V F CORP
For the period ended Jun 28, 2025. Filed Jul 30, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 28, 2025 · Filed Jul 30, 2025
VFC$20.35+0.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-12-28; filed 2025-01-29.
0000103379-25-000007
Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-28; filed 2025-07-30.
0000103379-25-000036
Item 2. — Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 171 previous paragraphs and 151 current paragraphs.
37 unchanged; 66 reworded; 41 added; 61 removed; 7 previous and 7 current paragraphs rearranged.
Tables are not compared: 14 previous and 11 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (41)
Current report
In the first quarter of Fiscal 2026, VF realigned its reportable segments to reflect a change in how the Timberland® brand is managed and the chief operating decision maker's key areas of focus. VF began managing its Timberland® and Timberland PRO® brands as one operating segment during the first quarter of Fiscal 2026. This operating segment has been aggregated with The North Face® brand in the Outdoor reportable segment and the Vans®, Kipling®, Eastpak® and Jansport® brands have been aggregated in the Active reportable segment. All other brands that have not been aggregated within the reportable segments described above, which do not meet the quantitative threshold to be disclosed as a separate reportable segment, have been grouped within an "All Other" category. This group includes the
Current report
Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands. In the tables below, the Company has recast historical financial information to reflect the new reportable segments. These changes had no impact on previously reported consolidated results of operations. Refer to additional discussion in the "Information by Reportable Segment" section below and Note 14 to VF's consolidated financial statements.
Current report
Impact of Tariffs
Current report
In April 2025, the U.S. government announced broad-based, reciprocal tariffs on foreign imports. The implementation of some of the announced tariffs has been delayed, while some have taken effect. Additionally, in response, certain governments have announced retaliatory tariffs on goods imported from the U.S. VF has a diversified sourcing country mix. Approximately 85% of products purchased for sale in the U.S. are sourced through Southeast Asia and Central and South America, with Vietnam, Bangladesh, Cambodia and Indonesia comprising the top four sourcing markets. Less than 2% of total U.S. products are sourced through China. While the situation is dynamic and evolving, VF continues to analyze the impact of these tariffs on our business and is taking steps to mitigate our tariff exposure. Mitigation strategies include sourcing optimization, accelerating production and shipments into the U.S. during the period of delayed application of the reciprocal tariffs, negotiations with our vendors, and potential price increases. However, the duration and scope of the tariffs are difficult to predict, along with the extent to which VF will be able to offset the impact through our mitigation efforts.
Current report
All restructuring actions related to Reinvent were substantially complete at the end of the first quarter of Fiscal 2026. In addition, as further discussed in Note 16 to VF's consolidated financial statements, VF has entered into a contract with a
Current report
SUMMARY OF THE FIRST QUARTER OF FISCAL 2026
Current report
•Revenues remained flat at $1.8 billion compared to the three months ended June 2024, including a 2% favorable impact from foreign currency.
Current report
•International revenues increased 2% compared to the three months ended June 2024, including a 3% favorable impact from foreign currency.
Current report
VF revenues remained flat for the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency. The operational decline was driven by a decrease in the Active segment, partially offset by an increase in the Outdoor segment. Revenue declines in the Americas region were offset by increases in the Europe and Asia-Pacific regions, including favorable impacts from foreign currency.
Current report
27 VF Corporation Q1 FY26 Form 10-Q
Current report
Selling, general and administrative expe nses as a percentage of total revenues increased 70 basis points during the three months ended June 2025 compared to the 2024 period. Selling, general and administrative expenses increased $6.9 million in the three months ended June 2025 compared to the 2024 period. The increase inthe three months ended June 2025 was primarily due to higher Reinvent restructuring charges and project-related costs, and a gain recognized from a sale leaseback transaction in June 2024, partially offset by cost savings from Reinvent, lower information technology costs and distribution expenses.
Current report
Net interest expense increased $0.2 million during the three months ended June 2025 compared to the 2024 period. Theincrease in net interest expense in the three months ended June 2025 was primarily due to unfavorable foreign currency impacts, partially offset by the March 2025 early redemption of $750.0 million in aggregate principal amount of its outstanding 2.400% Senior Notes due in April 2025. Total outstanding debt averaged $5.1 billion in the three months ended June 2025 and $6.1 billion in the same period in 2024, with weighted average
Current report
interest rates of 2.9% and 3.1% in the three months ended June 2025 and 2024, respectively.
Current report
As discussed above, VF realigned its reportable segments during the first quarter of Fiscal 2026. VF's new reportable segments are Outdoor and Active. We have included an "All Other" category in the revenues table below for purposes of reconciliation of total revenues. "All Other" includes the Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker® brands, which do not meet the quantitative threshold to be disclosed as a separate reportable segment. The Company has recast historical financial information to reflect the new reportable segments. These changes had no impact on previously reported consolidated results of operations.
Current report
Revenues:
Current report
VF Corporation Q1 FY26 Form 10-Q 28
Current report
Segment Profit (Loss):
Current report
Outdoor Segment
Current report
Global revenues for Outdoor increased 8% in the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency. Revenues in the Europe region increased 11%, including a 5% favorable impact from foreign currency. Revenues in the Asia-Pacific region increased 15%. Reve nues in the Americas region increased 3%.
