VF Corp. , an apparel company whose brands include The North Face, Wrangler and Lee, said Friday it had first-quarter net income of $260.27 million, or 61 cents per share, down from $288.70 million, or 67 cents per share, for the same period last year. The FactSet consensus was 58 cents per share. Revenue for the quarter was $2.84 billion, flat with last year and just above the FactSet consensus of $2.82 billion. Inventories were up 9% compared with last year. About half of that was related to cold-weather product that has been positioned to fill second-half 2016 demand. The company reaffirmed its full-year revenue outlook, with estimates of a mid-single-digit percentage rate increase. VF Corp. shares are unchanged in premarket trading, but down 14.4% for the past year. The S&P 500 is down 1.5% for the last 12 months.
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