VF Corporation Reports First Quarter Fiscal 2025 Results and Reiterates FY25 Free Cash Flow Guidance
Q1'FY25 Financial Review
-
Revenue
$1.9 billion , down 9% (down 8% in constant dollars)- The North Face® down 3% (down 2% in constant dollars), with global brand DTC up 6% (up 8% in constant dollars), inclusive of broad-based DTC growth in all regions, more than offset by US wholesale
- Vans® down 21%, reflecting a modest improvement relative to the previous quarter
-
Gross margin 52.0%, down 80 basis points
- Gross margin contraction driven by 60 basis points of unfavorable rate, which includes foreign currency headwinds, and 20 basis points from unfavorable mix
-
Operating margin (12.6)%, down 1,220 basis points; adjusted operating margin (4.0)%, down 360 basis points
- Adjusted operating margin reflects approximately 280 basis points of deleverage and 80 basis points of unfavorable gross margin
-
Loss per share
$(0.67) vs. Q1'FY24$(0.15) ; adjusted loss per share$(0.33) vs. Q1'FY24$(0.15)
Balance Sheet Review
- Q1'FY25 ending inventories down 24% versus the prior year
-
Net debt at the end of Q1'FY25 is
$5.3 billion , down by approximately$587 million relative to last year
FY25 Outlook
-
The company reiterates guidance for free cash flow plus the proceeds from non-core physical asset sales of approximately
$600 million , excluding the impact of the divestiture of Supreme, which is anticipated to be completed by the end of calendar year 2024. Supreme is expected to be reported as discontinued operations beginning in Q2'FY25.
Shareholder Returns
-
Return of
$35 million to shareholders through cash dividends in Q1'FY25 -
VF’s Board of Directors declared a quarterly dividend of
$0.09 per share. This dividend will be payable onSeptember 18, 2024 , to shareholders of record at the close of business onSeptember 10, 2024 . Subject to approval by its Board of Directors, VF intends to continue to pay quarterly dividends.
Summary Revenue Information (Unaudited) |
||||||||||||
|
|
Three Months Ended June |
||||||||||
(Dollars in millions) |
|
2024 |
|
2023 |
|
% Change |
|
% Change (constant currency) |
||||
Brand: |
|
|
|
|
|
|
|
|
||||
The North Face® |
|
$ |
524.2 |
|
$ |
538.2 |
|
(3 |
)% |
|
(2 |
)% |
Vans® |
|
|
581.8 |
|
|
737.5 |
|
(21 |
)% |
|
(21 |
)% |
Timberland® |
|
|
229.4 |
|
|
253.8 |
|
(10 |
)% |
|
(9 |
)% |
Dickies® |
|
|
116.8 |
|
|
136.6 |
|
(15 |
)% |
|
(14 |
)% |
Other Brands |
|
|
455.0 |
|
|
420.2 |
|
8 |
% |
|
10 |
% |
VF Revenue |
|
$ |
1,907.3 |
|
$ |
2,086.3 |
|
(9 |
)% |
|
(8 |
)% |
|
|
|
|
|
|
|
|
|
||||
Region: |
|
|
|
|
|
|
|
|
||||
|
|
$ |
1,044.8 |
|
$ |
1,183.8 |
|
(12 |
)% |
|
(12 |
)% |
EMEA |
|
|
552.9 |
|
|
584.3 |
|
(5 |
)% |
|
(5 |
)% |
APAC |
|
|
309.7 |
|
|
318.2 |
|
(3 |
)% |
|
2 |
% |
VF Revenue |
|
$ |
1,907.3 |
|
$ |
2,086.3 |
|
(9 |
)% |
|
(8 |
)% |
International |
|
$ |
978.9 |
|
$ |
1,026.7 |
|
(5 |
)% |
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
||||
Channel: |
|
|
|
|
|
|
|
|
||||
DTC |
|
$ |
879.2 |
|
$ |
973.6 |
|
(10 |
)% |
|
(9 |
)% |
Wholesale (a) |
|
|
1,028.1 |
|
|
1,112.7 |
|
(8 |
)% |
|
(7 |
)% |
VF Revenue |
|
$ |
1,907.3 |
|
$ |
2,086.3 |
|
(9 |
)% |
|
(8 |
)% |
All references to the three months ended |
||||||||||||
Note: Amounts may not sum due to rounding |
||||||||||||
(a) Royalty revenues are included in the wholesale channel for all periods. |
Webcast Information
VF will host its first quarter fiscal 2025 conference call beginning at
About VF
Founded in 1899,
Financial Presentation Disclosure
All per share amounts are presented on a diluted basis. This release refers to “reported” and “constant dollar” or "constant currency" amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” or "constant currency" amounts are the same. This release also refers to “adjusted” amounts, a term that is described under the heading below “Adjusted Amounts - Excluding Reinvent, Noncash Impairment Charges, and Transaction and Deal Related Activities.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.
