Vans-Owner VF Corporation Sees Revenues Fall 9% in Q1 FY2025

After selling Supreme to EssilorLuxottica for $1.5 billion USD in July, VF Corporation reported falling revenues in the first quarter of the fiscal year 2025. On Wednesday, the company, which owns The North Face, Vans and Timberland, among other labels, released its official financial report, revealing that revenues reached $1.9 billion USD in the three-month period, down 9% (or 8% in constant dollars) from the year prior.

In a statement, VF 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 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.”

On a brand level, The North Face saw revenues fall by 3% (or 2% in constant dollars, though the brand did see global direct-to-consumer sales climb 6% (or 8% in constant dollars). Meanwhile, Vans took a significant fall, with revenues declining by 21%, reflecting a “modest improvement relative to the previous quarter,” per the company. Timberland’s sales were down 10% (or 9% in constant dollars), and Dickies’ revenues fell 15% (or 14% in constant dollars).

Looking ahead, the company “reiterates guidance for free cash flow plus the proceeds from non-core physical asset sales of approximately $600 million, excluding the impact of the divestiture of Supreme, which is anticipated to be completed by the end of calendar year 2024.”

See VF Corporation’s Q1 FY2025 financial report here.