Current report
Global direct-to-consumer revenues for Outdoor increased 9% in the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency, with revenue growth across both brands and all regions. Global wholesale revenues increased 7% in the three months ended June 2025, compared to the 2024 period, including a 1%
Current report
Active Segment
Current report
Vans® brand global revenues decreased 14% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. The overall decline was most significantly impacted by a 15% decrease in the Americas region, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 12% in the three months ended June 2025, including a 4% favorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 17% in the three months ended June 2025. The decline in Vans® was partially attributed to deliberate strategic
Current report
actions taken in the first quarter of Fiscal 2026, including exiting value-channel wholesale customers and closing unprofitable owned retail stores in the Americas region, and reducing wholesale store fronts and inventory in the Asia-Pacific region (specifically in China).
Current report
Global direct-to-consumer revenues for Active decreased 14% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. The decrease was primarily driven by a decline in the Vans® brand in the Americas region. Global wholesale revenues decreased 6% in the three months ended June 2025, including a 1% favorable impact from foreign currency. The decrease was primarily due to a decrease in the Vans® brand in the Americas region in the three months ended June 2025.
Current report
All Other
Current report
The "All Other" grouping includes the following brands: Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker®. The "All Other" grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.
Current report
Global "All Other" revenues increased 4% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. Revenues in the Americas region increased 4%. Revenues in the Asia-Pacific
Current report
region increased 18%, including a 2% favorable impact from foreign currency. Revenues in the Europe region remained flat, including a 5% favorable impact from foreign currency.
Current report
Reinvent and lower information technology costs, partially offset by higher Reinvent restructuring charges and project-related costs. The increase in "All Other" profit (loss) for thethree months ended June 2025 was primarily due to higher gross margin, driven byhigher quality inventory and favorable foreign currency impacts.
Current report
Direct-to-consumer revenues were 41% and 42% of total revenues in the three-month periods ended June 2025 and 2024, respectively.
Current report
Wholesale revenues increased 1% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. The increase was primarily driven by increases in the Europe and Asia-Pacific regions, partially offset by a decrease in the Americas regions.
Current report
Wholesale revenues were 59% and 58% of total revenues in the three-month periods ended June 2025 and 2024, respectively.
Current report
•Decrease in accounts receivable — primarily due to the seasonality of the business and the timing of collections.
Current report
•Increase in inventories — primarily due to the seasonality of the business and planned inventory purchases.
Current report
•Increase in short-term borrowings — primarily due to $350.0 million of borrowings under VF's $2.25 billion senior unsecured revolving line of credit (the “Global Credit Facility”) as of June 2025, to support seasonal working capital requirements.
Current report
•Increase in accounts receivable —primarily due to foreign currency fluctuations and timing of collections from customers.
Current report
•Increase in other assets— primarily due to an increase in deferred income tax assets.
Current report
•Increase in short-term borrowings— primarily due to $350.0 million of borrowings under the Global Credit Facility as of June 2025, to support increased working capital requirements.
Current report
Cash Used by Operating Activities
Current report
Cash Used by Investing Activities
Showing the first 40 of 41 passages. Open the source sections for the rest.
Removed paragraphs (61)
Previous report
Supreme Divestiture
Previous report
Asnoted above, VF completed the sale of Supreme on October 1, 2024. VF received proceeds of $1.486 billion, net of cash sold and subject to post closing adjustments, and recognized an estimated after-tax loss on sale of Supreme of $127.5 million, which is included in the income (loss) from discontinued operations, net of tax line item in the Consolidated Statement of Operations for the nine months ended December 2024. VF used a portion of the net cash proceeds to prepay $1.0 billion of the DDTL on October 4, 2024, pursuant to the terms of the DDTL Agreement, as amended, which required repayment within ten business days of VF’s receipt of the net cash proceeds from the sale of Supreme, and to repay $450.0 million of commercial paper borrowings upon maturity during the three months ended December 2024.
Previous report
•Establish global commercial organization, inclusive of an Americas region: VF changed the operating model with the establishment of a global commercial structure. This included the creation of an Americas regional platform, modeled on the Company's successful operations in the Europe and Asia-Pacific regions. With this change, VF created the role of Chief Commercial Officer, with responsibility for go-to-market execution globally.
Previous report
•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.
Previous report
•Appoint new Vans® President: Sun Choe was appointed the new Global Brand President of Vans® effective late July 2024.
Previous report
•Optimize cost structure to improve operating efficiency and profitability: Actions have been implemented in a large-scale cost reduction program, which is expected to deliver $300 million in annual fixed cost savings, by removing spend in non-strategic areas of the business, and simplifying and right-sizing VF's structure.
Previous report
•Reduce debt and leverage: In addition to improving operating performance, VF is committed to deleveraging the balance sheet. VF used the proceeds from the sale of Supreme to prepay the DDTL and to repay $450.0 million of commercial paper borrowings.
Previous report
•Revenue increased 2% to $2.8 billion compared to the three months ended December 2023.
Previous report
•Active segment revenues decreased 6% to $766.3 million compared to the three months ended December 2023.
Previous report
•Wholesale revenues increased 8% compared to the three months ended December 2023.
