VF Corporation Reports Second Quarter Fiscal 2025 Results
VF (NYSE: VFC) reported Q2 FY25 financial results with revenue of $2.8 billion, down 6% year-over-year, showing improvement from Q1's 10% decline. The company's gross margin increased 120 basis points to 52.2%, while operating margin decreased 210 basis points to 9.9%. Key brand performance showed The North Face down 3% and Vans down 11%. Following the Supreme divestiture, VF paid down its $1 billion term loan. For Q3 FY25, the company expects revenue between $2.7-2.75 billion, down 1-3% year-over-year. The Board declared a quarterly dividend of $0.09 per share.
VF (NYSE: VFC) ha riportato i risultati finanziari del secondo trimestre FY25, con un fatturato di 2,8 miliardi di dollari, in calo del 6% rispetto all'anno precedente, mostrando un miglioramento rispetto al calo del 10% del primo trimestre. Il margine lordo dell'azienda è aumentato di 120 punti base raggiungendo il 52,2%, mentre il margine operativo è diminuito di 210 punti base portandosi al 9,9%. Le performance dei principali marchi hanno mostrato che The North Face è scesa del 3% e Vans del 11%. A seguito della dismissione di Supreme, VF ha abbattuto il suo prestito a termine da 1 miliardo di dollari. Per il terzo trimestre FY25, l'azienda si aspetta un fatturato compreso tra 2,7 e 2,75 miliardi di dollari, in calo dell'1-3% rispetto all'anno precedente. Il Consiglio ha dichiarato un dividendo trimestrale di 0,09 dollari per azione.
VF (NYSE: VFC) informó sobre los resultados financieros del segundo trimestre FY25, con ingresos de 2.8 mil millones de dólares, lo que representa una caída del 6% interanual, mostrando una mejora respecto a la caída del 10% del primer trimestre. El margen bruto de la compañía aumentó 120 puntos básicos al 52.2%, mientras que el margen operativo disminuyó 210 puntos básicos al 9.9%. El rendimiento de las marcas clave mostró que The North Face bajó un 3% y Vans bajó un 11%. Tras la desinversión de Supreme, VF pagó su préstamo a plazo de 1 mil millones de dólares. Para el tercer trimestre FY25, la compañía espera ingresos entre 2.7 y 2.75 mil millones de dólares, lo que representa una disminución del 1-3% interanual. La Junta declaró un dividendo trimestral de 0.09 dólares por acción.
VF (NYSE: VFC)는 FY25 2분기 재무 결과를 보고하며, 수익이 28억 달러로 전년 대비 6% 감소했으며, 1분기 10% 감소에 비해 개선된 수치를 보였습니다. 회사의 총 이익률은 120 베이시스 포인트 증가하여 52.2%에 이르렀고, 영업 이익률은 210 베이시스 포인트 감소하여 9.9%에 달했습니다. 주요 브랜드 실적에서는 The North Face가 3% 감소하고 Vans가 11% 감소했습니다. Supreme의 분할 매각 이후, VF는 10억 달러의 정기 대출을 상환했습니다. FY25 3분기에는 27억에서 27억 5천만 달러의 수익을 예상하며, 전년 대비 1-3% 감소할 것으로 보입니다. 이사회는 주당 0.09달러의 분기 배당금을 선언했습니다.
VF (NYSE: VFC) a annoncé les résultats financiers du deuxième trimestre FY25, avec un chiffre d'affaires de 2,8 milliards de dollars, en baisse de 6 % par rapport à l'année précédente, montrant une amélioration par rapport à la baisse de 10 % du premier trimestre. La marge brute de l'entreprise a augmenté de 120 points de base pour atteindre 52,2 %, tandis que la marge opérationnelle a diminué de 210 points de base pour atteindre 9,9 %. La performance des marques clés a montré une baisse de 3 % pour The North Face et de 11 % pour Vans. Suite à la cession de Supreme, VF a remboursé son prêt à terme d'un milliard de dollars. Pour le 3ème trimestre FY25, l'entreprise prévoit un chiffre d'affaires compris entre 2,7 et 2,75 milliards de dollars, en baisse de 1 à 3 % par rapport à l'année précédente. Le Conseil a déclaré un dividende trimestriel de 0,09 dollar par action.
VF (NYSE: VFC) berichtete über die finanziellen Ergebnisse des 2. Quartals FY25 mit einem Umsatz von 2,8 Milliarden Dollar, was einem Rückgang von 6% im Vergleich zum Vorjahr entspricht, jedoch eine Verbesserung gegenüber dem 10%igen Rückgang im 1. Quartal zeigt. Die Bruttomarge des Unternehmens stieg um 120 Basispunkte auf 52,2%, während die Betriebsmarge um 210 Basispunkte auf 9,9% sank. Die Leistung der Hauptmarken zeigte, dass The North Face um 3% und Vans um 11% zurückging. Nach der Veräußerung von Supreme hat VF seinen 1-Milliarde-Dollar-Darlehen zurückgezahlt. Für das 3. Quartal FY25 erwartet das Unternehmen einen Umsatz zwischen 2,7 und 2,75 Milliarden Dollar, was einem Rückgang von 1-3% im Vergleich zum Vorjahr entspricht. Der Vorstand hat eine vierteljährliche Dividende von 0,09 Dollar je Aktie erklärt.
