Vans parent V.F. Corp.'s stock on track for biggest one-day gain in 50 years

Vans parent V.F. Corp.'s stock (VFC) rose 14% Tuesday to put it on track for its biggest one-day gain in 50 years and snap a four-day losing streak. The last time the stock gained that much was Dec. 7, 1973, when it rose 18.4%, according to Dow Jones Market Data. In its latest quarter, the company, which also owns the North Face brand, saw its loss widen to $1.16 a share from a loss of 31 cents a year ago. It's adjusted per-share number was 63 cents, missing the 65 cent FactSet consensus. But revenue of $3.0 billion was down 2% from a year ago but just ahead of the $2.99 billion FactSet consensus. The company announced a transformation plan called Reinvent that aims to focus on brand-building. The company withdrew its fiscal 2024 guidance for revenue and earnings. The stock is still down 42% in the year to date, while the S&P 500 has gained 17%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

11-14-23 1209ET

Copyright (c) 2023 Dow Jones & Company, Inc.