VF Corporation (NYSE: VFC) today announced financial results for
its first quarter (Q1'FY24) ended July 1, 2023.
Q1'FY24 Financial Highlights
- Revenue down 8% to $2.1 billion
- Loss per share down 2% to $(0.15); adjusted loss per share
$(0.15) vs. Q1'FY23 adjusted earnings per share $0.09
Bracken Darrell, President and CEO, said: “I am honored
to lead this great company into the next chapter of its history. I
am passionate about building brands through a design-and-innovation
lens and creating unique and differentiated products, immersive
storytelling and elevated experiences for consumers. VF has a
portfolio of globally recognized, iconic brands, a deeply embedded
purpose and impressive talent, all of which gives me every
confidence we have all the necessary ingredients to unlock the
company's significant potential and return to delivering strong,
sustainable and profitable growth which will translate to elevated
shareholder returns.”
Q1’FY24 Operating Highlights
- The North Face® delivered its 10th consecutive quarter of
double-digit constant dollar revenue growth, up 12%
- Vans® down 22%, impacted by wholesale in the Americas (down 39%
and down 40% in constant dollars) as the turnaround work continues
at the brand
- Wholesale down 12%, including wholesale in the Americas down
18%
- Direct-to-Consumer (DTC) down 3% (down 2% in constant dollars)
and up 6% excluding Vans® (up 7% in constant dollars)
- International markets increased by 3% (up 4% in constant
dollars)
- Greater China up 24% (up 31% in constant dollars), leading
further improvement in the APAC region of up 13% (up 18% in
constant dollars)
- EMEA revenue down 2% (down 3% in constant dollars), reflecting
continued growth in DTC, but lower wholesale revenue
FY24 Outlook
- The company reiterates full year EPS guidance range of $2.05 to
$2.25
- Revenue is now expected to be modestly down to flat for the
year, reflecting ongoing weakness in our wholesale business and a
longer than anticipated turnaround for Vans
- Free cash flow is expected to be in line with previous guidance
of approximately $900 million
Matt Puckett, CFO, said: “While our Q1 performance is not
reflective of our standards, we achieved our earnings target in the
quarter. We remain focused on improving our operational execution,
although it will take time for our revenue performance to benefit
from actions that are underway. We are well positioned to advance
our key priorities this year with an emphasis on increasing
operating earnings through improved gross margins, generating
healthy cash flow and reducing debt, all of which lead to a
strengthened financial position.”
Summary Revenue
Information
(Unaudited)
Three Months Ended
June
(Dollars in millions)
2023
2022
% Change
% Change (constant currency)
Brand:
Vans®
$
737.5
$
946.8
(22
)%
(22
)%
The North Face®
538.2
481.1
12
%
12
%
Timberland®
253.8
269.5
(6
)%
(6
)%
Dickies®
136.6
170.4
(20
)%
(19
)%
Other Brands
420.2
393.9
7
%
7
%
VF Revenue
$
2,086.3
$
2,261.6
(8
)%
(8
)%
Region:
Americas
$
1,183.8
$
1,385.1
(15
)%
(15
)%
EMEA
584.3
594.6
(2
)%
(3
)%
APAC
318.2
281.9
13
%
18
%
VF Revenue
$
2,086.3
$
2,261.6
(8
)%
(8
)%
International
$
1,026.7
$
992.0
3
%
4
%
Channel:
DTC
$
973.6
$
999.1
(3
)%
(2
)%
Wholesale (a)
1,112.7
1,262.5
(12
)%
(12
)%
VF Revenue
$
2,086.3
$
2,261.6
(8
)%
(8
)%
All references to the three months ended
June 2023 relate to the 13-week fiscal period ended July 1, 2023
and all references to the three months ended June 2022 relate to
the 13-week fiscal period ended July 2, 2022.
Note: Amounts may not sum due to
rounding
(a) Royalty revenues are included in the
wholesale channel for all periods.
