VF Corp. shares dropped nearly 7% in Friday premarket trading after The North Face and Vans parent reported fiscal second-quarter earnings and revenue that missed expectations. Net income totaled $464.1 million, or $1.18 per share, up from $256.7 million, or 66 cents per share, last year. Adjusted EPS of $1.11 missed the FactSet consensus for $1.15. Revenue of $3.198 billion was up from $2.608 billion last year and below the FactSet consensus for $3.490 billion. VF Corp. says it has experienced “isolated product delays” due to the ongoing COVID-19 pandemic, with manufacturing constraints and port delays impacting its supply chain. Stores around the world are operating, though some stores in Asia remained shut at the end of the quarter. VF Corp. maintained its full-year guidance for revenue of about $12 billion and adjusted EPS of $3.20. The FactSet consensus is for revenue of $11.947 billion and EPS of $3.20. VFC stock has fallen 13.3% for the year to date while the S&P 500 index is up 21.1% for the period.
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