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Vans Owner VF Corp Misses Quarterly Profit Expectations

The Vans sneaker maker said it has started looking for a permanent chief executive and named Richard Carucci as interim chairman of the board.
CFO Matt Puckett announced that he will be stepping down later this year. (Shutterstock)

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

Learn more:

Vans Owner VF Corp Lays Off 500 Employees in Restructuring Push

The company has been struggling to survive a tough US retail environment in which customers have been cutting back on non-essential spending.

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