Q1'FY24 Income Statement Review
- Revenue $2.1 billion, down 8% with the big four brands down 11%
and the balance of the portfolio up 7%
- The North Face® revenue $0.5 billion, up 12%
- Vans® revenue $0.7 billion, down 22%
- Gross margin 52.8%, down 110 basis points; Adjusted gross
margin 52.8%, down 130 basis points due primarily to increased
promotions
- Adjusted gross margin headwinds include 200 basis points of
unfavorable rate impact (including promotions) and 10 basis points
of adverse foreign currency exchange rates, partially offset by 80
basis points of mix benefits
- Operating margin (0.4)%, down 320 basis points; adjusted
operating margin (0.4)%, down 380 basis points
- Adjusted operating margin contraction driven by 130 basis
points of unfavorable gross margin impact and 250 basis points of
deleverage
- Loss per share of $(0.15), down 2%; adjusted loss per share
$(0.15) vs. Q1'FY23 adjusted earnings per share $0.09
Q1'FY24 Balance Sheet Review
- Inventories increased by $446 million during Q1’FY24, up 19%
relative to last year; primarily driven by core and excess
replenishment inventory
- VF modified terms with the majority of its suppliers in the
first quarter of fiscal 2023 to take ownership of inventory near
point of shipment rather than destination; this program has now
been fully lapped in Q1
- Accounts payable increased 25% relative to last year, which was
largely driven by the modified terms with the majority of
suppliers
Q1’FY24 Shareholder Returns
- Return of $117 million to shareholders through cash
dividends
- VF’s Board of Directors declared a quarterly dividend of $0.30
per share. This dividend will be payable on September 20, 2023, to
shareholders of record at the close of business on September 11,
2023. Subject to approval by its Board of Directors, VF intends to
continue to pay quarterly dividends
Webcast Information
VF will host its first quarter fiscal 2024 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.
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 Vans®, The North Face®, 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” amounts, terms
that are described under the heading below “Constant Currency -
Excluding the Impact of Foreign Currency.” Unless otherwise noted,
“reported” and “constant dollar” amounts are the same. This release
also refers to “adjusted” amounts, a term that is described under
the heading below “Adjusted Amounts - Excluding 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
U.S. generally accepted accounting principles (“GAAP”), which
include translation and transactional impacts from foreign currency
exchange rates. This release also refers to “constant dollar”
amounts, which exclude the impact of translating foreign currencies
into U.S. dollars. Reconciliations of GAAP measures to constant
currency 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.
Adjusted Amounts - Excluding Transaction and Deal Related
Activities
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 $1 million in the
first quarter of fiscal 2024.
All adjusted amounts referenced herein exclude the effects of
these amounts.
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.
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,”
“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 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;
intense competition from online retailers and other
direct-to-consumer business risks; third-party manufacturing and
product innovation; increasing pressure on margins; VF’s ability to
implement its business strategy; VF’s ability to grow its
international, direct-to-consumer and digital businesses; VF’s
ability to find and amplify consumer tailwinds, build brands on
multiple growth horizons and leverage platforms for speed to scale
and efficiency; retail industry changes and challenges; VF’s
ability to create and maintain an agile and efficient operating
model and organizational structure; VF’s and its vendors’ ability
to maintain the strength and security of information technology
systems; the risk that VF’s facilities and systems and those of our
third-party service providers may be vulnerable to and unable to
anticipate or detect data or information security breaches and data
or financial loss; VF’s ability to properly collect, use, manage
and secure business, consumer and employee data and comply with
privacy and security regulations; 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;
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 such
as the impairment charges related to the Supreme® reporting unit
goodwill and indefinite-lived trademark intangible asset;
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; business
resiliency in response to natural or man-made economic, public
health, political or environmental disruptions; changes in tax laws
and additional tax liabilities, including for the timing of income
inclusion associated with our acquisition of the Timberland® brand
in 2011; legal, regulatory, political, economic, and geopolitical
risks, including those related to the current conflict in Ukraine;
changes to laws and regulations; adverse or unexpected weather
conditions, including any potential effects from climate change;
VF's indebtedness and its ability to obtain financing on favorable
terms, if needed, could prevent VF from fulfilling its financial
obligations; VF's ability to pay and declare dividends or
repurchase its stock in the future; climate change and increased
focus on environmental, social and governance issues; VF's ability
to execute on its sustainability strategy and achieve its
sustainability related goals and targets; risks arising from the
widespread outbreak of an illness or any other communicable
disease, or any other public health crisis, including the
coronavirus (COVID-19) global pandemic; and tax risks associated
with the spin-off of our Jeanswear business completed in 2019. More
information on potential factors that could affect VF’s financial
results is included from time to time in VF’s public reports filed
with the SEC, including VF’s Annual Report on Form 10-K, and
Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished
with the SEC.