- Gross margin improved 120 basis points to 52.2%
- Inventories reduced by 13% year-over-year
- Net debt decreased by $446 million compared to last year
- Received $1.475 billion from Supreme sale for debt reduction
- APAC region showed 6% growth
- Revenue declined 6% to $2.8 billion
- Operating margin decreased 210 basis points to 9.9%
- Vans brand sales dropped 11%
- The North Face sales declined 3%
- DTC channel sales decreased 8%
- Lowered full-year free cash flow guidance from $600M to $425M
Insights
VF Corp's Q2 FY25 shows concerning performance with
The Supreme divestiture provided
The regional performance reveals deeper market challenges. Americas, VF's largest market, declined
The revised free cash flow guidance of
Bracken Darrell, President and CEO, said: "Our results in the quarter met our expectations and reflect a sequential and broad-based improvement in year-on-year trends. At the same time, we made further progress on our four Reinvent priorities and we are on track to reach our previously announced
Q2'FY25 Income Statement Review
- Results demonstrated broad-based year-over-year sequential improvement relative to Q1'FY25, with all key metrics in line with, or above the company's expectations
-
Revenue
, down$2.8 billion 6% vs. last year, an improvement vs. Q1'FY25 down10% -
The North Face® down
3% (down4% in constant dollars) as expected. This compares against a strong Q2'FY24 of up19% (up17% in constant dollars) -
Vans® down
11% vs. last year, relative to Q1'FY25 down21% vs. last year
-
The North Face® down
-
Gross margin
52.2% , up 120 basis points vs. last year -
Operating margin
9.9% , down 210 basis points vs. last year; adjusted operating margin down 60 basis points vs. last year to11.4% -
Earnings (loss) per share (EPS)
vs. Q2'FY24$0.52 ; adjusted EPS$(1.16) vs. Q2'FY24$0.60 $0.63
Balance Sheet Review
-
Q2'FY25 ending inventories down
13% relative to the prior year -
Net debt at the end of Q2'FY25 was
, down by approximately$5.7 billion relative to last year. Shortly after the fiscal quarter end, VF received$446 million of net proceeds following the close of the Supreme sale, allowing VF to further reduce net debt.$1.47 5 billion
Financial Outlook
-
For Q3'FY25 VF expects the following on a continuing operations basis:
-
Revenue in the range of
to$2.7 billion , down$2.75 billion 1% to down3% year-over-year in reported dollars, inclusive of an expected negative FX impact of approximately 100 basis points -
Adjusted operating income in the range of
to$170 million (Q3'FY24:$200 million )$218 million
-
Revenue in the range of
-
For FY25 VF expects free cash flow from continuing operations plus proceeds from non-core physical asset sales of approximately
, with core fundamentals in line with previous guidance. Relative to the original full year guidance of$425 million , the change reflects the sale of Supreme and additional reinvestment initiatives in the second half of FY25, which are partially offset by the greater than anticipated proceeds for non-core physical asset sales.$600 million
Summary Revenue Information |
||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||
|
|
Three Months Ended September |
|
Six Months Ended September |
||||||||||||||||||||||||
(Dollars in millions) |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
% Change (constant currency) |
|
|
2024 |
|
|
|
2023 |
|
|
% Change |
|
% Change (constant currency) |
||||
Brand: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The North Face® |
|
$ |
1,091.4 |
|
$ |
1,128.8 |
|
(3 |
)% |
|
(4 |
)% |
|
$ |
1,615.6 |
|
$ |
1,667.0 |
|
(3 |
)% |
|
(3 |
)% |
||||
Vans® |
|
|
667.4 |
|
|
|
748.8 |
|
|
(11 |
)% |
|
(11 |
)% |
|
|
1,249.3 |
|
|
|
1,486.3 |
|
|
(16 |
