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.
VF CorporationVans revenue declined 9% due to weak wholesale demand, dragging overall results.