Vans parent VF Corp (NYSE:VFC) stock gained in the premarket session on Wednesday after the company reported first-quarter results, which surpassed analyst expectations.
The company reported quarterly adjusted earnings per share of 24 cents loss, beating the street view of a 33 cents loss. Quarterly sales of $1.77 billion (flat year-over-year) beat the analyst consensus estimate of $1.70 billion.
The company, whose extensive portfolio includes 11 brands such as Vans, The North Face, Timberland, Altra, and Dickies, demonstrated improved financial metrics despite ongoing strategic adjustments.
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The adjusted gross margin expanded by 290 basis points year-over-year, reaching 54.1%. At the end of the quarter, the company held cash and cash equivalents totaling $642.4 million. Inventories stood at $2.14 billion. Additionally, VF Corp declared a quarterly dividend …