)% |
|
(16 |
)% |
Timberland® |
|
|
475.3 |
|
|
|
488.6 |
|
|
(3 |
)% |
|
(3 |
)% |
|
|
704.8 |
|
|
|
742.5 |
|
|
(5 |
)% |
|
(5 |
)% |
Dickies® |
|
|
152.4 |
|
|
|
171.4 |
|
|
(11 |
)% |
|
(11 |
)% |
|
|
269.2 |
|
|
|
308.1 |
|
|
(13 |
)% |
|
(12 |
)% |
Other Brands |
|
|
371.4 |
|
|
|
382.4 |
|
|
(3 |
)% |
|
(3 |
)% |
|
|
688.2 |
|
|
|
684.3 |
|
|
1 |
% |
|
0 |
% |
VF Revenue |
|
$ |
2,757.9 |
|
|
$ |
2,920.1 |
|
|
(6 |
)% |
|
(6 |
)% |
|
$ |
4,527.0 |
|
|
$ |
4,888.2 |
|
|
(7 |
)% |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Region: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
$ |
1,355.9 |
|
|
$ |
1,506.1 |
|
|
(10 |
)% |
|
(9 |
)% |
|
$ |
2,331.6 |
|
|
$ |
2,624.9 |
|
|
(11 |
)% |
|
(11 |
)% |
EMEA |
|
|
1,009.6 |
|
|
|
1,042.8 |
|
|
(3 |
)% |
|
(5 |
)% |
|
|
1,541.9 |
|
|
|
1,607.1 |
|
|
(4 |
)% |
|
(5 |
)% |
APAC |
|
|
392.5 |
|
|
|
371.3 |
|
|
6 |
% |
|
5 |
% |
|
|
653.6 |
|
|
|
656.3 |
|
|
0 |
% |
|
1 |
% |
VF Revenue |
|
$ |
2,757.9 |
|
|
$ |
2,920.1 |
|
|
(6 |
)% |
|
(6 |
)% |
|
$ |
4,527.0 |
|
|
$ |
4,888.2 |
|
|
(7 |
)% |
|
(7 |
)% |
International |
|
$ |
1,572.5 |
|
|
$ |
1,605.0 |
|
|
(2 |
)% |
|
(3 |
)% |
|
$ |
2,482.2 |
|
|
$ |
2,578.4 |
|
|
(4 |
)% |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Channel: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DTC |
|
$ |
914.9 |
|
|
$ |
997.5 |
|
|
(8 |
)% |
|
(8 |
)% |
|
$ |
1,655.9 |
|
|
$ |
1,852.8 |
|
|
(11 |
)% |
|
(10 |
)% |
Wholesale (a) |
|
|
1,843.0 |
|
|
|
1,922.7 |
|
|
(4 |
)% |
|
(5 |
)% |
|
|
2,871.1 |
|
|
|
3,035.4 |
|
|
(5 |
)% |
|
(6 |
)% |
VF Revenue |
|
$ |
2,757.9 |
|
|
$ |
2,920.1 |
|
|
(6 |
)% |
|
(6 |
)% |
|
$ |
4,527.0 |
|
|
$ |
4,888.2 |
|
|
(7 |
)% |
|
(7 |
)% |
All references to the periods ended September 2024 relate to the 13-week and 26-week fiscal periods ended September 28, 2024 and all references to the periods ended September 2023 relate to the 13-week and 26-week fiscal periods ended September 30, 2023. |
||||||||||||||||||||||||||||
Note: Amounts may not sum due to rounding |
||||||||||||||||||||||||||||
(a) Royalty revenues are included in the wholesale channel for all periods. |
Dividend Declared
VF’s Board of Directors declared a quarterly dividend of
Webcast Information
VF will host its second quarter fiscal 2025 conference call beginning at 4:30 p.m. Eastern Time today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.
VF will host its FY25 Investor Day, the first of a two-part investor event, on October 30, 2024. The event will be broadcast live on the Internet, accessible at vfc.com/investor-day-2024 beginning at approximately 10:00am until 12:00pm ET on October 30, 2024. An archived version will be available at the same location following the event.
About VF
Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including The North Face®, Vans®, Timberland® and Dickies®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.
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 “continuing” and “discontinued” operations amounts, which are concepts described under the heading “Discontinued Operations - Supreme.” Unless otherwise noted, results presented are based on continuing operations. This release also refers to “adjusted” amounts, a term that is described under the heading below “Adjusted Amounts - Excluding Reinvent and Transaction and Deal Related Activities.” Unless otherwise noted, “reported” and “adjusted” amounts are the same.
Discontinued Operations - Supreme
On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement with EssilorLuxottica S.A. to sell the Supreme® brand business (“Supreme”). On October 1, 2024, VF completed the sale of Supreme. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods presented.