Previous report
VF reported a 2% increase and a 4% decrease in revenues for the three and nine months ended December 2024, respectively, compared to the 2023 periods. The revenue increase in the three months ended December 2024 was driven by an increase in the Outdoor segment, partially offset by a decrease in the Active segment. The revenue increase in the three months ended December 2024 was also due to increases across all regions. The revenue decrease in the nine months ended December 2024
Previous report
was driven by declines across the Active and Work segments, partially offset by an increase in the Outdoor segment. The revenue decrease in the nine months ended December 2024 was also due to declines across the Americas and Europe regions, with the most significant declines in the Americas region.
Previous report
Selling, general and administrative expe nses as a percentage of total revenues decreased 220 basis points and increased 140 basis points during the three and nine months ended December 2024, respectively, compared to the 2023 periods. Selling, general and administrative expenses decreased $34.8 million and $37.1 million in the three and nine months ended December 2024, resp ectively, compared to the 2023 periods. The decrease
Previous report
VF recorded an intangible asset impairment charge of $51.0 million related to the Dickies indefinite-lived trademark intangible assetin the three and nine months ended December 2024. During thethird quarter of Fiscal 2025, due to thecontinued downturn in the Dickies financial results and projections, combined with expectations of a slower recovery than previously anticipated, the Company determined that a triggering event had occurred requiring impairment testing of the Dickies indefinite-lived trademark inta ngible asset. The indefinite-lived trademark intangible asset impairment primarily related to the reduction in financial projections for Dickies.
Previous report
VF recorded goodwill impairment charges of $195.3 million and $61.8 million related to the Timberland and Dickies reporting units, respectively, in the three and nine months ended December 2023. During the third quarter of Fiscal 2024, due to continued weakness and downturn in the financial results, combined with expectations of a slower recovery, the Company determined that a triggering event had occurred requiring impairment testing of the Timberland and Dickies reporting unit goodwill and indefinite-lived trademark intangible assets. The goodwill impairment related to the reduction in financial projections for both reporting units.
Previous report
Net interest expense decreased $12.6 million and $5.6 million during the three and nine months ended December 2024, respectively, compared to the 2023 periods. The decrease in net interest expense in both the three and nine months ended December 2024 was primarily due to decreased levels of short-term commercial paper borrowings and an increase in interest income due to higher cash and cash equivalents and rates. Total outstanding debt averaged $5.0 billion in the nine months ended
Previous report
December 2024 and $6.8 billion in the same period in 2023, with weighted average interest rates of 3.3% and 2.6% inthe nine months ended December 2024 and 2023, respectively.
Previous report
Other income (expense), net decreased $21.6 million and $17.9 million during the three and nine months ended December 2024, respectively, compared to the 2023 periods. The decrease in both periods was primarily due to legal settlement gains of$29.1 million recorded in the 2023 periods, partially offset by cyber insurance recoveries of $9.2 million received in thethree and nine months ended December 2024.
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Segment Revenues:
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Segment Profit:
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(a)The global Timberland brand includes Timberland®, reported within the Outdoor segment and Timberland PRO®, reported within the Work segment.
Previous report
Outdoor
Previous report
Global revenues for Outdoor increased 6% in the three months ended December 2024 compared to the 2023 period, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region increased 16%, including a 14% increase in Greater China (which includes Mainland China, Hong Kong and Taiwan) with a 1% favorable impact from foreign currency. Revenues in the Americas region increased 5%, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region increased 3%.
Previous report
offset by declines in the Americas region of 6%. Revenues in the Europe region remained flat in the nine months ended December 2024, including a 1% favorable impact from foreign currency.
Previous report
Global direct-to-consumer revenues for Outdoor increased 6% and 5% in the three and nine months ended December 2024, respectively, compared to the 2023 periods. The increases were primarily due to the The North Face® brand across all regions. Global wholesale revenues increased 7% in the three months ended December 2024, compared to the 2023 period. The increase was primarily driven by the Timberland® brand across all regions. Global wholesale revenues decreased 3% in thenine months ended December 2024, compared to the 2023 period.
Previous report
The decrease was primarily driven by declines in The North Face® brand in the Americas and Europe regions.
Previous report
Operating margin increased in both the three and nine months ended December 2024 compared to the 2023 periods, reflecting higher gross margin, primarily driven by lower product costs. The increase in gross margin in the three months ended December 2024 was also due toless promotional activity.
Previous report
Active
Previous report
Global revenues for Active decreased 10% in the nine months ended December 2024 compared to the 2023 period. Revenues in the Americas region decreased 11%, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 24%, including a 34% decrease in Greater China with a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 5%.
Previous report
Vans® brand global revenues decreased 9% in the three months ended December 2024 compared to the 2023 period, including a 1% unfavorable impact from foreign currency. The overall declinewas most significantly impacted by a 31% decrease in the Asia-Pacific region and 5% decrease in the Americas region for the three months ended December 2024. The decrease in the Americas region included a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 8% in the three months ended December 2024 including a 1% favorable impact from foreign currency. Vans® brand global revenues decreased 14% in the nine months ended December 2024 compared to the 2023 period, including a 1% unfavorable impact from foreign currency. The overall decline was most significantly impacted by a 14% decrease in the Americas region for the nine months ended December 2024, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 29% in the nine months ended December 2024, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 6% in the nine months ended December 2024, including a 1% favorable impact from foreign currency.
