As a seasoned gamer with decades of experience in the virtual world, I can relate to VF Corporation‘s journey in the real one. Just like leveling up in a game, there are highs and lows, victories and setbacks, growth spurts, and occasional downturns. The first quarter of FY2025 seems to be one of those downturns for VF, with revenues taking a dip compared to the year prior.
Following the $1.5 billion sale of Supreme to EssilorLuxottica in July, VF Corporation later reported a decrease in revenues during the first quarter of fiscal year 2025. On Wednesday, they disclosed their financial report, showing that sales amounted to $1.9 billion USD over the three-month period – a drop of 9% (or 8% when adjusted for inflation) compared to the previous year. This corporation, which owns brands like The North Face, Vans, and Timberland, reported these findings.
In his first-year reflection at VF, President and CEO Bracken Darrell expressed being more invigorated than ever. Although the business continues to struggle, the pace of deterioration slowed down compared to Q4 and across most of our brands…We are progressing towards achieving our cost savings goal and we’ve made significant strides in addressing one of our primary financial concerns by announcing the sale of Supreme, which aims to strengthen our financial position.
At the corporate level, The North Face experienced a dip in revenues by approximately 3% (equivalent to 2% when adjusted for inflation); however, this decline was offset by a 6% increase (8% when adjusted for inflation) in direct-to-consumer sales worldwide. On the other hand, Vans suffered a substantial drop in revenues, declining by 21%, showing a slight enhancement compared to the previous quarter according to the company. Timberland’s sales also declined by 10% (or 9% when adjusted for inflation), while Dickies faced a revenue decrease of 15% (14% when adjusted for inflation).
In the future, the company emphasizes its projected total of $600 million from non-essential physical asset sales and free cash flow, without considering the effect of the Supreme divestiture, which is expected to be finalized by the end of 2024.
See VF Corporation’s Q1 FY2025 financial report here.
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2024-08-08 23:26