Vans Says It Expects Wider Quarterly Loss
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Vans Inc. said it expects to post a loss for its fiscal first quarter that’s wider than analysts expected, in part because its skateboarding parks have significantly under-performed.
The Santa Fe Springs-based maker of athletic shoes said it expects a loss of 68 cents a share, including costs of $8.6million, or 48 cents a share, for closing its skateboarding park in Bakersfield, severance pay and writing down the value of its Denver skate park and of slow-moving inventory.
Excluding one-time costs, Vans expects a loss of 16 cents, much larger than the 9-cent loss analysts forecast.
The firm expects revenue to fall to $60 million to $61 million, from $85.2 million a year ago, with same-store sales off 8%.
Vans shares fell as low as $11.74 in after-hours trading after closing up 42 cents at $12.73 on Nasdaq before the announcement.
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