Constant Currency - Excluding the Impact of Foreign Currency
This release refers to “reported” amounts in accordance with
Adjusted Amounts - Excluding Reinvent and Transaction and Deal Related Activities
The adjusted amounts in this release exclude costs related to Reinvent, VF's transformation program. Costs, including restructuring charges and project-related costs, were 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 JanSport® brands. Total transaction and deal related activities include costs of approximately
Combined, the above items negatively impacted earnings 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 VF's 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. VF cautions 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 its Reinvent transformation program and other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; VF’s ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of VF or third parties on which it relies, 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 VF 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 December 2023, could result in data or financial loss, reputational harm, business disruption, damage to our relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by VF or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; VF’s ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of VF's vendors' manufacturing facilities and VF's ability to establish and maintain effective supply chain capabilities; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; actions of activist and other shareholders; VF's ability to recruit, develop or retain key executive or employee talent or successfully transition executives; continuity of members of VF’s management; changes in the availability and cost of labor; VF’s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF’s licensees and distributors of the value of VF’s brands; VF’s ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; VF's ability to realize benefits from the completed sale of the Supreme® brand business; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in
VF CORPORATION Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) |
||||||||||||||||
|
|
Three Months Ended September |
|
Six Months Ended September |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net revenues |
|
$ |
2,757,948 |
|
|
$ |
2,920,123 |
|
|
$ |
4,527,008 |
|
|
$ |
4,888,186 |
|
Costs and operating expenses |
|
|
|
|
|
|
|
|
||||||||
Cost of goods sold |
|
|
1,317,391 |
|
|
|
1,430,194 |
|
|
|
2,180,773 |
|
|
|
2,369,828 |
|
Selling, general and administrative expenses |
|
|
1,166,654 |
|
|
|
1,139,390 |
|
|
|
2,195,352 |
|
|
|
2,197,668 |
|
Total costs and operating expenses |
|
|
2,484,045 |
|
|
|
2,569,584 |
|
|
|
4,376,125 |
|
|
|
4,567,496 |
|
Operating income |
|
|
273,903 |
|
|
|
350,539 |
|
|
|
150,883 |
|
|
|
320,690 |
|
Interest expense, net |
|
|
(42,688 |
) |
|
|
(41,111 |
) |
|
|
(83,635 |
) |
|
|
(76,687 |
) |
Other income (expense), net |
|
|
(660 |
) |
|
|
(2,183 |
) |
|
|
(2,146 |
) |
|
|
(5,826 |
) |
Income from continuing operations before income taxes |
|
|
230,555 |
|
|
|
307,245 |
|
|
|
65,102 |
|
|
|
238,177 |
|
Income tax expense |
|
|
28,046 |
|
|
|
758,887 |
|
|
|
14,620 |
|
|
|
752,794 |
|
Income (loss) from continuing operations |
|
|
202,509 |
|
|
|
(451,642 |
) |
|
|
50,482 |
|
|
|
(514,617 |
) |
Income (loss) from discontinued operations, net of tax |
|
|
(150,331 |
) |
|
|
945 |
|
|
|
(257,190 |
) |
|
|
6,495 |
|
Net income (loss) |
|
$ |
52,178 |
|
|
$ |
(450,697 |
) |
|
$ |
(206,708 |
) |
|
$ |
(508,122 |
) |
Earnings (loss) per common share - basic (a) |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.52 |
|
|
$ |
(1.16 |
) |
|
$ |
0.13 |
|
|
$ |
(1.33 |
) |
Discontinued operations |
|
|
(0.39 |
) |
|
|
— |
|
|
|
(0.66 |
) |
|
|
0.02 |
|
Total earnings (loss) per common share - basic |
|
$ |
0.13 |
|
|
$ |
(1.16 |
) |
|
$ |
(0.53 |
) |
|
$ |
(1.31 |
) |
Earnings (loss) per common share - diluted (a) |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
0.52 |
|
|
$ |
(1.16 |
) |
|
$ |
0.13 |
|
|
$ |
(1.33 |
) |
Discontinued operations |
|
|
(0.38 |
) |
|
|
— |
|
|
|
(0.66 |
) |
|
|
0.02 |
|
Total earnings (loss) per common share - diluted |
|
$ |
0.13 |
|
|
$ |
(1.16 |
) |
|
$ |
(0.53 |
) |
|
$ |
(1.31 |
) |
Weighted average shares outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
389,044 |
|
|
|
388,338 |
|
|
|
388,892 |
|
|
|
388,249 |
|
Diluted |
|
|
390,945 |
|
|
|
388,338 |
|
|
|
390,198 |
|
|
