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Vans owner VF's forecast hit by Vietnam factory delays

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:VF Corp cut its full-year revenue forecast on Friday as it struggles to stock store shelves because of delivery delays caused by worker shortages at factories in Vietnam, a manufacturing hub for many U.S. apparel companies.The company's shares fell 2.3per cent in premarket trading, as it also warned of a slo

:VF Corp cut its full-year revenue forecast on Friday as it struggles to stock store shelves because of delivery delays caused by worker shortages at factories in Vietnam, a manufacturing hub for many U.S. apparel companies.

Worker shortages in Vietnam have hurt many retail companies that had just begun to recover from forced factory closures due to COVID-19 lockdowns last year. Port congestion and higher freight charges have also added to U.S. apparel makers' woes. The Jansport backpacks maker said it expects revenue for its Active unit, which houses the Vans and Supreme brands, to increase between 31per cent and 33per cent, compared with its previous expectation of a 35per cent to 37per cent increase.

VF's adjusted gross margin increased 60 basis points to 56.3per cent, but came in below the company's own forecast of 57per cent.

 

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