VF Corp withdraws annual forecasts on slowing demand for higher-priced apparel
© Reuters. FILE PHOTO: People walk by the Supreme store, a brand owned by VF Corporation, in Manhattan, New York City, U.S., May 20, 2022. REUTERS/Andrew Kelly/File Photo) 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.
High borrowing costs and still-high inflation have forced shoppers to move away from pricier products and spend their dollars mainly on essentials. The company reported 21% fall in sales at its Vans brands, while The North Face brand saw a 19% increase. It also said it was undertaking a large-scale cost reduction program, which it expects to deliver $300 million in fixed cost savings.
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