The Clap
North Face and Timberland parent company VF Corporation (NYSE:VFC) saw its stock tumble more than 11% after reducing revenue and earnings expectations for H2 2022.
What
In addition to the reduced forecast, the company’s CEO and Chairman Steve Rendle is stepping down from his role effective immediately.
So What
Credit Suisse, one of the world’s most prominent investment banks, downgraded the stock’s rating to neutral following the reduced forecast and CEO departure.
Now What
The reduced forecast is the second time in under two months that the company has lowered its forecast, as weaker-than-expected demand takes its toll on profitability.
