Key Highlights

● Fiscal first-quarter revenue fell 5 per cent year over year to $1,669.4 million.

● The North Face grew 6 per cent, while Vans sales fell 8 per cent.

● Net debt fell $1.1 billion, or 20 per cent, from a year earlier.

● Full-year fiscal 2027 constant-dollar revenue growth guidance was raised to 2 per cent or better.

V.F. Corporation (NYSE:VFC). On 29 July 2026 the company reported results for the quarter ended 27 June 2026. Revenue was $1,669.4 million, down 5 per cent, but up 1 per cent excluding Dickies, which VF sold in November 2025 (flat in constant currency). Gross margin was 54.9 per cent, up 100 basis points as reported. The GAAP operating loss was $83.1 million, while the adjusted operating loss excluding Dickies was $95 million, slightly better than guidance of $100 million. GAAP diluted loss per share was $0.25 against $0.30, and the adjusted loss was $0.27, on 392.1 million weighted average diluted shares. The Reinvent transformation programme delivered a net benefit of about $11.5 million, adding $0.02 to GAAP earnings per share.

Brand Performance

The North Face grew 6 per cent, or 4 per cent in constant dollars, led by the Americas and direct-to-consumer. Timberland rose 4 per cent, or 3 per cent in constant dollars. Vans fell 8 per cent, or 9 per cent in constant dollars: Americas direct-to-consumer grew, but global wholesale declines more than offset it, and management said it expects wholesale to improve significantly in the second half. Global direct-to-consumer revenue grew 2 per cent, or 5 per cent in constant dollars excluding Dickies. Americas revenue fell 4 per cent as reported but rose 4 per cent in constant dollars excluding Dickies, indicating that the divestiture and currency shaped much of the headline decline.

Guidance, Debt and Management

Management raised its full-year fiscal 2027 outlook. It now expects constant-dollar revenue growth of 2 per cent or better, including a 53rd week and excluding Dickies from the prior year, up from 1 to 2 per cent, with an adjusted operating margin of about 8 per cent. Free cash flow is expected to be flat to up on last year's $405 million, excluding certain pension and tariff-refund effects, and year-end leverage is expected at 2.6 to 2.9 times. Net debt was down $1.1 billion, or 20 per cent, from a year earlier, and net debt excluding lease liabilities was down $1.1 billion, or 27 per cent. Darrell cited "better visibility into the balance of the year" as a reason for raising the outlook. Chief executive Bracken Darrell said: "We had a solid start to the year, beating our revenue and operating income guidance." The company also named Abhishek Dalmia chief financial officer and chief operating officer. A quarterly dividend of $0.09 per share was payable on 17 September 2026 to holders of record on 10 September.

Vans Needs a Wholesale Recovery to Validate the Guidance

V.F. Corporation's results were still shaped significantly by last November's Dickies divestiture, but even adjusting for that, the brand picture is mixed: The North Face and Timberland both grew while Vans fell 8 per cent on weak global wholesale demand. Management's raised full-year guidance assumes wholesale improves significantly in the second half, and with the first quarter still posting an operating loss, the extent of that implied second-half weighting is the main thing the 28 October second-quarter report will need to confirm.