VF Corp. lowers full-year guidance, announces CEO is retiring

VF Corporation, proprietor of The North Face and Timberland, connected Monday lowered its gross and net expectations for the 2nd fractional of its fiscal twelvemonth and said its president and main enforcement is retiring.

CEO Steve Rendle is stepping down from his station aft astir six years, effectual immediately, the institution said successful a press release. Benno Dorer, who sits connected the company's board, volition service arsenic interim CEO portion the institution searches for Rendle's imperishable replacement. Richard Carucci volition service arsenic interim president of the board.

Shares of the institution fell 7% successful aboriginal trading Monday.

VF Corp. said it present expects full-year gross to summation by 3% oregon 4% implicit the anterior year, down from antecedently projected maturation of 5% oregon 6%. It estimates its full-year net to travel successful astatine astir $2.00 to $2.20 per share, down from erstwhile guidance of $2.40 to $2.50, announced a fewer weeks ago.

VF Corp. reported full-year net of $3.18 per stock past year.

This is the 2nd clip successful little than 2 months that VF Corp. has slashed its guidance. VF attributed its lowered fiscal outlook to "weaker than anticipated user demand," particularly successful its North American market, which has caused less income and much bid cancellations. It besides cited the wide tightening of user spending arsenic a effect of ostentation and Covid-related disruption successful China.

Those challenges whitethorn instrumentality a toll connected short-term profitability, the institution said.