US clothing firm VF Corporation (NYSE:VFC), the owner of brands such as Wrangler, The North Face and Timberland saw its shares drop 8% in early trading after its fourth-quarter results missed estimates.
The NYSE-listed company said its revenue for the last quarter was US$3.65bn, just below the estimated US$3.66bn, while earnings per share was US$1.01, a touch below forecasts for US$1.02.
READ: Timberland, Wrangler clothing firm VF Corp acquires family-owned workwear group for US$280mln
The group said the acquisition of family-owned workwear company Williamson-Dickie Mfg. Co last August contributed US$247mln to the company’s quarterly revenue.
Steve Rendle, VF’s chairman and CEO, said: “We delivered a top-quartile total return for shareholders in 2017 and our strong performance provided is with the capacity to reinvest about US$100mln back into our business.”
He added: “I am pleased with our early progress and look forward to building on our momentum in 2018.”
In early New York trading, VF Corp’s shares were 8.6% down at US79.67.