VF Corp the owner of the Vans, Dickies and Timberland brands, reported a loss and a seventh consecutive quarter of falling sales.
VF Corps revenue for Q4 ended Mar 30, 2024 Revenue was down 13% to $2,373bn thanks largely to a 22% fall in sales in the Americas, APAC and EMEA were also down but by just 3% in each territory.
Looking at each brand sales, The North Face was down 5% to $814.3m and Vans sales were down 26% to $631.2m. The results were largely consistent with the prior quarter and includes the additional impact from deliberate actions to further right-size inventories in the wholesale channel. Timberland sales were also down 14% and Dickies were down 15%.
Revenue for the group for the full year was down 10% to $10.454bn from $11.612bn, with a net loss of $968.88m down from a profit of $118.58m in the previous year.
Commenting on the results Bracken Darrell, President and CEO, said: “In Q4, we made progress advancing our Reinvent transformation program.” Adding “As we move into fiscal year 2025, we will continue to execute our broader turnaround plans, including driving continued momentum on our key priorities, namely fixing the Americas, turning around Vans, reducing costs and paying down debt, while progressing on the actions resulting from our strategic portfolio review.”
