VF Corporation, owner of brands including The North Face and Vans, has reported revenue of $1.90bn in the first quarter (Q1) of fiscal 2025 (FY25), down 9% from $2.08bn in Q1 FY24.
During the quarter, revenue of The North Face and Vans declined 3% and 21% respectively compared to the same quarter of the previous year.
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The company’s operating loss for the quarter ending 29 July 2024 was $239.89m, against a loss of $8.99m in Q1 FY24.
Its net loss also widened to $258.88m in Q1 FY25 compared to $57.42m in Q1 FY24.
The company’s basic and diluted loss per share for the quarter was $0.67 against a loss of $0.15 per share in Q1 FY24.
VF Corp posted a gross margin of 52.0%, down 80 basis points (bps) from the same period a year ago.
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By GlobalDataThis reduction was driven by 60bps of unfavourable rate, includes foreign currency headwinds, and 20bps from an unfavourable mix.
Its operating margin was 12.6%, down 1,220bps in Q1 FY25.
The company’s net debt at the end of the quarter is $5.3bn, down by $587m from Q1 FY24.
VF Corporation president and CEO Bracken Darrell said: “As I complete my first year at VF, I feel more energized than ever. While the business is still down, the rate of decline moderated quarter-over-quarter versus Q4 and across almost all our brands.
“We advanced further on the Reinvent transformation plan. We are on track to deliver our targeted cost savings and we have addressed one of our top financial priorities to strengthen the balance sheet with the announced sale of Supreme. Together with the first-class leadership team I have built, we are confident we will continue to make progress to return to growth and drive strong, sustainable value creation at VF.”
In April 2024, VF announced plans to increase its retail footprint in the Middle East and North Africa (MENA) and Southeast Asia (SEA) through a strategic partnership with retail conglomerate GMG.
