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March 16, 2020, 7:44 a.m. EDT

Vans parent VF Corp. shutters stores starting March 16

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By Tonya Garcia

VF Corp. /zigman2/quotes/206706147/composite VFC +7.83% said Monday that it would close all of its company-owned stores from March 16 through April 5. Workers will continue to receive all pay and benefits during this time. Corporate and brand offices will also shutter for the period, with staff working from home. VF Corp. brands include Vans, The North Face and Timberland. VF Corp. has already taken the same measures in all of Europe, and has stores operating with reduced hours in the U.K. VF Corp. had taken similar steps in mainland China; now 90% of stores have reopened with traffic slowly returning to normal levels, the company said. Across Asia-Pacific in countries like South Korea and Taiwan, staff is still working from home and stores are operating at reduced hours. In the U.S., the closures could extend for a longer period. In February, the company said its guidance didn't include the impact of the coronavirus. VF Corp. will update its guidance when it reports fiscal fourth-quarter earnings in May. VF Corp. said its supply chain has seen minimal disruption due to diversification efforts to its manufacturing and sourcing. VF Corp. stock is unchanged in premarket trading, and down 25.4% over the last year. The S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.36% is down 4% for the period.

/zigman2/quotes/206706147/composite
US : U.S.: NYSE
$ 64.00
+4.65 +7.83%
Volume: 5.53M
June 3, 2020 4:00p
P/E Ratio
38.53
Dividend Yield
3.00%
Market Cap
$24.89 billion
Rev. per Employee
N/A
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/zigman2/quotes/210599714/realtime
US : S&P US
3,122.87
+42.05 +1.36%
Volume: 3.16B
June 3, 2020 5:18p
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