Vans Profit Plunges; Forecast Lowered
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Vans Inc. reported a 76% drop in net income for its fiscal third quarter and lowered its expectations for fourth-quarter results.
The Santa Fe Springs-based company’s net income fell to $483,000, or 3 cents a share, in the quarter ended March 2, in line with analysts’ forecasts. Total sales edged up 1.6% to $82.2 million.
Sales through Vans’ retail stores rose 6.8% to $30.3 million, but sales at stores open at least a year fell 5.1%.
Vans said it anticipates a loss of 7 cents to 10 cents a share for the fourth quarter on sales of $62 million to $65 million. The company earlier forecast flat to modestly positive earnings with revenue of $70 million to $75 million.
Shares of Vans closed up 6 cents at $13.25 on Nasdaq, before the results were released.
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