VF Corp (NYSE:VFC) was down over 10% in midday trading today. The news that drove VF Corp’s plunge downward was sufficiently bad that it sent much of the sector down with it.
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The company’s warning focused on inventory levels and promotional issues throughout the apparel industry, including footwear. Issues of declining consumer spending in the face of massive inflation also did damage to apparel company projections.
VF Corp’s losses resounded throughout the market. Nike (NYSE:NKE) was down while Skechers (NYSE:SKX) was also in the red.
Footwear retailers weren’t immune either. Foot Locker (NYSE:FL) slipped 1.8% in midday trading on Monday. The issues that looked to dog the footwear makers would also drag on footwear retailers.
While shareholders are unhappy with the reports thus far, the same can’t be said of analysts. Analyst consensus currently considers VF Corp a Hold, with five Buys, nine Holds, and three Sells.