|
388,249 |
|
Cash dividends per common share |
|
$ |
0.09 |
|
|
$ |
0.30 |
|
|
$ |
0.18 |
|
|
$ |
0.60 |
|
|
|
|
|
|
|
|
|
|
||||||||
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 March 31 of each year. For presentation purposes herein, all references to the periods ended September 2024 relate to the 13-week and 26-week fiscal periods ended September 28, 2024, and all references to periods ended September 2023 relate to the 13-week and 26-week fiscal periods ended September 30, 2023. References to March 2024 relate to information as of March 30, 2024. |
||||||||||||||||
(a) Amounts have been calculated using unrounded numbers. |
||||||||||||||||
VF CORPORATION Condensed Consolidated Balance Sheets (Unaudited) (In thousands) |
||||||||||||
|
|
September |
|
March |
|
September |
||||||
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
||||||
Current assets |
|
|
|
|
|
|
||||||
Cash and equivalents |
|
$ |
492,164 |
|
$ |
656,376 |
|
$ |
484,825 |
|||
Accounts receivable, net |
|
|
1,820,197 |
|
|
|
1,263,329 |
|
|
|
1,881,531 |
|
Inventories |
|
|
2,082,918 |
|
|
|
1,697,823 |
|
|
|
2,405,291 |
|
Other current assets |
|
|
472,595 |
|
|
|
493,194 |
|
|
|
358,124 |
|
Current assets of discontinued operations |
|
|
1,590,984 |
|
|
|
116,225 |
|
|
|
113,791 |
|
Total current assets |
|
|
6,458,858 |
|
|
|
4,226,947 |
|
|
|
5,243,562 |
|
Property, plant and equipment, net |
|
|
755,802 |
|
|
|
788,992 |
|
|
|
885,882 |
|
Goodwill and intangible assets, net |
|
|
2,426,628 |
|
|
|
2,421,838 |
|
|
|
2,924,664 |
|
Operating lease right-of-use assets |
|
|
1,313,030 |
|
|
|
1,255,074 |
|
|
|
1,248,524 |
|
Other assets |
|
|
1,265,320 |
|
|
|
1,210,470 |
|
|
|
1,143,728 |
|
Other assets of discontinued operations |
|
|
— |
|
|
|
1,709,642 |
|
|
|
1,695,992 |
|
Total assets |
|
$ |
12,219,638 |
|
|
$ |
11,612,963 |
|
|
$ |
13,142,352 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
||||||
Current liabilities |
|
|
|
|
|
|
||||||
Short-term borrowings |
|
$ |
463,200 |
|
|
$ |
263,938 |
|
|
$ |
1,023,276 |
|
Current portion of long-term debt |
|
|
1,750,097 |
|
|
|
1,000,721 |
|
|
|
966 |
|
Accounts payable |
|
|
1,134,637 |
|
|
|
788,477 |
|
|
|
961,667 |
|
Accrued liabilities |
|
|
1,486,706 |
|
|
|
1,323,982 |
|
|
|
1,486,757 |
|
Current liabilities of discontinued operations |
|
|
147,791 |
|
|
|
79,861 |
|
|
|
72,167 |
|
Total current liabilities |
|
|
4,982,431 |
|
|
|
3,456,979 |
|
|
|
3,544,833 |
|
Long-term debt |
|
|
4,028,549 |
|
|
|
4,702,284 |
|
|
|
5,656,725 |
|
Operating lease liabilities |
|
|
1,136,605 |
|
|
|
1,087,304 |
|
|
|
1,066,933 |
|
Other liabilities |
|
|
665,686 |
|
|
|
636,090 |
|
|
|
598,409 |
|
Other liabilities of discontinued operations |
|
|
— |
|
|
|
71,941 |
|
|
|
65,407 |
|
Total liabilities |
|
|
10,813,271 |
|
|
|
9,954,598 |
|
|
|
10,932,307 |
|
Stockholders' equity |
|
|
1,406,367 |
|
|
|
1,658,365 |
|
|
|
2,210,045 |
|
Total liabilities and stockholders' equity |
|
$ |
12,219,638 |
|
|
$ |
11,612,963 |
|
|
$ |
13,142,352 |
|
VF CORPORATION Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands) |
||||||||
|
|
Six Months Ended September |
||||||
|
|
|
2024 |
|
|
|
2023 |
|
Operating activities |
|
|
|
|
||||
Net loss |
|
$ |
(206,708 |
) |
|
$ |
(508,122 |
) |
Income (loss) from discontinued operations, net of tax |
|
|
(257,190 |
) |
|
|
6,495 |
|
Income (loss) from continuing operations, net of tax |
|
|
50,482 |
|
|
|
(514,617 |
) |
Depreciation and amortization |
|
|
126,396 |
|
|
|
136,936 |
|
Reduction in the carrying amount of right-of-use assets |
|
|
179,206 |
|
|
|
183,335 |
|
Write-off of income tax receivables and interest |
|
|
— |
|
|
|
921,409 |
|
Other adjustments, including changes in operating assets and liabilities |
|
|
(657,907 |
) |
|
|
(787,783 |
) |
Cash used by operating activities - continuing operations |
|
|
(301,823 |
) |
|
|
(60,720 |
) |
Cash provided by operating activities - discontinued operations |
|
|
20,052 |
|
|
|
41,459 |
|
Cash used by operating activities |
|
|
(281,771 |
) |
|
|
(19,261 |
) |
Investing activities |
|
|
|
|
||||
Proceeds from sale of assets |
|
|
76,683 |
|
|
|
281 |
|
Capital expenditures |
|
|
(45,953 |
) |
|
|
(93,833 |
) |
Software purchases |
|
|
(25,727 |
) |
|
|
(41,150 |
) |
Other, net |
|
|
(21,424 |
) |
|
|
(11,026 |
) |
Cash used by investing activities - continuing operations |
|
|
(16,421 |
) |
|
|
(145,728 |
) |
Cash used by investing activities - discontinued operations |
|
|
(4,413 |
) |
|
|
(4,003 |
) |
