VFC - Vans-parent VF Corp stock sees worst day in over a month after cybersecurity incident

2023-12-18 16:30:21 ET

VF Corp ( NYSE: VFC ) stock on Monday posted its worst intraday performance since November 1, after the footwear and apparel maker disclosed a cybersecurity incident which resulted in some personal data being stolen and impacted the company's ability to fulfill orders.

Shares of VFC earlier slipped 7.8% to close at $18.35.

Denver, Colo.-based VFC, which owns brands such as Vans sneakers and outdoor apparel and equipment provider North Face, said that it had found unauthorized occurrences on some of its IT systems on December 13.

"The threat actor disrupted the Company’s business operations by encrypting some IT systems, and stole data from the Company, including personal data," VF Corp ( VFC ) said in a regulatory filing .

"VF-operated retail stores globally are open, and consumers can purchase available merchandise, but VF is experiencing certain operational disruptions. Consumers are able to place orders on most of the brand e-commerce sites globally, however, the Company’s ability to fulfill orders is currently impacted," the Vans-parent added.

The company has responded by beginning an investigation with external cybersecurity experts and shutting down some systems. It also said it had notified and was cooperating with federal law enforcement.

VFC added that the incident "has had and is reasonably likely to continue to have a material impact" on its business operations, though it has yet to determine whether it would affect its financial condition or results.

Shares of VF Corp ( VFC ) had slumped in October after it announced a restructuring plan centered around driving a turnaround in Vans sneakers, following a more than 20% plunge in quarterly sales in the flagship sneakers brand.

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