VF Corp. shares slid nearly 7% in Wednesday premarket trading after the company reported fiscal fourth-quarter earnings and gave full-year outlook amid the spin-off of the jeans business into the new Kontoor Brands. VF Corp. brands include Vans, The North Face and Timberland. Net income totaled $128.8 million, or 32 cents per share, down from $252.8 million, or 63 cents per share, last year. Adjusted EPS was 60 cents, ahead of the 58-cents FactSet consensus. Revenue totaled $3.21 billion, down from $3.05 billion last year and in line with the FactSet estimate. The company announced on April 30 that would spin off its jeans business, comprised of the Lee and Wrangler brands. VF Corp. stockholders of record as of May 10 will receive one share of the new Kontoor Brands stock for every seven shares of VF Corp. common stock, with distributed scheduled to be completed after the close of business Wednesday. Kontoor Brands has received approval to list under the ticker "KTB." Fiscal 2020 outlook reflects "management's best estimates" of the impact of this separation. In addition, VF Corp's adjusted amounts takes into account the sale of the Nautica brand, the acquisition of Williamson-Dickie, Icebreaker and Altra brands, and expenses and losses related to the divestitures of the Reef brand and Van Moer business. For fiscal 2020, VF Corp. expects revenue in the range of $11.7 billion to $11.8 billion and adjusted EPS in the range of $3.30 and $3.35. FactSet guidance is for sales of $14.5 billion and EPS of $4.23, which may not take the separation into account. VF Corp. stock has gained 29.1% for the year to date while the S&P 500 index has gained 14.3% for the period.