Cash used by investing activities |
|
|
(20,834 |
) |
|
|
(149,731 |
) |
Financing activities |
|
|
|
|
||||
Net increase from short-term borrowings and long-term debt |
|
|
198,711 |
|
|
|
109,663 |
|
Cash dividends paid |
|
|
(70,048 |
) |
|
|
(233,172 |
) |
Proceeds from issuance of Common Stock, net of payments for tax withholdings |
|
|
(2,689 |
) |
|
|
(2,392 |
) |
Cash provided (used) by financing activities |
|
|
125,974 |
|
|
|
(125,901 |
) |
Effect of foreign currency rate changes on cash, cash equivalents and restricted cash |
|
|
14,304 |
|
|
|
(21,190 |
) |
Net change in cash, cash equivalents and restricted cash |
|
|
(162,327 |
) |
|
|
(316,083 |
) |
Cash, cash equivalents and restricted cash – beginning of year |
|
|
676,957 |
|
|
|
816,319 |
|
Cash, cash equivalents and restricted cash – end of period |
|
$ |
514,630 |
|
|
$ |
500,236 |
|
VF CORPORATION Supplemental Financial Information Reportable Segment Information (Unaudited) |
||||||||||||||
|
|
Three Months Ended September |
|
% Change |
|
% Change Constant Currency (a) |
||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
||||
Segment revenues |
|
|
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
1,658,672 |
|
|
$ |
1,713,679 |
|
|
(3)% |
|
(4)% |
||
Active |
|
|
879,767 |
|
|
|
968,171 |
|
|
(9)% |
|
(9)% |
||
Work |
|
|
219,509 |
|
|
|
238,273 |
|
|
(8)% |
|
(8)% |
||
Total segment revenues |
|
$ |
2,757,948 |
|
|
$ |
2,920,123 |
|
|
(6)% |
|
(6)% |
||
Segment profit |
|
|
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
287,414 |
|
|
$ |
296,750 |
|
|
|
|
|
||
Active |
|
|
103,659 |
|
|
|
121,189 |
|
|
|
|
|
||
Work |
|
|
20,408 |
|
|
|
8,515 |
|
|
|
|
|
||
Total segment profit |
|
|
411,481 |
|
|
|
426,454 |
|
|
|
|
|
||
Corporate and other expenses |
|
|
(138,238 |
) |
|
|
(78,098 |
) |
|
|
|
|
||
Interest expense, net |
|
|
(42,688 |
) |
|
|
(41,111 |
) |
|
|
|
|
||
Income from continuing operations before income taxes |
|
$ |
230,555 |
|
|
$ |
307,245 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
(a) Refer to constant currency definition on the following pages. |
||||||||||||||
VF CORPORATION Supplemental Financial Information Reportable Segment Information (Unaudited) (In thousands) |
||||||||||||||
|
|
Six Months Ended September |
|
% Change |
|
% Change Constant Currency (a) |
||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
||||
Segment revenues |
|
|
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
2,448,871 |
|
|
$ |
2,543,376 |
|
|
(4)% |
|
(4)% |
||
Active |
|
|
1,683,665 |
|
|
|
1,915,907 |
|
|
(12)% |
|
(12)% |
||
Work |
|
|
394,472 |
|
|
|
428,903 |
|
|
(8)% |
|
(8)% |
||
Total segment revenues |
|
$ |
4,527,008 |
|
|
$ |
4,888,186 |
|
|
(7)% |
|
(7)% |
||
Segment profit |
|
|
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
203,999 |
|
|
$ |
253,089 |
|
|
|
|
|
||
Active |
|
|
172,759 |
|
|
|
222,324 |
|
|
|
|
|
||
Work |
|
|
25,736 |
|
|
|
15,346 |
|
|
|
|
|
||
Total segment profit |
|
|
402,494 |
|
|
|
490,759 |
|
|
|
|
|
||
Corporate and other expenses |
|
|
(253,757 |
) |
|
|
(175,895 |
) |
|
|
|
|
||
Interest expense, net |
|
|
(83,635 |
) |
|
|
(76,687 |
) |
|
|
|
|
||
Income from continuing operations before income taxes |
|
$ |
65,102 |
|
|
$ |
238,177 |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||||||
(a) Refer to constant currency definition on the following pages. |
||||||||||||||
VF CORPORATION Supplemental Financial Information Reportable Segment Information – Constant Currency Basis (Unaudited) (In thousands) |
||||||||||||
|
|
Three Months Ended September 2024 |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
1,658,672 |
|
|
$ |
(10,924 |
) |
|
$ |
1,647,748 |
|
Active |
|
|
879,767 |
|
|
|
(576 |
) |
|
|
879,191 |
|
Work |
|
|
219,509 |
|
|
|
(44 |
) |
|
|
219,465 |
|
Total segment revenues |
|
$ |
2,757,948 |
|
|
$ |
(11,544 |
) |
|
$ |
2,746,404 |
|
Segment profit |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
287,414 |
|
|
$ |
(4,332 |
) |
|
$ |
283,082 |
|
Active |
|
|
103,659 |
|
|
|
(681 |
) |
|
|
102,978 |
|
Work |
|
|
20,408 |
|
|
|
(51 |
) |
|
|
20,357 |
|
Total segment profit |
|
|
411,481 |
|
|
|
(5,064 |
) |
|
|
406,417 |
|
Corporate and other expenses |
|
|
(138,238 |
) |
|
|
(103 |
) |
|
|
(138,341 |
) |
Interest expense, net |
|
|
(42,688 |
) |
|
|
— |
|
|
|
(42,688 |
) |
Income from continuing operations before income taxes |
|
$ |
230,555 |
|
|
$ |
(5,167 |
) |
|
$ |
225,388 |
|
Diluted earnings per share growth from continuing operations |
|
