In comparison to the same quarter last year, VF Corporation’s second quarter revenue of US $ 2.8 billion was down 6 per cent, The North Face’s was down 3 per cent or 4 per cent in constant terms, and Vans was down 11 per cent.
While VF’s operating margin of 9.9 per cent was down 210 basis points and its adjusted operating margin was down 60 basis points, the company’s gross margin for the quarter, which was 52.2 per cent, rose by 120 basis points.
Bracken Darrell, the president and CEO of VF, released the following statement in response to the second quarter update, “Our quarterly results were in line with our expectations and show a broad and sequential increase in year-over-year trends. In addition to making more progress on our four Reinvent goals, we are on track to reach our previously announced savings target of US $ 300 million by the end of FY ’25.”
In reported dollars, the business expects revenue for the third quarter to be between US $ 2.7 billion and US $ 2.75 billion, down 1 to 3 per cent from the previous year. Adjusted operating income is anticipated to be between US $ 170 million and US $ 200 million.
