Q2'FY24 Financial Highlights

•  Revenue down 2% (down 4% in constant dollars) to $3.0 billion

• Loss per share $(1.16) versus Q2'FY23 loss per share $(0.31), impacted by the additional tax expense booked as a result of the Timberland tax case ruling; adjusted earnings per share $0.63 versus Q2'FY23 adjusted earnings per share $0.73

Bracken Darrell, President and CEO, said: "In my first 100 days, as I have spent time with our brands, teams, and customers around the world, I have developed even stronger conviction in the company's significant potential, which is far greater than what we are delivering today. Our transformation plan, Reinvent, will improve our brand-building and execution while addressing with urgency our top priorities of improving North America, accelerating the Vans turnaround, significantly reducing our fixed costs and reducing leverage. We are excited about the long term, starting with these first major steps toward improving our near-term performance, positioning us to return to growth and generate shareholder value.”

Q2'FY24 Operating Highlights

• The North Face® delivered another quarter of double-digit revenue growth, up 19% (up 17% in constant dollars), benefiting from on-time deliveries, which negatively impacted the prior year period due to supply chain disruption

• Vans® down 21% (down 23% in constant dollars)

• Wholesale down 1% (down 3% in constant dollars), primarily driven by the Americas, down 11%

• Direct-to-Consumer (DTC) down 3% (down 5% in constant dollars) and up 10% excluding Vans® (up 9% in constant dollars)

• Americas down 11% and down 3% excluding Vans®

• International business up 10% (up 5% in constant dollars)

- Greater China up 8% (up 14% in constant dollars), with the APAC region up 2% (up 6% in constant dollars)

- EMEA revenue up 14% (up 6% in constant dollars), reflecting growth across all channels

Reinvent

The company introduces Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and to allow us to achieve our full potential. Our first announced steps in this transformation cover four key priorities: Improve North America results, Deliver the Vans turnaround, Reduce costs, Strengthen the balance sheet.

• Establish global commercial organization, inclusive of an Americas region: Change the operating model with the establishment of a global commercial structure. This includes the creation of an Americas regional platform, modeled on the company's successful operations in EMEA and APAC. With this change, Martino Scabbia Guerrini has been promoted to the newly created role of Chief Commercial Officer, with responsibility for go-to-market execution globally.

• Sharpen brand presidents' focus on sustainable growth: A direct consequence and intent of the operating model change, which is particularly critical at this stage for the Vans brand, enables brand presidents to direct greater focus and attention to long-term brand-building, product innovation and growth strategies.

• Appoint new Vans president: Kevin Bailey will be stepping down from the position of Global Brand President, Vans. Kevin will remain on the Executive Leadership Team reporting to Bracken Darrell, and will transition to lead Reinvent, the company's business transformation plan, and the project teams driving the work. An external search is underway for a new brand president for Vans and in the interim, Bracken Darrell will take a more active role in leading the brand and delivering its turnaround strategies.

• Optimize cost structure to improve operating efficiency and profitability: Implement a large-scale cost reduction program, which we expect to deliver $300 million in fixed cost savings, by removing spend in non-strategic areas of the business, and simplifying and right-sizing our structure.

• Reduce debt and leverage: In addition to improving operating performance, VF is committed to deleveraging the balance sheet. The reduction in dividend announced today is one of the steps towards this objective.