Investing.com -- Shares in VF Corp (NYSE:VFC) fell sharply in premarket trading in New York on Monday after the Timberland-owner said it faces a "material impact" from a cyberattack last week.
In a filing with the U.S. Securities and Exchange Commission, the apparel and shoe retailer said that is working to mitigate the extent of the breach, but warned that its "full scope, nature and impact" are not yet known.
"[T]he incident has had and is reasonably likely to continue to have a material impact on the Company’s business operations until recovery efforts are completed," VF said. "The Company has not yet determined whether the incident is reasonably likely to materially impact the Company’s financial condition or results of operations."
The parent of brands like The North Face and Dickies added that it first detected "unauthorized occurrences on a portion" of its information technology systems on Dec. 13, which led to disruptions in the firm's business operations by encrypting IT systems and stealing personal data.
Although VF-operated retail stores are open globally and shoppers can contine to purchase merchandise, the group flagged that it is still attempting to resolve "certain" operational disruptions, including in fulfilling orders.
VF said it is working to mitigate the fallout from the attack, and is cooperating with federal authorities.