Constant Currency - Excluding the Impact of Foreign Currency
This release refers to “reported” amounts in accordance with
Adjusted Amounts - Excluding Reinvent, Noncash Impairment Charges, and Transaction and Deal Related Activities
The adjusted amounts in this release exclude costs related to Reinvent, VF's transformation program. Costs, including exit costs and project-related costs, were approximately
The adjusted amounts in this release exclude noncash impairment charges related to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset of approximately
The adjusted amounts in this release exclude transaction and deal related activities associated with the review of strategic alternatives for the Global Packs business, consisting of the Kipling®, Eastpak® and
Combined, the above items negatively impacted loss per share by
Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company also provides guidance on a non-GAAP basis as we cannot predict certain elements which are included in reported GAAP results. VF defines free cash flow as cash flow from operations less capital expenditures and software purchases and defines net debt as short and long term borrowings less cash and cash equivalents.
Forward-looking Statements
Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as “will,” “anticipate,” "believe," “estimate,” “expect,” “should,” and “may” and other words and terms of similar meaning or use of future dates, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF’s plans, objectives, projections and expectations relating to VF’s operations or financial performance, and assumptions related thereto are forward-looking statements. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel and footwear; disruption to VF’s distribution system; changes in global economic conditions and the financial strength of VF’s consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products; disruption and volatility in the global capital and credit markets; VF’s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; VF's ability to maintain the image, health and equity of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; retail industry changes and challenges; VF's ability to execute our Reinvent transformation program and other business priorities, including measures to streamline and right-size our cost base and strengthen the balance sheet while reducing leverage, including any sale of the Supreme® brand business; VF’s ability to successfully establish a global commercial organization, and identify and capture efficiencies in our business model; any inability of VF or third parties on which we rely, to maintain the strength and security of information technology systems; the fact that VF’s facilities and systems, and those of third parties on which we rely, are frequent targets of cyber-attacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by us or such third parties to anticipate or detect data or information security breaches or other cyber-attacks, including the cyber incident that was reported by VF in
Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) |
||||||||
|
|
Three Months Ended June |
||||||
|
|
2024 |
|
2023 |
||||
Net revenues |
|
$ |
1,907,301 |
|
|
$ |
