VF Corp market expectations for third-quarter results on slow demand, and said its CFO Matt Puckett will step down later this year, sending the Vans sneaker maker’s shares down about 9% in extended trading.

The company, which withdrew its annual forecasts in October and announced a cost reduction program, also said it had begun an in-depth strategic review of its Global Packs business, including brands such as Kipling and JanSport.

The Timberland parent, like other apparel and footwear makers, has struggled with weak wholesale demand this fiscal year as retailers trim their inventories amid soft discretionary demand in the United States.

It reported a 16% fall in the third-quarter revenue, hurt by weakness in its Vans sneaker brands in the United States and key markets in Europe and Asia.

Revenue from Vans brand was down 28%, while the Americas region was down 24% overall.

VF Corp’s North Face business also saw a downturn in volumes, particularly in the United States.
“We are seeing slowing consumer confidence and greater caution continuing in the wholesale channel,” said Puckett in a post-earnings call.

The company added that it saw soft demand during the key holiday shopping period, particularly outside of the promotional window.

It said it has stepped up promotions in the country for its Vans sneakers, which have lost traction among U.S. customers with revenues falling for the past several quarters.

The company reported an adjusted profit of 57 cents per share, compared with market expectations of a profit of 77 cents, as per LSEG data.

Third-quarter revenue came in at $2.96 billion, compared with analysts’ average estimate of $3.24 billion.