Denver-headquartered VF Corporation, which owns outdoor brands including The North Face and Timberland, streetwear brand Supreme, and skate brand Vans, has reported financial results for its fourth quarter and fiscal year ended April 1.
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Revenues for the quarter dipped 3 percent, from USD2.8 billion to USD2.7 billion.
The North Face remarkably saw continued momentum, up 12 percent to USD859.5 million, while Vans, which is a focal point of VF’s five-year growth strategy, was down 14 percent.
VF’s international business reported further improvement in the Asia Pacific region, led by Greater China, which was up 3 percent, and EMEA. The Americas region, meanwhile, was down 7 percent, due primarily to reductions in VF’s US wholesale business.
“We delivered quarterly results in line with our guidance, led by ongoing strength in The North Face and our international business, with accelerating momentum in Greater China,” said Benno Dorer, VF Corporation’s interim president and chief executive officer.
“As a result, we were able to close the fiscal year with 10 out of 12 brands flat or growing revenue, and five up double digits, despite the challenging consumer environment. At the same time, we significantly improved our supply chain performance while the work to turn around Vans is progressing according to plan, as we navigate the known near-term challenges,” he continued.
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Matt Puckett, chief financial officer, said it would be “a year of progress,” adding, “I remain confident VF is well positioned to return to sustainable and profitable growth beginning in FY24.”