Shares of VF Corp. down due to reduced profit outlook, CEO transition

VF Group

shares fell 7% in premarket trades on Monday after the apparel maker warned its 2022 adjusted profit would fall below its previous forecast and said it was moving ahead. looking for new executives. VF Corp. said it now expects 2022 adjusted earnings of $2 to $2.20 per share from $2.40 to $2.50 per share on the previous view. due to macroeconomic factors as well as the impact of weaker-than-anticipated consumer demand across the company’s portfolios, mainly in North America. The company is seeing “a higher-than-expected promotional environment as well as order cancellations in the wholesale channel for commercial inventory management.” The company is also looking for a new CEO after Steve Rendle retires. Top independent director Benno Dorer has been appointed interim president and chief executive officer.


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