2,086,336 |
|
Costs and operating expenses |
|
|
|
|
||||
Cost of goods sold |
|
|
915,643 |
|
|
|
985,269 |
|
Selling, general and administrative expenses |
|
|
1,086,551 |
|
|
|
1,110,059 |
|
Impairment of goodwill and intangible assets |
|
|
145,000 |
|
|
|
— |
|
Total costs and operating expenses |
|
|
2,147,194 |
|
|
|
2,095,328 |
|
Operating loss |
|
|
(239,893 |
) |
|
|
(8,992 |
) |
Interest expense, net |
|
|
(55,677 |
) |
|
|
(49,719 |
) |
Other income (expense), net |
|
|
(1,950 |
) |
|
|
(3,567 |
) |
Loss before income taxes |
|
|
(297,520 |
) |
|
|
(62,278 |
) |
Income tax benefit |
|
|
(38,634 |
) |
|
|
(4,853 |
) |
Net loss |
|
$ |
(258,886 |
) |
|
$ |
(57,425 |
) |
Net loss per common share (a) |
|
|
|
|
||||
Basic |
|
$ |
(0.67 |
) |
|
$ |
(0.15 |
) |
Diluted |
|
$ |
(0.67 |
) |
|
$ |
(0.15 |
) |
Weighted average shares outstanding |
|
|
|
|
||||
Basic |
|
|
388,741 |
|
|
|
388,160 |
|
Diluted |
|
|
388,741 |
|
|
|
388,160 |
|
Cash dividends per common share |
|
$ |
0.09 |
|
|
$ |
0.30 |
|
|
|
|
|
|
||||
Basis of presentation of condensed consolidated financial statements: VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to |
||||||||
(a) Amounts have been calculated using unrounded numbers. |
Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
|||||||||
|
|
June |
|
March |
|
June |
|||
|
|
2024 |
|
2024 |
|
2023 |
|||
ASSETS |
|
|
|
|
|
|
|||
Current assets |
|
|
|
|
|
|
|||
Cash and equivalents |
|
$ |
637,420 |
|
$ |
674,605 |
|
$ |
806,529 |
Accounts receivable, net |
|
|
1,055,571 |
|
|
1,273,965 |
|
|
1,214,223 |
Inventories |
|
|
2,110,598 |
|
|
1,766,366 |
|
|
2,787,021 |
Other current assets |
|
|
545,542 |
|
|
512,011 |
|
|
405,784 |
Total current assets |
|
|
4,349,131 |
|
|
4,226,947 |
|
|
5,213,557 |
Property, plant and equipment, net |
|
|
794,212 |
|
|
823,886 |
|
|
943,163 |
|
|
|
3,932,547 |
|
|
4,088,896 |
|
|
4,614,442 |
Operating lease right-of-use assets |
|
|
1,332,950 |
|
|
1,330,361 |
|
|
1,349,725 |
Other assets |
|
|
1,132,523 |
|
|
1,142,873 |
|
|
1,923,011 |
Total assets |
|
$ |
11,541,363 |
|
$ |
11,612,963 |
|
$ |
14,043,898 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|||
Current liabilities |
|
|
|
|
|
|
|||
Short-term borrowings |
|
$ |
263,709 |
|
$ |
263,938 |
|
$ |
58,520 |
Current portion of long-term debt |
|
|
1,749,601 |
|
|
1,000,721 |
|
|
928,736 |
Accounts payable |
|
|
1,157,755 |
|
|
817,128 |
|
|
1,282,313 |
Accrued liabilities |
|
|
1,237,909 |
|
|
1,375,192 |
|
|
1,546,866 |
Total current liabilities |
|
|
4,408,974 |
|
|
3,456,979 |
|
|
3,816,435 |
Long-term debt |
|
|
3,940,668 |
|
|
4,702,284 |
|
|
5,722,448 |
Operating lease liabilities |
|
|
1,167,415 |
|
|
1,156,858 |
|
|
1,155,852 |
Other liabilities |
|
|
636,401 |
|
|
638,477 |
|
|
632,400 |
Total liabilities |
|
|
10,153,458 |
|
|
9,954,598 |
|
|
11,327,135 |
Stockholders' equity |
|
|
1,387,905 |
|
|
1,658,365 |
|
|
2,716,763 |
Total liabilities and stockholders' equity |
|
$ |
11,541,363 |
|
$ |
11,612,963 |
|
$ |
14,043,898 |
Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
||||||||
|
|
Three Months Ended June |
||||||
|
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(258,886 |
) |
|
$ |
(57,425 |
) |
