V.F. Corp. (NYSE:VFC) shares plummeted over 12% intra-day due to its Q2 EPS falling short, withdrawn guidance, and a reduced dividend. The reported Q2 EPS was $0.63, slightly below the expected $0.65. Revenue decreased by 2% to $3 billion, marginally surpassing the projected $2.99 billion.

V.F. Corp. introduced the Reinvent program, targeting enhanced brand development and better operational efficiency. The initial phase focuses on four key goals: bolstering North American outcomes, initiating the Vans brand revival, cost-cutting, and fortifying the financial foundation.

The company cut its fiscal 2024 revenue and earnings forecast, revising its 2024 free cash flow projection to around $600 million from the initial $900 million. The Board also announced a dividend of $0.09 per share for the quarter, marking a 70% reduction from the prior dividend.