VF Corp reported third-quarter profit below expectations and said its CFO Matt Puckett will be stepping down later this year, sending the Vans sneaker maker’s shares down about 9 percent in extended trading.

The company also reported a 16 percent fall in the quarterly revenue, hurt by weakness in its Vans sneaker brands in the United States as well as in key markets in Europe and Asia.

“We are seeing slowing consumer confidence and greater caution continuing in the wholesale channel,” said Puckett in a post-earnings call.

The North Face parent reported an adjusted profit of 57 cents per share, compared with market expectations of a profit of 77 cents, as per LSEG data.

By Juveria Tabassum; Editing by Shinjini Ganguli

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