The North Face parent beats Wall Street’s quarterly expectations, cuts dividend

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VF Corp. in an extended session on Tuesday after the maker of The North Face jackets and GenSport backpacks. Shares rose more than 6%, among other outdoor apparel, after third-quarter results beat Wall expectations and said it was exploring a sale. About certain assets and other actions to focus your attention on. VF Corp. earned $508 million, or $1.31 per share, in the quarter, compared with $518 million, or $1.32 per share, in the year-ago period. Adjusted for one-time items, the company earned $1.12 per share. The company said revenue fell 3% to $3.5 billion. Analysts polled by FactSet expected VF Corp. to report adjusted EPS of 26 cents per share on sales of $2.7 billion. “We remain committed to improving execution through a sharper focus,” interim chief executive Benno Dörr said in a statement. Dorr said the company is changing priorities, exploring the sale of non-core assets, cutting costs and eliminating non-strategic expenses. As part of that goal, the company also declared a quarterly dividend of 30 cents per share, down 41% from the previous quarter’s dividend. “We are confident that these actions will enable to return to profitable and sustainable growth while simultaneously driving strong shareholder value creation,” Dorr said. Shares of VF Corporation ended the regular trading day down 0.5%.