|
145 |
% |
|
|
(1 |
)% |
|
|
144 |
% |
|
|
|
|
|
|
|
||||||
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. |
||||||||||||
VF CORPORATION Supplemental Financial Information Reportable Segment Information – Constant Currency Basis (Unaudited) (In thousands) |
||||||||||||
|
|
Six Months Ended September 2024 |
||||||||||
|
|
As Reported |
|
Adjust for Foreign |
|
|
||||||
|
|
under GAAP |
|
Currency Exchange |
|
Constant Currency |
||||||
Segment revenues |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
2,448,871 |
|
|
$ |
(4,236 |
) |
|
$ |
2,444,635 |
|
Active |
|
|
1,683,665 |
|
|
|
2,966 |
|
|
|
1,686,631 |
|
Work |
|
|
394,472 |
|
|
|
839 |
|
|
|
395,311 |
|
Total segment revenues |
|
$ |
4,527,008 |
|
|
$ |
(431 |
) |
|
$ |
4,526,577 |
|
Segment profit |
|
|
|
|
|
|
||||||
Outdoor |
|
$ |
203,999 |
|
|
$ |
(3,544 |
) |
|
$ |
200,455 |
|
Active |
|
|
172,759 |
|
|
|
(462 |
) |
|
|
172,297 |
|
Work |
|
|
25,736 |
|
|
|
(81 |
) |
|
|
25,655 |
|
Total segment profit |
|
|
402,494 |
|
|
|
(4,087 |
) |
|
|
398,407 |
|
Corporate and other expenses |
|
|
(253,757 |
) |
|
|
(814 |
) |
|
|
(254,571 |
) |
Interest expense, net |
|
|
(83,635 |
) |
|
|
— |
|
|
|
(83,635 |
) |
Income from continuing operations before income taxes |
|
$ |
65,102 |
|
|
$ |
(4,901 |
) |
|
$ |
60,201 |
|
Diluted earnings per share growth from continuing operations |
|
|
110 |
% |
|
|
(1 |
)% |
|
|
109 |
% |
|
|
|
|
|
|
|
||||||
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. |
||||||||||||
VF CORPORATION Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 2024 (Unaudited) (In thousands, except per share amounts) |
||||||||||||||||
Three Months Ended September 2024 |
|
As Reported under GAAP |
|
Reinvent (a) |
|
Transaction and Deal Related Activities (b) |
|
Adjusted |
||||||||
Revenues |
|
$ |
2,757,948 |
|
|
$ |
— |
|
$ |
— |
|
$ |
2,757,948 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
|
1,440,557 |
|
|
|
— |
|
|
|
— |
|
|
|
1,440,557 |
|
Percent |
|
|
52.2 |
% |
|
|
|
|
|
|
52.2 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
273,903 |
|
|
|
41,279 |
|
|
|
— |
|
|
|
315,182 |
|
Percent |
|
|
9.9 |
% |
|
|
|
|
|
|
11.4 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share from continuing operations (c) |
|
|
0.52 |
|
|
|
0.08 |
|
|
|
— |
|
|
|
0.60 |
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended September 2024 |
|
As Reported under GAAP |
|
Reinvent (a) |
|
Transaction and Deal Related Activities (b) |
|
Adjusted |
||||||||
Revenues |
|
$ |
4,527,008 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,527,008 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
|
2,346,235 |
|
|
|
412 |
|
|
|
— |
|
|
|
2,346,647 |
|
Percent |
|
|
51.8 |
% |
|
|
|
|
|
|
51.8 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
150,883 |
|
|
|
59,128 |
|
|
|
490 |
|
|
|
210,501 |
|
Percent |
|
|
3.3 |
% |
|
|
|
|
|
|
4.6 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings per share from continuing operations (c) |
|
|
0.13 |
|
|
|
0.11 |
|
|
|
— |
|
|
|
0.24 |
|
|
|
|
|
|
|
|
|
|
||||||||
(a) Costs related to Reinvent, VF's transformation program, including restructuring charges and project-related costs, were
The Company currently estimates that it will incur approximately |
||||||||||||||||
(b) 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 JanSport® brands, which totaled |
||||||||||||||||
(c) Amounts shown in the table have been calculated using unrounded numbers. The diluted earnings per share impacts were calculated using 390,945,000 and 390,198,000 weighted average common shares for the three and six months ended September 2024, respectively. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
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 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. |
||||||||||||||||
VF CORPORATION Supplemental Financial Information Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Six Months Ended September 2023 (Unaudited) (In thousands, except per share amounts) |
||||||||||||||||
Three Months Ended September 2023 |
|
As Reported under GAAP |
|
Transaction and Deal Related Activities (a) |
|
Tax Items (b) |
|
Adjusted |
||||||||
Revenues |
|
$ |
2,920,123 |
|
|
$ |
— |
|
$ |
— |
|
$ |
2,920,123 |
|
||
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
|
1,489,929 |
|
|
|
— |
|
|
|
— |
|
|
|
1,489,929 |
|
Percent |
|
|
51.0 |
% |
|
|
|
|
|
|
51.0 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
350,539 |
|
|
|
328 |
|
|
|
— |
|
|
|
350,867 |
|
Percent |
