VF Corporation

VF Corp reported second-quarter revenue of $1.67 billion, exceeding analyst expectations of $1.64 billion, but its adjusted loss of $0.27 per share fell 21% short of consensus estimates. The Vans brand continued to weigh on performance with a 9% year-over-year revenue decline driven by weak wholesale demand, while The North Face and Timberland posted growth of 4% and 3% respectively. Management pointed to ongoing wholesale destocking and increased marketing and direct-to-consumer investment as factors in the quarter, and expressed confidence in a second-half recovery for Vans as order visibility improves. CFO Paul Vogel is stepping down, with COO Abhishek Dalmia taking on the combined CFO and COO role. The company expects gross margin expansion to be the primary driver of operating margin improvement, while maintaining a cautious outlook for the Asia-Pacific region.

U.S. stock futures are flat-to-down ahead of the Federal Reserve's interest rate decision this afternoon, with the Dow off 340 points and the Nasdaq down 7. South Korea's finance minister overnight imposed caps on single-stock leveraged ETFs to calm market volatility tied to memory chip maker SK Hynix, which missed top and bottom lines in its first publicly traded earnings report but still posted triple-digit gains in operating profits and sales. The KOSPI fell another 6%, bringing its weekly loss to 15%. The FOMC concludes its fifth meeting of 2026 with some analysts speculating about a possible quarter-point rate hike amid inflation around 4% and Strait of Hormuz uncertainties, though a consensus under new Fed Chair Kevin Warsh is seen as unlikely. In earnings, Procter & Gamble beat fiscal Q4 earnings by 2 cents per share on revenues of $21.2 billion, Humana posted a 22.35% positive earnings surprise with $7.61 per share, Biogen reported $3.60 per share well above estimates, and V.F. Corp. missed with a loss of $0.27 per share.

VF Corporation raised its full-year revenue guidance on Wednesday after first-quarter results exceeded the company's own targets, though VF stock fell more than 6% in premarket trading. The apparel company, parent to The North Face, Vans, and Timberland, now expects full-year revenue to increase at least 2% on a constant-currency basis, up from previous guidance of 1% to 2% growth. Revenue for the quarter ended June 27 fell 5% to $1.67 billion, but excluding the sold Dickies brand and currency effects, revenue rose 1%, ahead of the company's guidance for a low-single-digit percentage decline. VF posted a net loss of $97.2 million, or $0.25 per share, and an adjusted loss of $0.27 per share, which missed analyst expectations for an adjusted loss of $0.22 per share. The Vans brand remained a drag with an 8% revenue decline, while The North Face grew 6% and Timberland grew 4%. VF also announced that Abhishek Dalmia will become chief financial officer effective August 1, 2026, succeeding Paul Vogel, and declared a quarterly dividend of $0.09 per share.

Wall Street analysts project V.F. Corporation will report a quarterly loss of -$0.22 per share, an 8.3% improvement year over year, on revenues of $1.67 billion, a 4.9% decline from the same quarter last year. The consensus EPS estimate has been revised upward by 1.6% over the past 30 days. Among key segment forecasts, Outdoor revenue is expected to reach $836.22 million, up 2.9%, while Active revenue is seen at $659.39 million, down 5.8%. By brand, The North Face is projected to bring in $568.31 million, up 2%, Vans $467.17 million, down 6.2%, and Timberland $258.70 million, up 1.4%. Channel estimates show Wholesale at $966.51 million, down 5.7%, and Direct-To-Consumer at $719.19 million, down 0.2%. Geographically, Americas revenue is forecast at $940.14 million, up 0.3%, Europe/EMEA at $503.14 million, down 8.7%, and Asia-Pacific/APAC at $266.90 million, down 1.8%. The Active segment profit is estimated at $50.59 million, compared with $56.84 million in the prior-year quarter.

V.F. Corporation confirmed it will report first-quarter fiscal 2027 results on July 29, 2026, with analysts expecting an earnings loss and lower revenue amid continued pressure at Vans and higher marketing and direct-to-consumer investments. The upcoming release highlights a widening contrast between growth at brands like The North Face, Timberland, and Altra and ongoing operational strain from Vans and rising SG&A costs. Management has flagged both gross margin expansion and higher SG&A tied to marketing and direct-to-consumer investments, making the balance between these forces a key check on the margin improvement narrative. Prolonged Vans weakness and rising discounting could pressure margins and earnings power over time, while some analysts project revenue slipping to about US$9.3 billion and earnings reaching only around US$382 million by 2029, far below the baseline turnaround scenario.

PETA has filed a shareholder proposal requesting that V.F. Corporation publish a report on its use of animal-derived materials and related welfare and compliance outcomes. V.F.'s board has recommended that shareholders vote against the proposal, arguing that current policies and disclosures are sufficient. The vote is scheduled for July 28, 2026, and the outcome could influence perceptions of the company's governance and ESG risk profile. V.F., which owns brands including The North Face and Vans, closed at $17.33, with the stock up 51.2% over the past year and down 4.6% year to date.