UPDATE 4-VF to spin off Lee and Wrangler jeans into public company [Reuters]
V.F. Corporation (VFC)
Last v.f. corporation earnings: 1/23 06:55 am
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Source: Reuters
VF to spin off Lee and Wrangler jeans into public company | Reuters 3 Min Read (Reuters) - VF Corp ( VFC.N ), one of the world’s biggest apparel makers, will spin off Lee and Wrangler jeans into a separate public company, it said on Monday, allowing it to focus on its more profitable Vans sneakers and The North Face outerwear businesses. Denims were responsible for more than half of VF’s overall profit in 2000, but have since been outpaced by skateboarder favorite Vans, which has driven much of VF’s recent growth. The spin-off, expected to be completed in the first half of 2019, will also give VF more flexibility to pursue acquisitions and explore new business areas. However, investors reacted coolly to the news, with VF’s shares falling nearly 4 percent to $92.53 on Monday afternoon. The stock has risen roughly 20 percent year to date. While VF’s activity-based outdoor products business saw profit jump 15 percent in the year that ended in March, earnings from jeans slipped nearly 1
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VFC
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- 2/6/24 - Miss
VFC
Sec Filings
- 4/1/24 - Form 4
- 4/1/24 - Form 4
- 4/1/24 - Form 4
- VFC's page on the SEC website