Previous report
Global direct-to-consumer revenues for Active decreased 17% and 20% in the three and nine months ended December 2024, respectively, compared to the 2023 periods, including a 1% unfavorable impact from foreign currency in the nine months ended December 2024. The decreases were primarily driven by declines in the Americas region, which decreased 16% and 20% in the three and nine months ended December 2024, respectively. Global wholesale revenues increased 15% and 2% in the three and nine months ended December 2024, respectively, including a 1% unfavorable impact from foreign currency in the three months ended December 2024. The increases were primarily due to a 35% and 9% increase in the Americas region in the three and nine months ended December 2024, respectively, including a 2% and 1% unfavorable impact from foreign currency in the respective periods. The current year increase is in part the result of the deliberate actions taken to right-size inventories in the Americas wholesale channel in the second half of Fiscal 2024. Wholesale revenues in the Europe region increased 9% and decreased 1% in the three and nine months ended December 2024, respectively, including a 1% favorable impact from foreign currency in both periods. Wholesale revenues in the Asia-Pacific region decreased 20% and 15% in the three and nine months ended December 2024, respectively, including a 1% unfavorable impact from foreign currency in the nine months ended December 2024.
Previous report
Work
Previous report
The Work segment includes the following brands: Dickies® and Timberland PRO®.
Previous report
Global Work revenues decreased 3% in the three months ended December 2024 compared to the 2023 period, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 25%, including a 1% favorable impact from foreign currency. Revenues in the Americas region decreased 1%. Revenues in the Asia-Pacific region increased 10%.
Previous report
Global Work revenues decreased 6% in the nine months ended December 2024 compared to the 2023 period. Revenues in the Americas region decreased 5%. Revenues in the Asia-Pacific region decreased 16%, including a 2% unfavorable impact from foreign currency. Revenues in the Europe region decreased 7%, including a 1% favorable impact from foreign currency.
Previous report
Dickies® brand global revenues decreased 10% and 12% in the three and nine months ended December 2024, respectively, compared to the 2023 periods. The declines in both the three and nine months ended December 2024 were primarily driven by
Previous report
decreases in the Americas region of 9% and 12%, respectively, reflecting lower inventory replenishment and weakness with certain key U.S. wholesale customer accounts. Revenues in the Europe region decreased 25% and 7% in the three and nine months ended December 2024, respectively, including a 1% favorable impact from foreign currency in both periods. Revenues in the Asia-Pacific region increased 10% and decreased 16% in the three and nine months ended December 2024, respectively, including a 2% unfavorable impact from foreign currency in thenine months ended December 2024, primarily due to broad-based weakness in Greater China in thenine months ended December 2024.
Previous report
The increase in corporate and other expenses for both the three and nine months ended December 2024 was due to higher compensation costs, including performance-based compensation, partially offset by cost savings from Reinvent. The increase in the nine months ended December 2024 was also due to higher Reinvent restructuring charges and project-related costs compared to the 2023 period.
Previous report
International revenues decreased 2% in the nine months ended December 2024 compared to the 2023 period. Revenues in the
Previous report
35 VF Corporation Q3 FY25 Form 10-Q
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Reworded paragraphs (66)
Previous wording
VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 31, 2024 through March 29, 2025 ("Fiscal 2025"). Accordingly, this Form 10-Q presents our third quarter of Fiscal 2025. For presentation purposes herein, all references to periods ended December 2024 and December 2023 relate to the fiscal periods ended on December 28, 2024 and December 30, 2023, respectively. References to March 2024 relate to information as of March 30, 2024.
Current wording
VF Corporation (together with its subsidiaries, collectively known as “VF” or the “Company”) uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 30, 2025 through March 28, 2026 ("Fiscal 2026"). Accordingly, this Form 10-Q presents our first quarter of Fiscal 2026. For presentation purposes herein, all references to periods ended June 2025 and June 2024 relate to the fiscal periods ended on June 28, 2025 and June 29, 2024, respectively. References to March 2025 relate to information as of March 29, 2025.
Previous wording
All per share amounts are presented on a diluted basis and all percentages shown in the tables below and the following discussion have been calculated using unrounded numbers. References to the three and nine months ended December 2024 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three and nine months ended December 2023 when translating foreign currencies into U.S. dollars. VF’s most significant foreign currency exposure relates to business conducted in euro-based countries. Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro.
Current wording
All per share amounts are presented on a diluted basis and all percentages shown in the tables below and the following discussion have been calculated using unrounded numbers. References to the three months ended June 2025 foreign currency amounts and impacts below reflect the changes in foreign exchange rates from the three months ended June 2024 when translating foreign currencies into U.S. dollars. VF’s most significant foreign currency exposure relates to business conducted in euro-based countries. Additionally, VF conducts business in other developed and emerging markets around the world with exposure to foreign currencies other than the euro.
Previous wording
EssilorLuxottica S.A. to sell the Supreme® brand business ("Supreme"). On October 1, 2024, VF completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan ("DDTL") were reallocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented.
