VF has begun reopening its stores, and now expects all stores to be reopened globally by the mid-calendar year 2020. VF has since reopened its retail stores in its Asia Pacific region, including Mainland China.

VF has also started a phased reopening of its retail stores in its Europe, Middle East and Africa region, and is prepared to start a similar approach for North American stores, subject to the guidance of local authorities. E-commerce remains in operation.

Net revenues of retailer for the quarter ended March 28 fell 10.8 percent to $2.10 billion from $2.36 billion, with the decrease mostly due to lower consumer demand connected with the coronavirus outbreak and temporary store shutdowns as mandated by local authorities.

Gross margin for the period fell 150 basis points to 53.1 percent. That was driven by elevated promotional activity to clear excess inventory, but was partially offset by favorable mix shift toward higher margin businesses.

The company posted a net loss of $483.8 million, or $1.22 a diluted share, versus net income of $128.8 million, or 32 cents, in the year-ago period. The quarter’s results included a loss from discontinued operations, its occupational workwear business and the spin-off a year ago of its jeans business that now operates under the name Kontoor Brands Inc. On an adjusted basis, earnings per share fell 69 percent in constant dollars to 10 cents.

The company expects first-quarter fiscal 2021 revenues to be down slightly more than 50 percent and full-year fiscal 2021 free cash flow to exceed $600 million.