Bracken Darrell, President and CEO, said: "Our third quarter top-line performance was disappointing. However, we are confident the actions we are implementing as part of Reinvent will enable VF to stabilize and then grow revenue and improve operational performance across brands and regions. We have already begun to see the impact of our efforts to right-size the company’s cost structure and improve its inventory position, resulting in stronger than expected cash flow and expanded gross margin in the quarter. This quarter marked the beginning of the next phase of our transformation plan: resetting the marketplace for Vans, reviewing our brand portfolio and continuing to build the organization of the future. As we approach the end of this fiscal year, my confidence in VF’s future is rising."

Q3'FY24 Financial and Operating Highlights

Revenue down 16% (down 17% in constant dollars) to $3.0 billion

The quarter was negatively impacted by a shift in timing of wholesale deliveries, which was most pronounced for The North Face® and the EMEA region

Loss per share $(0.11) versus Q3'FY23 earnings per share $1.31; adjusted earnings per share $0.57 versus Q3'FY23 adjusted earnings per share $1.12

The North Face® down 10% (down 11% in constant dollars); in the first nine months of FY'24 revenue is up 4% (up 3% in constant dollars)

APAC region up 26% (up 28% in constant dollars), including Greater China up 31% (up 32% in constant dollars)

Vans® down 28% (down 29% in constant dollars), inclusive of deliberate actions taken to right-size inventories in the Wholesale channel

Americas region down 24% (down 25% in constant dollars)

International business down 5% (down 8% in constant dollars)

APAC region up 2% (up 3% in constant dollars), including Greater China up 5% (up 7% in constant dollars)

EMEA region revenue down 7% (down 12% in constant dollars)

Inventories at the end of Q3'FY24 down 17% relative to last year

Net debt at the end of Q3'FY24 reduced by approximately $640 million relative to last year