Current wording
On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A. to sell the Supreme® brand business ("Supreme"). On October 1, 2024, VF completed the sale of Supreme. During the second quarter of Fiscal 2025, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, VF has reported the results of Supreme and the related cash flows as discontinued operations in the Consolidated Statements of Operations and Consolidated Statements of Cash Flows, respectively, through the date of sale. In addition, interest expense and the related interest rate swap impact for the delayed draw Term Loan ("DDTL"), which totaled $14.9 million for the three months ended June 2024, were allocated to discontinued operations due to the requirement within the DDTL Agreement, as amended, that the DDTL be prepaid upon the receipt of the net cash proceeds from the sale of Supreme. The related held-for-sale assets and liabilities have been reported as assets and liabilities of discontinued operations in the Consolidated Balance Sheets, through the date of sale. These changes have been applied to all periods presented.
Previous wording
On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. The first announced steps in this transformation, which cover the following priorities: improve North America results, deliver the Vans® turnaround, reduce costs and strengthen the balance sheet, are as follows:
Current wording
On October 30, 2023, VF introduced Reinvent, a transformation program to enhance focus on brand-building and to improve operating performance and allow VF to achieve its full potential. The first announced steps in this transformation covered the following priorities: improve North America results, deliver the Vans® turnaround, reduce costs and strengthen the balance sheet.
Previous wording
During the second quarter of Fiscal 2025, the Company initiated the next phase of Reinvent, which is focused on a return to growth and improvements to profitability. In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and administrative expense contraction.
Current wording
In Fiscal 2025, the Company initiated the second phase of Reinvent, which is focused on a return to growth and improvements to profitability. In doing so, the Company initiated a set of transformational workstreams focused on revenue growth, margin expansion and selling, general and administrative expense contraction. VF aims to generate between $500.0 and $600.0 million in net operating income expansion in Fiscal 2028 compared to the end of Fiscal 2024.
Previous wording
Reinvent restructuring charges in thethree and nine months ended December 2024 were $16.4 million and $41.8 million, respectively, and cumulative charges were $150.5 million since the inception of the program, which primarily included costs associated with severance and employee-related benefits and the impact of asset impairments and write-downs.
Current wording
Reinvent restructuring charges in the three months ended June 2025 were $17.5 million and cumulative charges were $207.6 million since the inception of the program, which primarily included costs associated with severance and
Previous wording
SUMMARY OF THE THIRD QUARTER OF FISCAL 2025
Current wording
consulting firm to support Reinvent. Fees related to the contract consist of fixed fees for services performed and contingent fees tied to increases in VF’s stock price. Services provided under the contract are expected to be substantially complete by the third quarter of Fiscal 2026 and contingent fees tied to increases in VF’s stock price will be measured through June 2027.
Previous wording
•Outdoor segment revenues increased 6% to $1.9 billion compared to the three months ended December 2023, including a 1% unfavorable impact from foreign currency.
Current wording
•Outdoor segment revenues increased 8% to $812.5 million compared to the three months ended June 2024, including a 2% favorable impact from foreign currency.
Previous wording
•Work segment revenues decreased 3% to $216.5 million compared to the three months ended December 2023, including a 1% unfavorable impact from foreign currency.
Current wording
•Active segment revenues decreased 10% to $699.7 million compared to the three months ended June 2024, including a 1% favorable impact from foreign currency.
Previous wording
•International revenues increased 1% compared to the three months ended December 2023, including a 1% unfavorable impact from foreign currency.
Current wording
•Wholesale revenues increased 1% compared to the three months ended June 2024, including a 1% favorable impact from foreign currency.
Previous wording
•Direct-to-consumer revenues decreased 3% compared to the three months ended December 2023, including a 1% unfavorable impact from foreign currency.
Current wording
•Direct-to-consumer revenues decreased 3% compared to the three months ended June 2024, including a 1% favorable impact from foreign currency.
Previous wording
Global revenues for Outdoor remained flat in the nine months ended December 2024 compared to the 2023 period. Revenues in the Asia-Pacific region increased 15%, including a 1% unfavorable impact from foreign currency and a 19% increase in Greater China. Revenues in the Europe region decreased 1%. Revenues in the Americas region decreased 4% compared to the 2023 period.
Current wording
•Revenues in the Americas region decreased 4% compared to the three months ended June 2024, including a 1% unfavorable impact from foreign currency.
Previous wording
•Gross margin increased 170 basis points to 56.3% compared to the three months ended December 2023, primarily driven by lower product costs and less promotional activity.
Current wording
•Gross margin increased 270 basis points to 53.9% compared to the three months ended June 2024, primarily driven by favorable foreign currency impacts, higher quality inventory and lower discounts.
Previous wording
•Earnings (loss) per share was$0.43 compared to $(0.24) in the 2023 period. The increase was primarily driven by increased profitability in the Outdoor segment during thethree months ended December 2024 and lower impairment charges in the current period compared to thethree months ended December 2023.
Current wording
•Net loss per share was($0.30) compared to($0.39) in the 2024 period. The decrease in net loss per share was primarily driven by increased profitability in the Outdoor segment during thethree months ended June 2025 compared to thethree months ended June 2024. The decrease in net loss per share was partially offset by higher Reinvent charges and lower profitability in the Active segment.
