V.F. Corporation (VFC)

VF Corporation reported second-quarter revenue of $2.7 billion on 28 October, down 4 percent from a year earlier 1.

Without Dickies, a workwear brand it sold in November 2025, revenue rose 1 percent, ahead of the company's guidance of flat 15.

Operating income was $368 million, a margin of 13.7 percent, and gross margin reached 55.4 percent, up 320 basis points 1.

World Footwear reported that the gross margin gain came from better pricing, lower product costs and a more favourable channel mix 6.

Net income was $285 million, up from $190 million a year before 1.

Vans revenue fell 9.8 percent, while The North Face and Timberland each rose 4 percent 1.

The chief executive said sales through the company's own stores and sites at Vans grew for the first time in almost five years and that wholesale orders support a second half improvement 1.

VF reaffirmed its full-year outlook of revenue growth of 2 percent or better in constant dollars and an adjusted operating margin of about 8 percent 1.

A securities class action over statements made between 2022 and 2025 is still before a court, where VF has asked for it to be dismissed 2.

V.F. Corporation was founded in 1899 and describes itself as a portfolio of outdoor and active brands led by The North Face, Vans and Timberland 3.

In 2020 it bought the Supreme brand for about $2.1 billion 7.

Retail Dive reported that revenue had declined for multiple quarters, which led VF to set up a transformation plan to lift Vans and its North American sales 7.

Bracken Darrell became chief executive in July 2023 after running Logitech 3.

On 30 October 2023 VF introduced Reinvent, a transformation program 3.

Its first steps were to improve North America results, deliver the Vans turnaround, reduce costs and strengthen the balance sheet 3.

VF agreed in July 2024 to sell Supreme to EssilorLuxottica and completed the sale on 1 October 2024 3.

The price was $1.5 billion, about 30 percent less than VF had paid 7.

The Dickies workwear brand followed: VF agreed on 15 September 2025 to part with it to Bluestar Alliance and closed the sale on 12 November 2025, receiving $600.5 million net of cash sold 3.

With cost discipline and the two sales, VF reduced long-term debt by $2.2 billion over two fiscal years 3.

In fiscal 2026, which ended 28 March 2026, revenue rose 1 percent to $9.6 billion, as Outdoor rose 8 percent to $5.7 billion and Active fell 7 percent to $2.7 billion 3.

Earnings were $0.64 per diluted share against $0.18, helped by a $127.2 million gain on Dickies and held back by $217.2 million of pension settlement charges and excise taxes 3.

Vans revenue fell 9 percent that year, partly by choice, because VF exited value-channel wholesale customers and closed unprofitable owned stores in the Americas 3.

Outdoor: The North Face and Timberland

The Outdoor segment pairs The North Face, which sells performance and performance-inspired outdoor apparel, footwear and equipment, with Timberland, which sells style-forward and weather-ready footwear 3.

The North Face runs 286 stores of its own and Timberland runs 147 3.

In the latest quarter Outdoor revenue was $1.73 billion, up 4 percent, and its segment profit was $362 million 1.

The North Face brought in $1,207.3 million and Timberland $525.9 million 1.

Active: Vans and the bag brands

Vans, the segment's largest brand, sells footwear and apparel to younger buyers at the center of action sports, art, music and street fashion, and runs 569 stores of its own 3.

The segment also holds Kipling handbags and luggage, Eastpak backpacks and travel bags, and JanSport backpacks 3.

Vans revenue was $547.6 million in the quarter, down 10 percent, and Active segment revenue fell 8 percent to $700 million 1.

Active segment profit was $50 million against $66 million a year before 1.

The smaller brands

A group called All Other holds Altra running shoes, Smartwool merino socks and apparel, Napapijri outerwear and Icebreaker merino apparel 3.

The chief executive said Altra grew more than 40 percent in the quarter 1.

Stores, plants and people

Direct-to-consumer sales were 44 percent of fiscal 2026 revenue, through 1,080 stores, and e-commerce was about 41 percent of that channel 3.

VF sourced about 231 million units from about 216 independent contractor facilities in about 24 countries, and runs 13 distribution centers 3.

Its headquarters are a leased 285,000 square foot building in Denver, and it owns a 180,000 square foot shared service center in Greensboro, North Carolina 3.

VF had about 26,000 employees at the end of fiscal 2026 3.

Bracken Darrell is president and chief executive, and Paul Vogel, who was chief financial officer of Spotify before joining in July 2024, is chief financial officer 3.

Problems and open items

A putative securities class action in the U.S. District Court for the District of Colorado names VF and certain current and former directors and officers 2.

VF paid $149.7 million of tariffs under the IEEPA law, which the U.S. Supreme Court ruled invalid on 20 February 2026, and recorded a refund receivable of the same amount 3.

The umbrella, in words

The brands are The North Face, Timberland, Vans, Kipling, Eastpak, JanSport, Altra, Smartwool, Napapijri and Icebreaker, with Dickies included only through its sale 3.

Exhibit 21.1 of the annual report lists significant subsidiaries such as Vans, Inc., The North Face Apparel Corp., JanSport Apparel Corp. and Icebreaker Apparel LLC, all in the US 4.

M&G Plc, on behalf of certain subsidiaries, reported owning 6.60 percent of VF common stock in a Schedule 13G/A 8.

For the full year, VF expects revenue growth of 2 percent or better in constant dollars and an adjusted operating margin of about 8 percent 1.

It expects actual free cash flow of $515 million or higher, and a leverage ratio of 2.6x to 2.9x at year end 1.

Beyond this year, the 10-K says VF advanced toward goals set at its Investor Day in October 2024: a 10 percent operating margin and leverage of 2.5x or lower, both by fiscal 2028 3.

The board declared a quarterly dividend of $0.09 per share, payable on 17 December 2026 to holders of record on 10 December 1.

About $57 million of tariff refund entries were submitted on 20 April 2026, and the rest depends on how U.S. Customs and Border Protection finishes its refund process 3.

Notes of $500.0 million due in April 2027 moved to current liabilities in the latest quarter 2.

VF's motion to dismiss the securities class action is pending 2.