Impairment of goodwill and intangible assets |
|
|
145,000 |
|
|
|
— |
|
Depreciation and amortization |
|
|
67,781 |
|
|
|
67,075 |
|
Reduction in the carrying amount of right-of-use assets |
|
|
92,495 |
|
|
|
95,728 |
|
Other adjustments, including changes in operating assets and liabilities |
|
|
(26,560 |
) |
|
|
58,197 |
|
Cash provided by operating activities |
|
|
19,830 |
|
|
|
163,575 |
|
Investing activities |
|
|
|
|
||||
Proceeds from sale of assets |
|
|
45,596 |
|
|
|
1,170 |
|
Capital expenditures |
|
|
(25,187 |
) |
|
|
(61,763 |
) |
Software purchases |
|
|
(16,106 |
) |
|
|
(22,827 |
) |
Other, net |
|
|
(15,364 |
) |
|
|
(7,142 |
) |
Cash used by investing activities |
|
|
(11,061 |
) |
|
|
(90,562 |
) |
Financing activities |
|
|
|
|
||||
Net increase (decrease) from short-term borrowings and long-term debt |
|
|
(505 |
) |
|
|
46,415 |
|
Cash dividends paid |
|
|
(35,015 |
) |
|
|
(116,575 |
) |
Proceeds from issuance of Common Stock, net of payments for tax withholdings |
|
|
(1,924 |
) |
|
|
(1,725 |
) |
Cash used by financing activities |
|
|
(37,444 |
) |
|
|
(71,885 |
) |
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash |
|
|
(8,340 |
) |
|
|
(9,326 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
(37,015 |
) |
|
|
(8,198 |
) |
Cash, cash equivalents and restricted cash – beginning of year |
|
|
676,957 |
|
|
|
816,319 |
|
Cash, cash equivalents and restricted cash – end of period |
|
$ |
639,942 |
|
|
$ |
808,121 |
|
Supplemental Financial Information Reportable Segment Information (Unaudited) (In thousands) |
||||||||||||
|
|
Three Months Ended June |
|
% Change |
|
% Change Constant Currency (a) |
||||||
|
|
2024 |
|
2023 |
|
|
||||||
Segment revenues |
|
|
|
|
|
|
|
|
||||
Outdoor |
|
$ |
790,199 |
|
|
$ |
829,697 |
|
|
(5)% |
|
(4)% |
Active |
|
|
942,139 |
|
|
|
1,066,009 |
|
|
(12)% |
|
(11)% |
Work |
|
|
174,963 |
|
|
|
190,630 |
|
|
(8)% |
|
(8)% |
Total segment revenues |
|
$ |
1,907,301 |
|
|
$ |
2,086,336 |
|
|
(9)% |
|
(8)% |
Segment profit (loss) |
|
|
|
|
|
|
|
|
||||
Outdoor |
|
$ |
(83,415 |
) |
|
$ |
(43,661 |
) |
|
|
|
|
Active |
|
|
98,549 |
|
|
|
123,782 |
|
|
|
|
|
Work |
|
|
5,328 |
|
|
|
6,831 |
|
|
|
|
|
Total segment profit |
|
|
20,462 |
|
|
|
86,952 |
|
|
|
|
|
Impairment of goodwill and intangible assets |
|
|
(145,000 |
) |
|
|
— |
|
|
|
|
|
Corporate and other expenses |
|
|
(117,305 |
) |
|
|
(99,511 |
) |
|
|
|
|
Interest expense, net |
|
|
(55,677 |
) |
|
|
(49,719 |
) |
|
|
|
|
Loss before income taxes |
|
$ |
(297,520 |
) |
|
$ |
(62,278 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(a) Refer to constant currency definition on the following pages. |
Supplemental Financial Information Reportable Segment Information – Constant Currency Basis (Unaudited) (In thousands) |
||||||||||||
|
|
Three Months Ended |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
790,199 |
|
|
$ |
6,688 |
|
|
$ |
796,887 |
|
Active |
|
|
942,139 |
|
|
|
8,682 |
|
|
|
950,821 |
|
Work |
|
|
174,963 |
|
|
|
883 |
|
|
|
175,846 |
|
Total segment revenues |
|
$ |
1,907,301 |
|
|
$ |
16,253 |
|
|
$ |
1,923,554 |
|
Segment profit (loss) |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
(83,415 |
) |
|
$ |
788 |
|
|
$ |
(82,627 |