Previous wording
The following table presents a summary of the changes in net revenues for the three and nine months ended December 2024 from the comparable periods in 2023:
Current wording
The following table presents a summary of the changes in revenues for the three months ended June 2025 from the comparable period in 2024:
Previous wording
The following table presents the percentage relationship to net revenues for components of the Consolidated Statements of Operations:
Current wording
The following table presents the percentage relationship to revenues for components of the Consolidated Statements of Operations:
Previous wording
Gross margin increased 170 and 90 basis points in the three and nine months ended December 2024, respectively, compared to the 2023 periods. The increase in both periods was primarily driven by lower product costs. The increase in the three months ended December 2024 was also due to less promotional activity.
Current wording
Gross margin increased 270 basis points in the three months ended June 2025 compared to the 2024 period. The increase inthe three months ended June 2025 was primarily driven by favorable foreign currency impacts, higher quality inventory and lower discounts.
Previous wording
The effective income tax rate for the nine months ended December 2024 was 16.1% compared to 578.0%in the 2023 period. The nine months ended December 2024 included a net discrete tax benefit of $1.9 million, which was comprised primarily of a$5.8 million net tax benefit related to unrecognized tax benefits and interest, and a$5.9 million tax expense related to stock compensation. Excluding the $1.9 million net discrete tax benefit in the 2024 period, the effective income tax rate would have been 16.8%. The nine months ended December 2023 included a net discrete tax expense of $693.8 million, primarily related to the tax effects of decisions in the Timberland tax case and Belgium excess profits ruling. Excluding the $693.8 million net discrete tax expense in the 2023 period, the effective income tax rate would have been 31.0%. Without discrete items, the effective income tax rate for the nine months ended December 2024 decreased by 14.2% compared with the 2023 period primarily due to disproportionate year-to-date losses in jurisdictions with no tax benefit and jurisdictional mix of earnings as well as the impairment of nondeductible goodwill in the prior year.
Current wording
The effective income tax rate for the three months ended June 2025 was 8.0% compared to 8.1% in the 2024 period. The three months ended June 2025 included a net discrete tax expense of $11.5 million, which was comprised primarily of a$7.4 million net tax expense related to unrecognized tax benefits and interest, and a$4.1 million tax expense related to stock compensation. Excluding the $11.5 million net discrete tax expense in the 2025 period, the effective income tax rate would have been 17.2%. The three months ended June 2024 included a net discrete tax expense of $7.1 million, which was comprised primarily of a $3.6 million net tax expense related to unrecognized tax benefits and interest, and a $4.3 million tax expense related to stock compensation. Excluding the $7.1 million net discrete tax expense in the 2024 period, the effective income tax rate would have been 12.4%. Without discrete items, the effective income tax rate for the three months ended June 2025 increased by 4.8% compared with the 2024 period primarily due to an increase in tax rates on foreign earnings.
Previous wording
As a result of the above, income (loss) from continuing operations in the three months ended December 2024 was $169.1 million ($0.43 per diluted share) compared to $(91.7) million ($(0.24) per diluted share) in the 2023 period, and income (loss) from continuing operations in the nine months ended December 2024 was $219.6 million ($0.56 per diluted share) compared to $(606.4) million ($(1.56) per diluted share) in the 2023 period. Refer to additional discussion in the “Information by Reportable Segment” section below.
Current wording
As a result of the above, loss from continuing operations in the three months ended June 2025 was ($116.4) million (($0.30) per diluted share) compared to ($152.0) million (($0.39) per diluted share) in the 2024 period. Refer to additional discussion in the “Information by Reportable Segment” section below.
Previous wording
VF's reportable segments are: Outdoor, Active and Work. The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit. Segment profit comprises the operating income and other income (expense), net line items of each segment.
Current wording
The primary financial measures used by management to evaluate the financial results of VF's reportable segments are segment revenues and segment profit. Segment profit (loss) comprises the operating income (loss) and other income (expense), net line items of each segment.
Previous wording
Refer to Note 14 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to income (loss) from continuing operations before income taxes.
Current wording
Refer to Note 14 to the consolidated financial statements for a summary of results of operations by segment, along with a reconciliation of segment profit to loss from continuing operations before income taxes.
Previous wording
The following tables present a summary of the changes in segment revenuesand profit in the three and nine months ended December 2024 from the comparable periods in 2023 and revenues by region for our Top 4 brands for the three and nine months ended December 2024 and 2023:
Current wording
The following tables present a summary of the changes in revenuesand segment profit (loss) inthe three months ended June 2025 from the comparable period in 2024 and revenues by region for our Top 3 brands for the three months ended June 2025 and 2024:
Previous wording
The Outdoor segment includes the following brands: The North Face®, Timberland®, Smartwool®, Altra® and Icebreaker®.
Current wording
The Outdoor segment includes the following brands: The North Face® and Timberland®.
