VF Corp has withdrawn its full-year revenue and profit forecasts due to a decrease in demand for its higher-priced apparel and footwear, particularly in the United States. The company's second-quarter profit was also lower than expected. High borrowing costs and inflation have caused consumers to prioritize essential purchases over pricier products. VF Corp's margins have been affected by discounts and promotions to attract customers and clear surplus inventory. Sales in the Americas fell 11%, but rose 8% in Greater China. The company does not anticipate an improvement in the performance of its Vans brands in the second half of the year.
- VF Corp withdrew its full-year revenue and profit forecasts on Monday, with demand for its higher-priced apparel and footwear easing as customers turn more cost conscious , especially in the United States .
An uncertain consumer spending environment has also forced several retailers including Foot Locker and Macy's to take a cautious stance going into the holiday season. VF Corp, which has come under pressure from activist investor firms Engaged Capital and Legion Partners Asset Management, said it does not expect Vans brands' performance to improve in the second half, and also expects a difficult U.S. wholesale environment.
Its second-quarter revenue fell 2% to $3.03 billion in the quarter ended September, compared with analysts' estimate of $3 billion, according to LSEG data. Shakedown or smart business? Quebec restaurants balk at hefty penalty for using competitor's payment machines TSX dividend stocks such as Brookfield Asset Management are well positioned to deliver steady gains to shareholders. The post 2 Top TSX Cash Cows You Should Be Buying Right Now appeared first on The Motley Fool Canada.TORONTO — Five things to watch for in the Canadian business world in the coming week: Air Canada results Air Canada will report its third-quarter results and hold a conference call with investors before financial markets open on Monday.
VF Corp Revenue Profit Forecasts Apparel Footwear Demand Cost Conscious United States Borrowing Costs Inflation Essentials Consumer Spending Retailers Holiday Season Margins Discounts Promotions Inventory Sales Americas Greater China COVID-19 Pandemic Vans Brands The North Face Brand Activist Investors Engaged Capital Legion Partners Asset Management Wholesale Environment
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
VF Corp. stock tumbles, withdraws 2024 earnings guidanceVF Corporation (VFC) reported fiscal second-quarter results were about in line with Wall Street estimates, with revenue coming in slightly better than...
Read more »
North Face Owner VF Corp. Pulls Guidance, Removes Vans PresidentVF Corp. withdrew its guidance for the fiscal year and said it will replace the president of the Vans brand — an attempt to satisfy Wall Street as two activist investor groups raise the pressure on the apparel and footwear conglomerate.
Read more »
Pinterest, VF Corp. earnings, stocks jump: Yahoo Finance LiveIt’s another big day of earnings, with Pinterest (PINS) and VF Corporation (VFC) both set to issue their quarterly reports. Overall, it’s a good day for...
Read more »
Mike Pence Withdraws from 2024 Presidential RaceFormer Vice President Mike Pence announced his withdrawal from the 2024 Republican presidential race due to poor poll numbers and lack of campaign funds.
Read more »
Consultant Aksia Withdraws Approval for Brookfield Fund After Leaders ExitInvestment consultant Aksia LLC rescinded its approval for Brookfield Asset Management’s special-situations fund after two top executives left, according to people familiar with the matter.
Read more »
Italian hearing aid maker Amplifon lowers full year guidanceItalian hearing aid maker Amplifon has lowered its full year guidance for recurring core profit due to weaker than expected demand in Europe and global economic and political uncertainty. The company now expects its recurring EBITDA to be around 550 million euros for 2023, down from a previous forecast of 570-585 million euros.
Read more »