VF Corporation has started fiscal year 2026/27 better than expected. While group revenue declined by five percent to $1,67 billion in the first quarter ending June 27, excluding the Dickies brand, which was sold in November 2025, revenue was one percent higher than the previous year and remained stable on a currency-adjusted basis. This exceeded VF's own forecast, which had projected a low single-digit percentage decline.
The individual brands again presented a mixed picture. The North Face increased its sales by six percent. Timberland grew by four percent. Vans, on the other hand, recorded a decline of eight percent. Growth in Vans' direct sales in America could not offset the declines in global wholesale. However, CEO Bracken Darrell expects a significant improvement in Vans' wholesale business in the second half of the year.
The group's global direct sales, excluding Dickies, increased by five percent on a currency-adjusted basis. The gross margin improved by one percentage point to 54,9 percent. The bottom line showed an operating loss of $83 million, compared to approximately $87 million in the same quarter of the previous year. The net loss decreased from $116,4 million to $97,2 million.
Alongside the results, VF announced a change in its finance department. Current Chief Operating Officer Abhishek Dalmia will additionally assume the position of Chief Financial Officer.
