VF Corp, a leading apparel, footwear and accessories company, reported a cyber incident in December resulted in a breach of personal data for approximately 35.5 million consumers.
The company, however, reassured stakeholders that it anticipates no significant financial repercussions from the unauthorized activity. VF Corporation plans to release its third quarter fiscal 2024 financial results on Tuesday, February 6th, 2024.
VF Corp’s proactive approach to addressing the breach and the absence of sensitive financial information being compromised have contributed to its assertion that the incident will not have a material impact on its financials.
VF Corp earlier revealed it reported revenue of $3 billion for its second quarter (Q2 FY24) ended September 30, 2023.
The cyber security incident, detected on December 13, disrupted global customer orders on VF Corp’s e-commerce platform. The disruption caused delays in order fulfillment and necessitated the cancellation of certain product orders, VF Corp said in a regulatory filing.
Despite the challenges posed by the cyber incident, VF Corp emphasized that it neither collects nor retains consumer social security numbers, bank account information, or payment card details in its IT systems. Additionally, the company affirmed that, as of the current date, there is no evidence to suggest that any consumer passwords were compromised during the security breach.
In response to the incident, VF Corp has made significant strides in restoring its IT systems and recovering the impacted data. The company acknowledged that while there were minor operational issues to address, substantial progress has been made in rectifying the aftermath of the cyber incident.
