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Vans owner V.F. Corporation blamed the Costa Mesa-based retailer for dragging down fourth quarter revenue, which fell 5% to $2.1 billion, the Denver company said Wednesday.
Sales at Vans were down 22% for the quarter.
Bracken Darrell, president and CEO, said if the company excluded results from Vans, “we’re up 4%.”
Darrell said 60% of Vans’ quarterly decline was due to deliberate actions taken to “eliminate unprofitable” parts of the business, including closing stores and reducing inventory in China.
He said the company is “making progress every week to turn around the business. You don’t see the results just yet numerically, but you will.”
Shares of V.F. Corp. closed down 16% to $12.15 apiece. V.F. Corp. also owns Dickies, which was scheduled to relocate its headquarters from Texas to Costa Mesa this month. Sales at Dickies were down 14% for the quarter.