望远镜系列24之VFFY2026Q2经营跟踪：收入表现超预期，后续指引延续谨慎

Investment Rating - The investment rating for the industry is "Positive" and maintained [6] Core Insights - In FY2026Q2 (June 29, 2025 - September 27, 2025), VF achieved revenue of $2.8 billion, with a year-over-year decline of 1% at fixed exchange rates, outperforming market expectations and company guidance [2][4] - The gross margin remained stable at 52.5% year-over-year, while adjusted operating profit was $330 million, exceeding previous expectations of $260-290 million [2][4] - The net profit margin increased by 4.9 percentage points year-over-year to 6.8% [2][4] Revenue Breakdown - By brand, revenue performance varied: Vans continued to face pressure with a year-over-year decline of 11%, while The North Face and Timberland both saw a 4% increase [5] - By region, the Americas and Greater China faced challenges, with revenues declining by 1% and 2% respectively, while Europe showed signs of recovery [5] - By channel, direct-to-consumer (DTC) sales were relatively weak, declining by 2%, while wholesale remained stable [5] Inventory and Guidance - As of FY2026Q2, the company's inventory decreased by 11% year-over-year to $1.86 billion, indicating improved inventory management [10] - For FY2026Q3, the company expects revenue to decline by 1%-3% at fixed exchange rates, with adjusted operating profit projected to be between $275 million and $305 million [10]