Jeansmaker VF Corp Posts $448.3m Q1 Loss

The world's biggest jeans manufacturer, VF Corp, has posted a massive first quarter net loss of $448.3 million amid huge restructuring charges and sliding sales triggered by business exits. The North Carolina-based company, which produces Wrangler and Lee jeans, along with lingerie for Vanity Fair and outerwear for North Face, said first quarter sales fell to $1.2 billion from $1.4bn.