VF Corporation一季度业绩好于自身指引并小幅上调全年收入展望

Raises full year revenue outlook to +2% or better C$ vs. LY

Appoints Abhishek Dalmia as Chief Financial Officer and Chief Operating Officer

DENVER--(BUSINESS WIRE)-- VF Corporation (NYSE: VFC) today reported financial results for its first quarter (Q1'27) ended June 27, 2026 ahead of guidance and raises full year revenue outlook. The Company's Board of Directors authorized a quarterly per share dividend of $0.09. These financial results are also reflected in a presentation available on the Investor Relations website at ir.vfc.com.

Bracken Darrell, President and CEO, said: "We had a solid start to the year, beating our revenue and operating income guidance. The North Face ® , Timberland ® and Altra ® delivered another quarter of growth; and Vans ® Americas DTC continued to grow but was more than offset by declines in global Wholesale. We expect Vans ® Wholesale to improve significantly in the second half of the year. Given our overall Q1 performance and better visibility into the balance of the year, we are raising our FY'27 revenue guidance."

Darrell continued, “Regarding our CFO transition announced today, I would like to thank Paul for his partnership, leadership and contributions to VF. Looking ahead, I’m excited for Abhishek to step into his newly expanded role of Chief Financial Officer and Chief Operating Officer. He is a proven leader with deep knowledge of our business and our industry, and I am confident he is well positioned to drive strong execution against our key financial and operational priorities.”

Disclosed Q1'27 figures are shown on both reported and adjusted excluding Dickies ® (“ex Dickies ® ”) bases

VF Q1’27 results ahead of guidance

Revenue (5%) vs. LY

Revenue ex Dickies ® +1% vs. LY or flat C$, ahead of guidance of down low-single digits C$ vs. LY

Continued positive performance in global DTC, +2% vs. LY or +5% C$ ex Dickies ®

Americas region (4%) vs. LY; ex Dickies ® +4% C$ with growth across both channels

The North Face ® +6% vs. LY or +4% C$, led by the Americas region and DTC channel

Vans ® (8%) vs. LY or (9%) C$, with continued growth in Americas DTC, more than offset by Wholesale declines

Timberland ® +4% vs. LY or +3% C$, driven by the Americas

Operating income (loss) of ($83M) and operating margin (OM) of (5.0%), down 10 bps vs. LY

Adjusted operating income (loss) ex Dickies ® of ($95M), slightly ahead of guidance of ($100M); adjusted OM ex Dickies ® of (5.7%), down 210 bps vs. LY

Gross margin (GM) of 54.9%, up 100 bps vs. LY; adjusted GM ex Dickies ® of 54.9%, up 10 bps vs. LY

Net debt down $1.1B or (20%) vs. LY

Net debt excluding lease liabilities down $1.1B or (27%) vs. LY

Raising FY'27 revenue guidance

Revenue +2% or better C$ vs. LY 1 , and vs. prior guidance of +1% to +2% C$

Adjusted OM of approximately 8%

Free cash flow flat to up vs. LY 2 of $405M

FYE'27 leverage ratio of 2.6x to 2.9x

1 Revenue performance excludes Dickies ® in FY'26 and includes 53rd week in FY'27

2 Excludes $100M net impact of pension termination in FY'26 and any net impact from tariff refunds in FY'27

Webcast Information

VF management will host its first quarter Fiscal 2027 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Dividend Declared

VF’s Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on September 17, 2026, to shareholders of record at the close of business on September 10, 2026.

About VF

VF Corporation is a portfolio of leading outdoor and active brands, including The North Face ® , Vans ® , and Timberland ® . VF is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

Financial Presentation Disclosure

All per share amounts are presented on a diluted basis. This release refers to “reported” (R$) and “constant dollar” (C$) or “constant currency” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact of Foreign Currency.” Unless otherwise noted, “reported” and “constant dollar” or “constant currency” amounts are the same, and amounts will be as “reported” unless otherwise specified. This release also refers to results “excluding Dickies ® ” and “Adjusted excluding Dickies”, which are described under the heading “Dickies Divestiture”. This release also refers to “adjusted” amounts, a term that is described under the heading “Adjusted Amounts - Excluding Reinvent”. Unless otherwise noted, “reported” and “adjusted” amounts are the same. VF operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. Fiscal 2027 contains 53 weeks, with an additional week occurring in the fourth quarter. This release refers to VF's first quarter of Fiscal 2027 as Q1'27, and similarly Q1'26 denotes VF's first quarter of Fiscal 2026, etc. VF defines “ free cash flow ” as cash flow from operations less capital expenditures and software purchases, defines “ net debt ” as long-term debt, the current portion of long-term debt, short-term borrowings, and operating lease liabilities, less cash and cash equivalents per VF's consolidated balance sheet and defines “ leverage ” as net debt to adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”), which excludes operating lease cost.

Dickies Divestiture

On September 15, 2025, VF entered into a definitive agreement with Bluestar Alliance LLC to sell the Dickies ® brand business (“Dickies”) and on November 12, 2025, VF completed the sale of Dickies. The Dickies sale did not qualify for discontinued operations presentation under U.S. generally accepted accounting principles (“GAAP”) and "reported" amounts include Dickies results in continuing operations through the date of sale. References to results “excluding Dickies ® ” and “Adjusted excluding Dickies” exclude the results of Dickies in the prior year period. VF believes this non-GAAP presentation provides investors with useful information regarding VF’s current business trends and performance of VF’s operations, post the closing of the sale of Dickies.

Constant Currency - Excluding the Impact of Foreign Currency

This release refers to “reported” amounts in accordance with GAAP, which include translation and transactional impacts from foreign currency exchange rates. This release also refers to both “constant dollar” and “constant currency” amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors.

Adjusted Amounts - Excluding Reinvent

The adjusted amounts in this release exclude costs (benefits) related to Reinvent, VF's transformation program. Costs (benefits), including restructuring charges and project-related costs, were approximately ($11) million in the first quarter of Fiscal 2027.

The above items positively impacted GAAP earnings per share by $0.02 during the first quarter of Fiscal 2027. All adjusted amounts referenced herein exclude the effects of these amounts.

Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management’s view of why this information is useful to investors. The company does not provide a reconciliation of forward-looking measures where the company beli