) |
Active |
|
|
98,549 |
|
|
|
2,918 |
|
|
|
101,467 |
|
Work |
|
|
5,328 |
|
|
|
(30 |
) |
|
|
5,298 |
|
Total segment profit |
|
|
20,462 |
|
|
|
3,676 |
|
|
|
24,138 |
|
Impairment of goodwill and intangible assets |
|
|
(145,000 |
) |
|
|
— |
|
|
|
(145,000 |
) |
Corporate and other expenses |
|
|
(117,305 |
) |
|
|
(711 |
) |
|
|
(118,016 |
) |
Interest expense, net |
|
|
(55,677 |
) |
|
|
— |
|
|
|
(55,677 |
) |
Loss before income taxes |
|
$ |
(297,520 |
) |
|
$ |
2,965 |
|
|
$ |
(294,555 |
) |
Diluted net loss per share growth |
|
|
(350 |
)% |
|
|
4 |
% |
|
|
(346 |
)% |
|
|
|
|
|
|
|
||||||
Constant Currency Financial Information |
||||||||||||
VF is a global company that reports financial information in |
||||||||||||
To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the |
||||||||||||
These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies. |
Supplemental Financial Information
Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three Months Ended (Unaudited) (In thousands, except per share amounts) |
|||||||||||||||||
Three Months Ended |
|
As Reported under GAAP |
|
Reinvent (a) |
|
Impairment Charges (b) |
|
Transaction and Deal Related Activities (c) |
|
Adjusted |
|||||||
Revenues |
|
$ |
1,907,301 |
|
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,907,301 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Gross profit |
|
|
991,658 |
|
|
|
412 |
|
|
— |
|
|
— |
|
|
992,070 |
|
Percent |
|
|
52.0 |
% |
|
|
|
|
|
|
|
|
52.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Operating loss |
|
|
(239,893 |
) |
|
|
17,849 |
|
|
145,000 |
|
|
490 |
|
|
(76,554 |
) |
Percent |
|
|
(12.6 |
)% |
|
|
|
|
|
|
|
|
(4.0 |
)% |
|||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Diluted loss per share (d) |
|
|
(0.67 |
) |
|
|
0.04 |
|
|
0.30 |
|
|
— |
|
|
(0.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|||||||
(a) Costs related to Reinvent, VF's transformation program, including exit costs and project-related costs, were |
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(b) VF recognized noncash impairment charges related to the Supreme reporting unit goodwill and indefinite-lived trademark intangible asset of |
|||||||||||||||||
(c) Transaction and deal related activities reflect activities associated with the review of strategic alternatives for the Global Packs business, consisting of the Kipling®, Eastpak® and |
|||||||||||||||||
(d) Amounts shown in the table have been calculated using unrounded numbers. The diluted loss per share impacts were calculated using 388,741,000 weighted average common shares for the three months ended |
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|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
Non-GAAP Financial Information |
|||||||||||||||||
The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of Reinvent, impairment charges and transaction and deal related activities. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations. |
|||||||||||||||||
Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. |
Supplemental Financial Information
Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three Months Ended (Unaudited) (In thousands, except per share amounts) |
|||||||||||
