9 Nov 2022
After downgrading its full year outlook for a second time for fiscal 2023, VF Corp. outlined the headwinds it was currently facing.
VF said that the downgrade reflects foreign exchange headwinds, higher-than-usual inventory levels and more promotional activity in the marketplace. In the second quarter, inventory was 88%higher than in 2021, due to a large shipment that VF has taken control of at the point of embarkation.
In the quarter, the owner of Vans, the North Face, and Timberland revealed that revenue was 4% lower than in the same period one year ago, coming in at $3.1 billion.
According to VF Corp. chairman, president and CEO Steve Rendle, the company is monitoring all non-strategic outgoings in the context of the current “challenging environment”.
We bring leather, material and fashion businesses together: an opportunity to meet and greet face to face. We bring them from all parts of the world so that they can find fresh partners, discover new customers or suppliers and keep ahead of industry developments.
We organise a number of trade exhibitions which focus on fashion and lifestyle: sectors that are constantly in flux, so visitors and exhibitors alike need to be constantly aware both of the changes around them and those forecast for coming seasons.
