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VF Corp Withdraws Full-Year Forecasts as Demand for Higher-Priced Apparel Slows

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VF Corp,Revenue,Profit

VF Corp has withdrawn its full-year revenue and profit forecasts due to a decrease in demand for its higher-priced apparel and footwear, particularly in the United States.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.

 

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