VF Corp profit misses estimates on slowing Vans shoes demand

VF Corp reported second-quarter earnings below expectations on Friday, hit by sluggish demand for its Vans shoes, sending the apparel maker’s shares down 10%.

The 120-year old company also maintained its full-year forecast, which again fell short of estimates.

Despite VF’s efforts to sell directly to customers and boost its online business, bigger rivals Nike (NKE.N) and Under Armour (UAA.N) pulled in more customers with their new launches and stronger digital presence.

Revenue from Vans shoes grew 14% in the quarter, down from 26% in the year earlier.

VF Corp’s net income rose to $649 million, or $1.61 per share, in the quarter ended Sept. 28, from $507.1 million, or $1.26 per share, a year earlier.

Excluding items, the company earned $1.26, missing the average analyst estimate of $1.31.

Net revenue climbed 5.4% to $3.39 billion, but missed the average analyst estimate of $3.42 billion, according to IBES data from Refinitiv.