VF CORPORATION
Condensed Consolidated
Statements of Operations
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
June
2023
2022
Net revenues
$
2,086,336
$
2,261,595
Costs and operating expenses
Cost of goods sold
985,269
1,042,982
Selling, general and administrative
expenses
1,110,059
1,155,251
Total costs and operating expenses
2,095,328
2,198,233
Operating income (loss)
(8,992
)
63,362
Interest expense, net
(49,719
)
(31,262
)
Other income (expense), net
(3,567
)
(94,714
)
Loss before income taxes
(62,278
)
(62,614
)
Income tax benefit
(4,853
)
(6,654
)
Net loss
$
(57,425
)
$
(55,960
)
Net loss per common share (a)
Basic
$
(0.15
)
$
(0.14
)
Diluted
$
(0.15
)
$
(0.14
)
Weighted average shares
outstanding
Basic
388,160
387,563
Diluted
388,160
387,563
Cash dividends per common share
$
0.30
$
0.50
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 three months ended June 2023 and June 2022 relate
to the 13-week fiscal period ended July 1, 2023 and the 13-week
fiscal period ended July 2, 2022, respectively. References to March
2023 relate to information as of April 1, 2023.
(a) Amounts have been calculated using
unrounded numbers.
VF CORPORATION
Condensed Consolidated Balance
Sheets
(Unaudited)
(In thousands)
June
March
June
2023
2023
2022
ASSETS
Current assets
Cash and equivalents
$
806,529
$
814,887
$
528,029
Accounts receivable, net
1,214,223
1,610,295
1,249,713
Inventories
2,787,021
2,292,790
2,341,395
Other current assets
405,784
434,737
492,569
Total current assets
5,213,557
5,152,709
4,611,706
Property, plant and equipment,
net
943,163
942,440
1,007,853
Goodwill and intangible assets,
net
4,614,442
4,621,234
5,343,684
Operating lease right-of-use
assets
1,349,725
1,372,182
1,227,462
Other assets
1,923,011
1,901,923
1,021,048
Total assets
$
14,043,898
$
13,990,488
$
13,211,753
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities
Short-term borrowings
$
58,520
$
11,491
$
827,380
Current portion of long-term debt
928,736
924,305
1,058
Accounts payable
1,282,313
936,319
1,022,755
Accrued liabilities
1,546,866
1,673,651
1,612,804
Total current liabilities
3,816,435
3,545,766
3,463,997
Long-term debt
5,722,448
5,711,014
4,468,399
Operating lease liabilities
1,155,852
1,171,941
1,006,274
Other liabilities
632,400
651,054
920,590
Total liabilities
11,327,135
11,079,775
9,859,260
Stockholders' equity
2,716,763
2,910,713
3,352,493
Total liabilities and stockholders'
equity
$
14,043,898
$
13,990,488
$
13,211,753
VF CORPORATION
Condensed Consolidated
Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months Ended
June
2023
2022
Operating activities
Net loss
$
(57,425
)
$
(55,960
)
Depreciation and amortization
67,075
66,754
Reduction in the carrying amount of
right-of-use assets
95,728
93,337
Other adjustments
58,197
(462,451
)
Cash provided (used) by operating
activities
163,575
(358,320
)
Investing activities
Capital expenditures
(61,763
)
(52,657
)
Software purchases
(22,827
)
(26,907
)
Other, net
(5,972
)
10,045
Cash used by investing activities
(90,562
)
(69,519
)
Financing activities
Contingent consideration payment
—
(56,976
)
Net increase (decrease) from short-term
borrowings and long-term debt
46,415
(8,344
)
Cash dividends paid
(116,575
)
(194,135
)
Proceeds from issuance of Common Stock,
net of (payments) for tax withholdings
(1,725
)
(1,766
)
Cash used by financing activities
(71,885
)
(261,221
)
Effect of foreign currency rate changes
on cash, cash equivalents and restricted cash
(9,326
)
(58,988
)
Net change in cash, cash equivalents
and restricted cash
(8,198
)
(748,048
)
Cash, cash equivalents and restricted
cash – beginning of year
816,319
1,277,082
Cash, cash equivalents and restricted
