Benzinga - V.F. Corp (NYSE: VFC) shares are trading lower Monday after the company announced a CEO transition and cut its full-year outlook.
VF Corp (NYSE:VFC) said Steve Rendle has retired as chairman, president and CEO. Benno Dorer has been named interim president and CEO, effective immediately. Richard Carucci will serve as interim chairman of the company's board.
VF Corp also revised its full-year outlook to reflect several headwinds.
The company said weaker-than-expected consumer demand across its categories has resulted in an elevated promotional environment and order cancellations in the company's wholesale channel. VF Corp's outlook is also being negatively impacted by inflation and ongoing COVID-related disruptions in China.
VF Corp now expects total revenue growth in the second half of the fiscal year to be "modestly lower than previously outlined." Full-year revenue growth is expected to be between 3% and 4% versus previous expectations of 5% to 6%.
The company also lowered its full-year adjusted earnings outlook from a range of $2.40 to $2.50 per share to a range of $2 to $2.20 per share.
VF Corp designs, produces and distributes branded apparel and accessories. Its portfolio includes Vans, The North Face, Timberland, Supreme and Dickies, among others.
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VFC Price Action: VF Corp shares are down 7.12% at $30.86 at time of publication, according to Benzinga Pro.
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