VF Corp (VFC.N) 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.
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 Photowithdrew 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.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.
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VF Corp withdraws annual forecasts on slowing demand for higher-priced apparelVF Corp withdraws annual forecasts on slowing demand for higher-priced apparel
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