posted a 33% downturn in first-quarter earnings and slashed full-year guidance, sending shares down 9% before the market closed.
Profit during the quarter fell to $100.4 million, or 91 cents a share, from $148.9 million, or $1.33, last year. Analysts expected earnings of 94 cents a share.
Revenue fell 7% to $1.73 billion from $1.85 billion last year, hurt by sales in Europe and its uniform business. Sales of some of the company's largest brands -- like Wrangler, Vans and The North Face -- continued to grow.
The company lowered its 2009 guidance to a range of $4.70 to $5 a share from previous guidance of $5.42. VF announced that it would stop reporting quarterly guidance, due to increased volatility in global market conditions.