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Vans owner slips as production delays, China curbs hit sales forecast

By Ananya Mariam Rajesh (Reuters) -Vans shoe maker VF Corp (NYSE:VFC) cut its full-year revenue forecast on Friday as it struggles with material shortages, labor issues at...
Vans owner slips as production delays, China curbs hit sales forecast © Reuters.

By Ananya Mariam Rajesh

(Reuters) -Vans shoe maker VF Corp (NYSE:VFC) cut its full-year revenue forecast on Friday as it struggles with material shortages, labor issues at factories and slump in sales in China due to COVID-related lockdowns, sending its shares down over 6%.

Fresh pandemic restrictions and store closures late last year in many Asian countries, including China, took a toll on many U.S. apparel makers that for years have relied on these countries for the bulk of their production and sales growth.

VF Corp said the fast-spreading Omicron variant of the coronavirus was also impacting its sales across the world.

"The latest virus surge across Europe has contributed to declining consumer confidence, deteriorating traffic and stretched retail staff in our stores," VF Chief Financial Officer Matt Puckett said on an earnings call.

Despite facing labor and raw material shortages, VF said it expected manufacturing to return to near full capacity in the coming weeks.

The company cut its fiscal 2022 revenue forecast to about $11.85 billion from $12 billion. It expects revenue for its "Active" unit, which houses the Vans and Supreme brands, to increase between 31% and 33%, compared with a prior range of 35% to 37% gain.

The Denver, Colorado-based company's total revenue rose 22% to $3.62 billion in the third quarter ended Jan. 1, slightly ahead of analysts' average estimate of $3.60 billion, according to IBES data from Refinitiv.

Net income rose about 49% to $517.8 million, or $1.32 per share, from a year earlier.

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29-03-2024 07:51:20 (UTC+7)

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 EUR/USD1.0788↑ Sell
 GBP/USD1.2621↑ Sell
 USD/JPY151.41↑ Sell
 AUD/USD0.6515↑ Buy
 USD/CAD1.3537Buy
 EUR/JPY163.30↑ Sell
 EUR/CHF0.9727Neutral
 Gold2,254.80↑ Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
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 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
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