Three Months Ended |
|
As Reported under GAAP |
|
Transaction and Deal Related Activities (a) |
|
Adjusted |
|||||
Revenues |
|
$ |
2,086,336 |
|
|
$ |
— |
|
$ |
2,086,336 |
|
|
|
|
|
|
|
|
|||||
Gross profit |
|
|
1,101,067 |
|
|
|
— |
|
|
1,101,067 |
|
Percent |
|
|
52.8 |
% |
|
|
|
|
52.8 |
% |
|
|
|
|
|
|
|
|
|||||
Operating loss |
|
|
(8,992 |
) |
|
|
1,118 |
|
|
(7,874 |
) |
Percent |
|
|
(0.4 |
)% |
|
|
|
|
(0.4 |
)% |
|
|
|
|
|
|
|
|
|||||
Diluted loss per share (b) |
|
|
(0.15 |
) |
|
|
— |
|
|
(0.15 |
) |
|
|
|
|
|
|
|
|||||
(a) Transaction and deal related activities reflect activities associated with the review of strategic alternatives for the Global Packs business, consisting of the Kipling®, Eastpak® and |
|||||||||||
(b) Amounts shown in the table have been calculated using unrounded numbers. The diluted loss per share impacts were calculated using 388,160,000 weighted average common shares for the three months ended |
|||||||||||
|
|||||||||||
Non-GAAP Financial Information |
|||||||||||
The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of transaction and deal related activities. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding VF's underlying business trends and the performance of VF's ongoing operations and are useful for period-over-period comparisons of such operations. |
|||||||||||
Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, VF's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies. |
Supplemental Financial Information Top 4 Brand Revenue Information (Unaudited) |
||||||||
|
|
Three Months Ended |
||||||
Top 4 Brand Revenue Growth |
|
|
|
EMEA |
|
APAC |
|
Global |
The North Face® |
|
|
|
|
|
|
|
|
% change |
|
(10)% |
|
(6)% |
|
30% |
|
(3)% |
% change constant currency* |
|
(10)% |
|
(6)% |
|
35% |
|
(2)% |
Vans® |
|
|
|
|
|
|
|
|
% change |
|
(25)% |
|
(3)% |
|
(29)% |
|
(21)% |
% change constant currency* |
|
(25)% |
|
(3)% |
|
(27)% |
|
(21)% |
Timberland® |
|
|
|
|
|
|
|
|
% change |
|
2% |
|
(16)% |
|
(25)% |
|
(10)% |
% change constant currency* |
|
2% |
|
(15)% |
|
(21)% |
|
(9)% |
Dickies® |
|
|
|
|
|
|
|
|
% change |
|
(13)% |
|
(3)% |
|
(35)% |
|
(15)% |
% change constant currency* |
|
(13)% |
|
(2)% |
|
(32)% |
|
(14)% |
*Refer to constant currency definition on previous pages. |
Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) |
||||
|
|
Three Months Ended |
||
|
|
% Change |
|
% Change Constant Currency* |
Geographic Revenue Growth |
|
|
|
|
|
|
(12)% |
|
(12)% |
EMEA |
|
(5)% |
|
(5)% |
APAC |
|
(3)% |
|
2% |
|
|
0% |
|
4% |
International |
|
(5)% |
|
(3)% |
Global |
|
(9)% |
|
(8)% |
|
|
|
|
|
|
|
Three Months Ended |
||
|
|
% Change |
|
% Change Constant Currency* |
Channel Revenue Growth |
|
|
|
|
Wholesale (a) |
|
(8)% |
|
(7)% |
Direct-to-consumer |
|
(10)% |
|
(9)% |
Digital |
|
(5)% |
|
(4)% |
|
|
|
|
|
|
|
As of June |
||
|
|
2024 |
|
2023 |
DTC Store Count |
|
|
|
|
Total |
|
1,175 |
|
1,250 |
|
|
|
|
|
*Refer to constant currency definition on previous pages. |
||||
(a) Royalty revenues are included in the wholesale channel for all periods. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806789054/en/
Investor Contact:
ir@vfc.com
Media Contact:
corporate_communications@vfc.com
Source: