VF Corp's Mixed Performance
VF Corp Lifts Full-Year Guidance After Q1 Beat, But Vans Weakness Dents Shares
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Key Points
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VF reported first-quarter revenue rose 5% year-over-year to $1.67 billion, with revenue excluding the Dickies brand up 1% YoY and flat on a constant-currency basis, and global direct-to-consumer sales up about 2% YoY (5% CC excluding Dickies).
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Vans remains a drag on performance, with Vans revenue down 8% in the quarter, while The North Face grew 6% and Timberland 4%; Americas DTC continued to grow, but wholesale declines offset Vans’ gains globally.
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VF completed the sale of the Dickies brand in November 2025, raising about $600 million to help pay down debt.
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Abhishek Dalmia was named chief financial officer effective August 1, 2026, with Paul Vogel moving into an advisory role as part of ongoing executive realignment.
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Market reaction to the results was negative in premarket trading, with VF shares trading lower by about 8% after the results and guidance update.
VF Corporation beat its first-quarter targets and raised its full-year revenue outlook to at least 2% growth on a constant-currency basis, according to Fashion Network. The company reported Q1 revenue of $1.67 billion, up 5% year-over-year, driven by gains at The North Face and Timberland. Shares still fell about 8% in premarket trading as investors focused on continued weakness at Vans.
The results mark a mixed but improving picture for VF Corp as it works through a multi-year turnaround. The North Face grew 6% and Timberland rose 4%, but Vans dropped 8% in the quarter. VF also completed the sale of the Dickies brand, raising around $600 million to help pay down debt.
Vans Keeps Dragging Despite Bright Spots Elsewhere
Vans remains VF's biggest problem. The skateboarding brand saw revenue fall 8% in Q1, or 9% on a constant-currency basis, according to Shop Eat Surf Outdoor. Wholesale channels continued to decline globally. That offset real progress in the Americas, where direct-to-consumer sales grew.
By contrast, The North Face posted 6% growth, or 4% on a constant-currency basis. Timberland grew 4%. VF's global direct-to-consumer sales rose about 2% year-over-year, and 5% on a constant-currency basis when Dickies is excluded. The company said it sees gradual improvement in Vans' performance ahead.
Dickies Sale Raises $600 Million to Cut Debt
VF completed the sale of its Dickies workwear brand in November 2025. The deal brought in roughly $600 million. VF used the proceeds to pay down debt, a key part of its financial cleanup strategy. Revenue excluding Dickies rose just 1% year-over-year and was flat on a constant-currency basis.
The Dickies exit reflects VF's shift toward focusing on its core brands. Cost discipline also helped narrow losses in the quarter. Adjusted profitability figures were mixed compared to Wall Street expectations, with VF missing the consensus earnings-per-share estimate by $0.05, according to Watchlist News.
New CFO Named as Executive Reshuffle Continues
VF announced a leadership change alongside the earnings. Abhishek Dalmia will become chief financial officer on August 1, 2026. Current CFO Paul Vogel will move into an advisory role. The shift is the latest in a series of executive changes as VF works to stabilize operations and rebuild investor confidence.
Guidance Raised but Investors Stay Cautious
VF lifted its full-year fiscal 2027 revenue outlook to at least 2% growth on a constant-currency basis, according to Shop Eat Surf Outdoor. That is better than prior targets. Management cited improving visibility into the rest of the year and progress on its transformation plan.
Markets were not convinced. VF shares fell roughly 8% in premarket trading after the update. Investors appear to be weighing Vans' ongoing weakness against the stronger performance from The North Face and Timberland. VF's turnaround is moving forward, but the pace remains a concern on Wall Street.
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