Previous wording
Global revenues for The North Face® brand increased 5% in the three months ended December 2024 compared to the 2023 period, primarily driven by growth in the Asia-Pacific region, which increased 16%. Revenues in the Americas region increased 3% in the three months ended December 2024. Revenues in the Europe region increased 2% in the three months ended December 2024, including a 1% favorable impact from foreign currency. Global revenues for The North Face® brand remained flat in thenine months ended December 2024, compared to the 2023 period. Revenue growth in the Asia-Pacific region of 20% in the nine months ended December 2024, was
Current wording
Global revenues for The North Face® brand increased 6% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency, driven by growth in the Europe and Asia-Pacific regions. Revenues in the Europe region increased 15%, including a 6% favorable impact from foreign currency. Revenues in the Asia-Pacific region increased 16% in the three months ended June 2025. Revenues in the Americas region decreased 3% in the three months ended June 2025.
Previous wording
Global revenues for the Timberland® brand increased 11% in the three months ended December 2024, compared to the 2023 period, including a 1% unfavorable impact from foreign currency. Revenue in the Americas region increased 15% in the three months ended December 2024, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region increased 8% in the three months ended December 2024. Revenues in the Asia-Pacific region increased 14% in the three months ended December 2024, including a 1% unfavorable impact from foreign currency. Global revenues for the Timberland® brand remained flat in the nine months ended December 2024, compared to the 2023 period, including a 1% unfavorable impact from foreign currency. Revenue in the Americas region increased 3% in the nine months ended December 2024, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region increased 1% in the nine months ended December 2024, including a 1% unfavorable impact from foreign currency. These increases were offset by decreased revenues in the Europe region of 2% in the nine months ended December 2024, including a 1% favorable impact from foreign currency.
Current wording
Global revenues for the Timberland® brand increased 11% in the three months ended June 2025 compared to the 2024 period, including a 2% favorable impact from foreign currency, with revenue growth across all regions. Revenues in the Americas region increased 15% in the three months ended June 2025, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region increased 5% in the three months ended June 2025, including a 6% favorable impact from foreign currency. Revenues in the Asia-Pacific region increased 13% in the three months ended June 2025, including a 3% favorable impact from foreign currency.
Previous wording
29 VF Corporation Q3 FY25 Form 10-Q
Current wording
29 VF Corporation Q1 FY26 Form 10-Q favorable impact from foreign currency, primarily driven by an increase in the The North Face® brand in the Europe and Asia-Pacific regions and the Timberland®brand in the Americas region.
Previous wording
Operating margin increased in both the three and nine months ended December 2024 compared to the 2023 periods, reflecting higher gross margin, primarily driven by lower inventory reserves, and decreased distribution expenses.
Current wording
Segment profit margin increased in the three months ended June 2025 compared to the 2024 period, reflecting higher gross margin, prim arily driven by favorable foreign currency impacts, lower discounts and lower product costs.
Previous wording
The Active segment includes the following brands: Vans®, Kipling®, Napapijri®, Eastpak® and JanSport®.
Current wording
The Active segment includes the following brands: Vans®, Kipling®, Eastpak® and JanSport®.
Previous wording
Global revenues for Active decreased 6% in the three months ended December 2024 compared to the 2023 period. Revenues in the Asia-Pacific region decreased 27%, including a 38% decrease in Greater China with a 1% favorable impact from foreign currency. Revenues in the Americas region decreased 4%, including a 1% unfavorable impact from foreign currency. Revenues in the Europe region decreased 2%.
Current wording
Global revenues for Active decreased 10% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency. Revenues in the Americas region decreased 12%, including a 1% unfavorable impact from foreign currency. Revenues in the Asia-Pacific region decreased 15%. Revenues in the Europe region decreased 4%, including a 5% favorable impact from foreign currency.
Previous wording
Operating margin decreased in both the three and nine months ended December 2024 compared to the 2023 periods, primarily due to legal settlement gains of$29.1 million recorded in the prior year periods. The decrease in the nine months ended December 2024 also reflected lower leverage of operating expenses due to decreased revenues.
Current wording
Segment profit margin decreased in the three months ended June 2025 compared to the 2024 period, primarily due to lower leverage of operating expenses due to decreased revenues.
Previous wording
VF Corporation Q3 FY25 Form 10-Q 30 in the three months ended December 2024 was primarily due to cost savings from Reinvent, partially offset by higher compensation costs, including performance-based compensation. The decrease in the nine months ended December 2024 was primarily due to cost savings from Reinvent, lower information technology costs and distribution expenses and a gain recognized from a sale leaseback transaction, partially offset by Reinvent restructuring charges and project-related costs and higher compensation costs, including performance-based compensation.
Current wording
VF Corporation Q1 FY26 Form 10-Q 30
Previous wording
Reconciliation of Segment Profit to Income (Loss) From Continuing Operations Before Income Taxes
Current wording
Reconciliation of Segment Profit to Loss From Continuing Operations Before Income Taxes
Previous wording
There are three types of costs necessary to reconcile total segment profit to consolidated income (loss) from continuing operations before income taxes. These costs are (i) impairment of goodwill and intangible assets, which is excluded from segment profit because these costs are not part of the ongoing operations of the businesses, (ii) corporate and other expenses, discussed below, and (iii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section.
Current wording
There are three types of costs necessary to reconcile total segment profit to consolidated loss from continuing operations before income taxes. These costs are(i) corporate and other expenses, discussed below, (ii) interest expense, net, which was discussed in the “Consolidated Statements of Operations” section, and (iii) profit (loss) related to the "All Other" category, discussed below, which includes the following brands: Dickies®, Altra®, Smartwool®, Napapijri® and Icebreaker®. The "All Other" grouping represents the aggregation of brands that do not meet the quantitative threshold for disclosure and it is not a reportable segment.