cash – end of period
$
808,121
$
529,034
VF CORPORATION
Supplemental Financial
Information
Reportable Segment
Information
(Unaudited)
(In thousands)
Three Months Ended
June
% Change
% Change Constant Currency
(a)
2023
2022
Segment revenues
Outdoor
$
829,697
$
768,624
8%
8%
Active
1,066,009
1,253,945
(15)%
(15)%
Work
190,630
238,878
(20)%
(20)%
Other (b)
—
148
*
*
Total segment revenues
$
2,086,336
$
2,261,595
(8)%
(8)%
Segment profit (loss)
Outdoor
$
(43,661
)
$
(46,851
)
Active
123,782
214,031
Work
6,831
35,002
Other (b)
—
(225
)
Total segment profit
86,952
201,957
Corporate and other expenses
(99,511
)
(233,309
)
Interest expense, net
(49,719
)
(31,262
)
Loss before income taxes
$
(62,278
)
$
(62,614
)
(a) Refer to constant currency definition
on the following pages.
(b) Other is included for purposes of
reconciliation of revenues and profit, but it is not considered a
reportable segment. Other primarily includes sourcing activities
related to transition services.
* Calculation not meaningful
VF CORPORATION
Supplemental Financial
Information
Reportable Segment Information
– Constant Currency Basis
(Unaudited)
(In thousands)
Three Months Ended June
2023
As Reported
Adjust for Foreign
under GAAP
Currency Exchange
Constant Currency
Segment revenues
Outdoor
$
829,697
$
2,333
$
832,030
Active
1,066,009
67
1,066,076
Work
190,630
1,152
191,782
Other
—
—
—
Total segment revenues
$
2,086,336
$
3,552
$
2,089,888
Segment profit (loss)
Outdoor
$
(43,661
)
$
1,115
$
(42,546
)
Active
123,782
478
124,260
Work
6,831
69
6,900
Other
—
—
—
Total segment profit
86,952
1,662
88,614
Corporate and other expenses
(99,511
)
(272
)
(99,783
)
Interest expense, net
(49,719
)
—
(49,719
)
Loss before income taxes
$
(62,278
)
$
1,390
$
(60,888
)
Diluted net loss per share
growth
(2
)%
1
%
(1
)%
Constant Currency Financial
Information
VF is a global company that reports
financial information in U.S. dollars in accordance with GAAP.
Foreign currency exchange rate fluctuations affect the amounts
reported by VF from translating its foreign revenues and expenses
into U.S. dollars. These rate fluctuations can have a significant
effect on reported operating results. As a supplement to our
reported operating results, we present constant currency financial
information, which is a non-GAAP financial measure that excludes
the impact of translating foreign currencies into U.S. dollars. We
use constant currency information to provide a framework to assess
how our business performed excluding the effects of changes in the
rates used to calculate foreign currency translation. Management
believes this information is useful to investors to facilitate
comparison of operating results and better identify trends in our
businesses.
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
U.S. dollar are translated into U.S. dollars at the average
exchange rates in effect during the comparable period of the prior
year (rather than the actual exchange rates in effect during the
current year period).
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 Months Ended June
2023
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended June 2023
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 net 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 JanSport® brands,
which totaled $1.1 million for the three months ended June 2023.
The transaction and deal related activities resulted in a net tax
benefit of $0.3 million in the three months ended June 2023.
(b) Amounts shown in the table have been
calculated using unrounded numbers. The diluted net loss per share
impacts were calculated using 388,160,000 weighted average common
shares for the three months ended June 2023.
