VF Corp Reports Revenue Down 13% Year-to-Year, Names New CFO Paul Vogel
Profits are down across North Face, Vans, Dickies and more.
VF Corporation – the owner of North Face, Supreme, Vans and more – has shared bleak fourth-quarter results. Amid management shake-ups across its brands, revenue fell short of analysts’ year-to-year expectations, down by 13% overall.
As the VF Corp’s largest brand, Vans made up 32% of the corporation’s revenue in 2023, which has since dropped 26% according to wholesale “inventory clearance efforts,” Reuters reported.
Overall, revenues fell across regions but particularly in the Americas at a steep 22% decrease. China was the only country that saw an increase with a 5% hike.
VF Corp CEO Bracken Darrell, who joined in July 2023, has been reworking brand strategy, cutting costs and switching up high-level management. On the call, Darrell announced Paul Vogel would be joining as CFO. Vogel previously served in the same role as Spotify.
“As we move into fiscal year 2025, we will continue to execute our broader turnaround plans, including… fixing the Americas, turning around Vans, reducing costs and paying down debt, while progressing on the actions resulting from our strategic portfolio review,” Darrell said, per Reuters.
Shares for VF Corp have already fallen by 34.5% this year.
