VF Corp.’s Q1 Shows 1% Sales Increase, Excluding Dickies

VF Corp. bested revenue expectations and raised its outlook for the year, but the company’s first-quarter results showed that it still has plenty of work to do.

First-quarter adjusted operating losses, excluding the now-sold Dickies, narrowed to $95 million and were better than the $100 million the company forecast. Net losses narrowed to $119.3 million, down from $150.8 million. 

Revenues for the quarter ended June 27 declined 5 percent to $2.2 billion — better than the 6.8 percent decline analysts projected, according to YahooFinance. 

Shares fell 8.2 percent to $16.77 in premarket trading, unwinding the 6.6 percent gain logged on Tuesday.

Excluding Dickies and currency fluctuations, overall revenues were up 1 percent, including a 5 percent increase in the global direct-to-consumer business and a 4 percent rise in the Americas division. 

The company, parent to Vans, the North Face and Timberland, is in the midst of a major overhaul under chief executive officer Bracken Darrell. Part of that was the November sale of Dickies, which raised $600 million to pay down debt. 

But the company’s main project — the turnaround at Vans —  remains a work in progress and the brand’s revenues fell 8 percent in the quarter. 

Darrell said the trajectory at Vans is improving. 

“We had a solid start to the year, beating our revenue and operating income guidance,” the executive said. “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 fiscal 2027 revenue guidance.”

VF said revenues are now expected to increase by 2 percent or better.  That’s ahead of the 1 percent to 2 percent range previously given. 

The company also said that chief operating officer Abhishek Dalmia would also take on the role of chief financial officer.