North Face, Lee and Wrangler jeans parent company V.F. Corp (VFC) - Get V.F. Corporation Report reported a 25% decline in first quarter profit to $209.2 million, or 55 cents per share on an adjusted basis, matching analyst expectations for the quarter.
Revenue also declined 2% in the quarter to $2.58 billion, missing analysts' $2.73 billion guidance.
The company said that it performed well in spite of a challenging retail environment. "The company's largest brands and international and direct-to-consumer platforms performed well, delivering solid results against a retail backdrop that continues to experience significant dislocation," CEO Steve Randle said.
V.F. Corp shares were down more than 1% premarket Friday.
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