The specter of rapid inventory growth haunted VF Corp. Friday as its shares fell 7.5 percent despite double-digit gains in first-quarter income and revenues and elevated guidance for the year.
The stock closed at $100.56 in trading on the New York Stock Exchange over concerns that its inventory levels grew faster than its sales projections. According to its quarterly statement, inventories at the end of the quarter on April 2 stood at $1.18 billion, 24.3 percent above the year-ago level of $952.2 million. The company’s revised guidance calls for revenue growth of 10 percent this year, versus an earlier forecast of between 8 and 9 percent.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"