(Source: Associated Press/AP Online)
NEW YORK - Apparel maker VF Corp. is reporting its profit fell 33 percent in the first quarter due to the stronger dollar and it has cut its full year guidance.
The company reported Tuesday after the market's close that its quarterly profit fell 33 percent to $100.4 million, or 91 cents per share, from $148.9 million, or $1.33 per share last year.
Revenue fell 7 percent to $1.73 billion from $1.85 billion last year. Analysts expected a profit of 94 cents on revenue of $1.74 billion.
The Greensboro, N.C.-based company says sales of its largest brands, including Wrangler, The North Face and Vans, continue to grow, but its sales in Europe and its uniform business were weaker.
It lowered its 2009 guidance to $4.70 to $5 per share.
A service of YellowBrix, Inc.