Previous wording
International revenues increased 1% in the three months ended December 2024 compared to the 2023 period, including a 1% unfavorable impact from foreign currency. In the Asia-Pacific region, revenues increased 5% in the three months ended December 2024. Revenues in Greater China increased 4% in the three months ended December 2024. Revenues in the Europe
Current wording
International revenues increased 2% in the three months ended June 2025 compared to the 2024 period, including a 3% favorable impact from foreign currency. Revenues in the Europe region increased 4%, including a 6% favorable impact from foreign currency. In the Asia-Pacific region, revenues increased 4% in the three months ended June 2025. Revenues in Greater China (which includes Mainland China, Hong Kong and Taiwan) decreased 5% in the three months ended June 2025, including a
Previous wording
region increased 1%. Revenues in the Americas (non-U.S.) region decreased 7% in the three months ended December 2024, including a 6% unfavorable impact from foreign currency.
Current wording
1% favorable impact from foreign currency. Revenues in the Americas (non-U.S.) region decreased 11% in the three months ended June 2025, including a 5% unfavorable impact from foreign currency.
Previous wording
Inte rnational revenues were 52% and 53% of total revenues in the three-month periods ended December 2024 and 2023, respectively, and 54% and 53% of total revenues in the nine-month periods ended December 2024 and 2023, respectively.
Current wording
Inte rnational revenues were 53% and 51% of total revenues in the three-month periods ended June 2025 and 2024, respectively.
Previous wording
VF's e-commerce business decreased 3% and 5% during the three and nine months ended December 2024, respectively. The decreases were primarily driven by declines in the e-commerce business in the Americas region.
Current wording
VF's e-commerce business decreased 2% during the three months ended June 2025, including a 2% favorable impact from foreign currency. The decrease was primarily driven by declines in the e-commerce business in the Americas and Asia-Pacific regions.
Previous wording
respectively, including a 1% unfavorable impact from foreign currency in the three months ended December 2024. There were 1,160 VF-operated retail stores at December 2024 compared to 1,255 at December 2023.
Current wording
Revenues from VF-operated retail stores decreased 3% during the three months ended June 2025, including a 1% favorable impact from foreign currency. There were 1,113 VF-operated retail stores at June 2025 compared to 1,158 at June 2024.
Previous wording
•Increase in accounts payable— primarily due to the timing of inventory shipments from and payments to vendors.
Current wording
•Increase in accounts payable— primarily due to the seasonality of inventory purchases.
Previous wording
•Decrease in the current portion of long-term debt — due to the prepayment of $1.0 billion of long-term debt due in December 2024 related to the DDTL, partially offset by the reclassification of $750.0 million of long-term notes due in April 2025 to current liabilities.
Current wording
•Decrease in the current portion of long-term debt— primarily due to the prepayment of $1.0 billion of long-term debt due in December 2024 related to the DDTL and the early redemption of $750.0 million of long-term notes in March 2025, partially offset by the reclassification of €500.0 million of long-term notes due in March 2026 to current liabilities and foreign currency fluctuations.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
VF Corporation Q1 FY26 Form 10-Q 26 employee-related benefits and the impact of asset impairments and write-downs.
Current report — wording carried from elsewhere
The decrease in corporate and other expenses for the three months ended June 2025 was primarily due to cost savings from
Current report — wording carried from elsewhere
Direct-to-consumer revenues decreased 3% in the three months ended June 2025 compared to the 2024 period, including a 1% favorable impact from foreign currency.
Current report — wording carried from elsewhere
and general corporate purposes. Outstanding short-term balances may vary from period to period depending on the level of corporate requirements.
Current report — wording carried from elsewhere
33 VF Corporation Q1 FY26 Form 10-Q respectively, due to suppliers that are eligible to participate in the SCF program.
Current report — wording carried from elsewhere
The Company paid cash dividends of $0.09 per share during the three months ended June 2025, and the Company declared a
Current report — wording carried from elsewhere
Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Rearranged previous paragraphs (7)
Previous report — wording carried elsewhere
On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with
Previous report — wording carried elsewhere
•Revenues in the Americas region increased 1% compared to the three months ended December 2023, including a 1% unfavorable impact from foreign currency.
Previous report — wording carried elsewhere
33 VF Corporation Q3 FY25 Form 10-Q
Previous report — wording carried elsewhere
VF Corporation Q3 FY25 Form 10-Q 34
Previous report — wording carried elsewhere
•Decrease in the current portion of long-term debt— due to the prepayment of $1.0 billion of long-term debt due in December 2024 related to the DDTL, partially offset by the reclassification of $750.0 million of long-term notes due in April 2025 to current liabilities.
Previous report — wording carried elsewhere
•Decrease in long-term debt — due to the reclassification of $750.0 million of long-term notes due in April 2025 to current liabilities.
Previous report — wording carried elsewhere
37 VF Corporation Q3 FY25 Form 10-Q nine months ended December 2023 under the share repurchase program authorized by VF's Board of Directors.