VF Corp Faces Challenges: Withdraws Forecasts, Reduces Dividend, and Replaces Vans President

VF Corp, the owner of brands like Vans and The North Face, has withdrawn its full-year revenue and profit forecasts due to slowing demand for higher-priced apparel and footwear, particularly in the United States. The company's second-quarter profit was also lower than expected. High borrowing costs and inflation have led customers to prioritize essential purchases, impacting sales of pricier products. VF Corp's margins have been affected by discounts and promotions to attract shoppers and clear surplus inventory. Sales in the Americas fell 11%, while Greater China saw an 8% increase. The company does not expect the performance of its Vans brand to improve in the second half and anticipates a challenging U.S. wholesale environment. VF Corp is implementing a cost reduction program to achieve $300 million in fixed cost savings.