Shares of VF Corp (VFC) plunged 13.18% intraday on Wednesday, as investors reacted to a disappointing fiscal first-quarter earnings report that showed a larger-than-expected loss and persistent weakness in its core Vans brand, despite the company raising its full-year revenue guidance.

The apparel maker behind The North Face, Timberland and Vans reported an adjusted loss of $0.27 per share, missing the consensus estimate of a $0.22 loss. Revenue fell 5% year-over-year to $1.67 billion, with the Vans brand seeing an 8% to 9% sales decline. While The North Face grew 6% and Timberland gained 3%, the overall bottom-line miss and the continued drag from Vans weighed heavily on sentiment. Adding to the pressure, the company also announced the departure of Chief Financial Officer Paul Vogel after two years in the role, with Chief Operating Officer Abhishek Dalmia set to take on the additional CFO responsibilities.

VF Corp did raise its full-year revenue outlook to growth of 2% or better, up from a prior forecast of 1% to 2%, and management expressed confidence that Vans wholesale performance would improve significantly in the second half of the year. The company also highlighted $193.8 million in total restructuring charges tied to its turnaround plan. However, the near-term earnings miss and lingering concerns over the Vans brand’s trajectory overshadowed the improved guidance, triggering the sharp intraday sell-off.