VF Corp reported third-quarter revenue beneath expectations and mentioned its CFO Matt Puckett can be stepping down later this 12 months, sending the Vans sneaker maker’s shares down about 9 p.c in prolonged buying and selling.
The corporate additionally reported a 16 p.c fall within the quarterly income, harm by weak spot in its Vans sneaker manufacturers in america in addition to in key markets in Europe and Asia.
“We’re seeing slowing client confidence and better warning persevering with within the wholesale channel,” mentioned Puckett in a post-earnings name.
The North Face guardian reported an adjusted revenue of 57 cents per share, in contrast with market expectations of a revenue of 77 cents, as per LSEG knowledge.
By Juveria Tabassum; Enhancing by Shinjini Ganguli
Study extra:
Vans Owner VF Corp Lays Off 500 Employees in Restructuring Push
The corporate has been struggling to outlive a troublesome US retail setting wherein prospects have been reducing again on non-essential spending.
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