Store closures and low consumer demand impact VF's Q1

VF Corporation’s first quarter revenue decreased 48 percent or 47 percent in constant dollars to 1.1 billion dollars driven by store closures and lower consumer demand as a result of the Covid-19 outbreak. Gross margin decreased 340 basis points to 52.9 percent, and on an adjusted basis, gross margin decreased 220 basis points to 54.1 percent. Operating loss on a reported basis was 247 million dollars, while on an adjusted basis, operating loss was 230 million dollars. The company said that loss per share was 71 cents on a reported basis and 57 cents, on an adjusted basis. VF added that second quarter revenues are expected to be down less than 25 percent and full-year free cash flow is still expected to exceed 600 million dollars.