|
|
12.0 |
% |
|
|
|
|
|
|
12.0 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share from continuing operations (c) |
|
|
(1.16 |
) |
|
|
— |
|
|
|
1.79 |
|
|
|
0.63 |
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended September 2023 |
|
As Reported under GAAP |
|
Transaction and Deal Related Activities (a) |
|
Tax Items (b) |
|
Adjusted |
||||||||
Revenues |
|
$ |
4,888,186 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,888,186 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
|
2,518,358 |
|
|
|
— |
|
|
|
— |
|
|
|
2,518,358 |
|
Percent |
|
|
51.5 |
% |
|
|
|
|
|
|
51.5 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating income |
|
|
320,690 |
|
|
|
1,446 |
|
|
|
— |
|
|
|
322,136 |
|
Percent |
|
|
6.6 |
% |
|
|
|
|
|
|
6.6 |
% |
||||
|
|
|
|
|
|
|
|
|
||||||||
Diluted earnings (loss) per share from continuing operations (c) |
|
|
(1.33 |
) |
|
|
— |
|
|
|
1.79 |
|
|
|
0.47 |
|
|
|
|
|
|
|
|
|
|
||||||||
(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 JanSport® brands, which totaled |
||||||||||||||||
(b) Tax items include the impact to tax expense resulting from the decision by the |
||||||||||||||||
(c) Amounts shown in the table have been calculated using unrounded numbers. The GAAP diluted loss per share was calculated using 388,338,000 and 388,249,000 weighted average common shares for the three and six months ended September 2023, respectively. The adjusted diluted earnings per share impacts were calculated using 389,487,000 and 389,181,000 weighted average common shares for the three and six months ended September 2023, respectively. |
||||||||||||||||
|
||||||||||||||||
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 and certain tax items. 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. |
||||||||||||||||
VF CORPORATION Supplemental Financial Information Top 4 Brand Revenue Information (Unaudited) |
||||||||||||||||
|
|
Three Months Ended September 2024 |
|
Six Months Ended September 2024 |
||||||||||||
Top 4 Brand Revenue Growth |
|
|
|
EMEA |
|
APAC |
|
Global |
|
|
|
EMEA |
|
APAC |
|
Global |
The North Face® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
(14)% |
|
|
|
|
|
(3)% |
|
(13)% |
|
(2)% |
|
|
|
(3)% |
% change constant currency* |
|
(13)% |
|
(2)% |
|
|
|
(4)% |
|
(12)% |
|
(4)% |
|
|
|
(3)% |
Vans® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
(10)% |
|
(7)% |
|
(27)% |
|
(11)% |
|
(18)% |
|
(5)% |
|
(28)% |
|
(16)% |
% change constant currency* |
|
(9)% |
|
(8)% |
|
(26)% |
|
(11)% |
|
(17)% |
|
(6)% |
|
(27)% |
|
(16)% |
Timberland® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
(4)% |
|
(3)% |
|
|
|
(3)% |
|
(2)% |
|
(7)% |
|
(8)% |
|
(5)% |
% change constant currency* |
|
(3)% |
|
(5)% |
|
|
|
(3)% |
|
(1)% |
|
(8)% |
|
(7)% |
|
(5)% |
Dickies® |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change |
|
(14)% |
|
|
|
(16)% |
|
(11)% |
|
(14)% |
|
|
|
(25)% |
|
(13)% |
% change constant currency* |
|
(14)% |
|
|
|
(15)% |
|
(11)% |
|
(14)% |
|
|
|
(23)% |
|
(12)% |
*Refer to constant currency definition on previous pages. |
||||||||||||||||
VF CORPORATION Supplemental Financial Information Geographic and Channel Revenue Information (Unaudited) |
||||||||
|
|
Three Months Ended September 2024 |
|
Six Months Ended September 2024 |
||||
|
|
% Change |
|
% Change Constant Currency* |
|
% Change |
|
% Change Constant Currency* |
Geographic Revenue Growth |
|
|
|
|
|
|
|
|
|
|
(10)% |
|
(9)% |
|
(11)% |
|
(11)% |
EMEA |
|
(3)% |
|
(5)% |
|
(4)% |
|
(5)% |
APAC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International |
|
(2)% |
|
(3)% |
|
(4)% |
|
(4)% |
Global |
|
(6)% |
|
(6)% |
|
(7)% |
|
(7)% |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 2024 |
|
Six Months Ended September 2024 |
||||
|
|
% Change |
|
% Change Constant Currency* |
|
% Change |
|
% Change Constant Currency* |
Channel Revenue Growth |
|
|
|
|
|
|
|
|
Wholesale (a) |
|
(4)% |
|
(5)% |
|
(5)% |
|
(6)% |
Direct-to-consumer |
|
(8)% |
|
(8)% |
|
(11)% |
|
(10)% |
Digital |
|
(5)% |
|
(5)% |
|
(7)% |
|
(7)% |
|
|
|
|
|
|
|
|
|
|
|
As of September |
|
|
|
|
||
|
|
2024 |
|
2023 |
|
|
|
|
DTC Store Count |
|
|
|
|
|
|
|
|
Total |
|
1,160 |
|
1,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
*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/20241028757895/en/
Investor Contact:
Allegra Perry
ir@vfc.com
Media Contact:
Colin Wheeler
corporate_communications@vfc.com
Source: VF Corporation
FAQ
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