USA: Nautica Lowers 2002 Earnings Estimates
The apparel producer now expects to report a fourth quarter loss of 25-26 cents a share, inclusive of charges, or earnings of 1-2 cents a share, exclusive of charges. It had previously expected earnings of 2-4 cents a share including charges.
Nautica said in a statement the one-off charges include $6.1 million, or 18 cents a share, to switch distribution centres and $2.9m, or nine cents a share, to cancel a 1998 agreement with a senior executive.
Companies: VF Corporation
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