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.
VF CORPORATION
Supplemental Financial
Information
Reconciliation of Select GAAP
Measures to Non-GAAP Measures - Three Months Ended June
2022
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended June 2022
As Reported
under GAAP
Transaction and Deal Related
Activities (a)
Specified Strategic Business
Decisions (b)
Pension Settlement Charge
(c)
Adjusted
Revenues
$
2,261,595
$
—
$
—
$
—
$
2,261,595
Gross profit
1,218,613
—
5,081
—
1,223,694
Percent
53.9
%
54.1
%
Operating income
63,362
331
13,778
—
77,471
Percent
2.8
%
3.4
%
Diluted earnings (loss) per share
(d)
(0.14
)
—
0.03
0.20
0.09
(a) Transaction and deal related
activities include activities associated with the acquisition of
Supreme Holdings, Inc. ("Supreme") for the three months ended June
2022. Transaction and deal related activities include integration
costs of $0.3 million for the three months ended June 2022. The
transaction and deal related activities resulted in a net tax
benefit of $0.1 million in the three months ended June 2022.
(b) Specified strategic business decisions
for the three months ended June 2022 include costs related to VF's
business model transformation of $6.0 million in the three months
ended June 2022, related primarily to restructuring and other
costs. Specified strategic business decisions also include costs
related to a transformation initiative for our Asia-Pacific
regional operations of $7.8 million in the three months ended June
2022. The specified strategic business decisions resulted in a net
tax benefit of $2.2 million in the three months ended June
2022.
(c) A pension settlement charge of $91.8
million was recorded in the 'Other income (expense), net' line item
in the three months ended June 2022. The pension settlement charge
resulted from the purchase of a group annuity contract, which was
an action taken to streamline administration, manage financial risk
associated with pension plans, and to transfer a portion of the
liability associated with VF's U.S. pension plan to an insurance
company. The pension settlement charge resulted in a net tax
benefit of $13.8 million in the three months ended June 2022,
related to the impact of the settlement charge on the interim tax
rate calculation.
(d) Amounts shown in the table have been
calculated using unrounded numbers. The GAAP diluted earnings per
share was calculated using 387,563,000 weighted average common
shares for the three months ended June 2022. The adjusted diluted
earnings per share was calculated using 388,396,000 weighted
average common shares for the three months ended June 2022.
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, activity
related to specified strategic business decisions and a pension
settlement charge. 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 June
2023
Top 4 Brand Revenue Growth
Americas
EMEA
APAC
Global
Vans®
% change
(26
)%
(17
)%
(7
)%
(22
)%
% change constant currency*
(27
)%
(18
)%
(3
)%
(22
)%
The North Face®
% change
9
%
4
%
49
%
12
%
% change constant currency*
9
%
2
%
57
%
12
%
Timberland®
% change
(21
)%
6
%
22
%
(6
)%
% change constant currency*
(21
)%
4
%
26
%
(6
)%
Dickies®
% change
(24
)%
17
%
(21
)%
(20
)%
% change constant currency*
(24
)%
15
%
(18
)%
(19
)%
*Refer to constant currency definition on
previous pages.
VF CORPORATION
Supplemental Financial
Information
Geographic and Channel Revenue
Information
(Unaudited)
Three Months Ended June
2023
% Change
% Change Constant
Currency*
Geographic
Revenue Growth
Americas
(15
)%
(15
)%
EMEA
(2
)%
(3
)%
APAC
13
%
18
%
Greater China
24
%
31
%
International
3
%
4
%
Global
(8
)%
(8
)%
Three Months Ended June
2023
% Change
% Change Constant
Currency*
Channel Revenue
Growth
Wholesale (a)
(12
)%
(12
)%
Direct-to-consumer
(3
)%
(2
)%
Digital
(4
)%
(3
)%
As of June
2023
2022
DTC Store
Count
Total
1,250
1,297
*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/20230801287934/en/
Investor Contact: Allegra
Perry ir@vfc.com
Media Contact: Colin Wheeler
corporate_communications@vfc.com
VF (NYSE:VFC)
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