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The North Face VF Corporation Q2 2024

VF Corporation Stock Surges After Stronger Than Expected Q2 Revenues

Share prices in VFC were up around 16% in after hours trading

COMPANY FOCUS
COMPANY:
VF Corporation
FOUNDED:
Denver, Colorado USA 1899
VIEWS:
STOCK DATA:
V.F. CorporationVFC
1.41%
$20.67

Following a dip in VF Corporation (VFC) stock last week, share prices rebounded in after hours trading yesterday after the apparel company reported stronger than expected financials for Q2.

Revenues for the latest quarter were down 6% to $2.8 billion compared to the same quarter last year, an improvement on the previous quarter which were down by 10%. EPS (earnings per share) were also adjusted to $0.60 compared to $0.63 for the same period last year. VF’s board of directors also authorised a quarterly per share dividend of $0.09. Share prices in VFC were up nearly 16% in after hours trading yesterday as the financials highlighted a year-over-year improvement, with all key figures in line with the company’s expectations.

By individual brand, The North Face sales totalled $1.09 billion, down 3% from the same period last year. Vans saw sales of $667.4 million which were down 11% compared to the same period last year. Sales for Timberland were also down 3% to $475.3 million and Dickies were down 11% to $152.4 million. VF’s net debt was also reduced by around $446 million to $5.7 billion, following the sale of Supreme to EssilorLuxottica earlier in the year. Looking further ahead to Q3, VF expects total revenues of between $2.7 billion and $2.75 billion. Stay tuned at Sneaker Jobs for further news surrounding the global apparel & footwear giant, also don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.

 

 

Our results in the quarter met our expectations and reflect a sequential and broad-based improvement in year-on-year trends. At the same time, we made further progress on our four Reinvent priorities and we are on track to reach our previously announced $300 million savings target by the end of FY25. Following the completion of the Supreme divestiture on October 1, 2024, we delivered on our commitment to pay down VF’s $1 billion term loan due December 2024. Our Americas regional platform is fully operational and showing promising signs, while the performance at Vans is improving. In summary, we advanced our turnaround plan towards a return to growth and strong, sustainable value creation at VF.

Bracken Darrell, President and CEO VF Corporation