VF Corp down after bigger-than-expected quarterly loss

Shares of apparel retailer VF Corp VFC.N were down about 4% at $17.58 in premarket trading after the company reported a bigger-than-expected quarterly loss, hurt by elevated costs and weak demand for its Vans brand.

VF logged a first-quarter adjusted loss of 27 cents per share, compared with analysts’ estimates of a 22-cent loss, according to LSEG. Revenue came in at $1.67 billion, versus estimates of $1.64 billion.

The company said it incurred $193.8 million in total restructuring charges in connection with its restructuring plan.

VF said it now expects full-year revenue to grow 2% from last year, up from its prior outlook for a 1% to 2% rise. Analysts expect a 1.06% increase.

The company also appointed Abhishek Dalmia as CFO and operating chief.

As of the previous close, the stock was up about 1% year to date.