VF Corp reports 6 percent drop in Q3 revenues to 3 billion dollars

Third quarter revenue at VF Corporation decreased 6 percent or 8 percent in constant dollars to 3 billion dollars driven by store closures and lower consumer demand as a result of the Covid-19 outbreak and related government actions and regulations. VF said, gross margin decreased 250 basis points to 54.7 percent and on an adjusted basis, gross margin decreased 150 basis points to 55.7 percent. Operating income for the quarter on a reported basis was 412 million dollars and on an adjusted basis, operating income was 458 million dollars, while operating margin was 13.9 percent and adjusted operating margin was 15.4 percent. The company’s earnings per share were 83 cents on a reported basis and 93 cents on an adjusted basis.