VF Corp cut its annual revenue forecast on Tuesday, signaling a slowdown in demand for its apparel and sneakers from price-conscious consumers, especially in North America.
to cut orders, as they continue to struggle with excess inventory and are offering heavy discounts to attract customers.
"There are issues with the branding itself in wholesale and there seem to be issues with the direct-to-consumer segment as well," said Jane Hali & Associates senior analyst Jessica Ramirez. Denver, Colorado-based VF Corp reported a 6% and 22% fall in its Timberland and Vans brands respectively, while The North Face brand saw a 12% increase.
The company forecast annual revenue to be down-to-flat for the year, compared to a previous expectation of flat-to-slightly up.
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