percent in the first quarter, to $1.7 billion, of which the company said foreign currency exchanges accounted for 5 percentage points of the decline.

The company, which has discontinued its quarterly guidance because of “increased volatility in global market conditions,” also revised its full-year outlook, saying it expects to see revenue decline by 5 percent to 7 percent. The company attributed most of that decline to economic problems in Eastern Europe and Scandinavia, which make up almost 40 percent of its international jeanswear sales; low uniform sales amid rising unemployment in manufacturing; and weak business in department and specialty stores, which are affecting its premium denim business, primarily the brand 7 For All Mankind.

The company said its new earnings per share range was $4.70 to $5.

“We are disappointed that we will not meet our original projections for the year,” CEO Eric Wiseman said in a statement. “However, given the strong performance of our largest brands, we remain confident about our long-term potential and believe we have the right plans, strategies and skills in place to realize that potential. Considering our strong profitability, healthy cash flow and solid balance sheet, we believe we have a once-in-a-generation opportunity to create tremendous value for our shareholders as we focus and execute against a well-defined and proven set of growth strategies.”

Average daily volume is relatively low 1.18M...
It fell after hours to 61.75 on Volume of 46,140...
Seems like it might have some more room to go lower...

I am not sure how the market will react to this new price but either way should
be good for a nice trade up or down!
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