V F Corp put volume heavy and directionally bearish

Bearish flow noted in V F Corp with 1,866 puts trading, or 1.7x expected. Most active are Feb-23 30 puts and Jun-23 32.5 calls, with total volume in those strikes near 1,800 contracts. The Put/Call Ratio is 2.18, while ATM IV is up over 3 points on the day. Earnings are expected on January 27th.