望远镜系列33之VF FY2026Q3经营跟踪：美洲带动整体增长，后续预期相对谨慎

Investment Rating - The investment rating for the industry is "Positive" and maintained [9] Core Insights - In FY2026Q3 (September 28, 2025 - December 27, 2025), VF achieved revenue of $2.88 billion, with a year-over-year increase of 2% after excluding the impact of Dickies. This performance exceeded market expectations and the company's prior guidance [2][6] - The gross margin increased by 0.1 percentage points to 57.0%, primarily due to effective cost control offsetting tariff impacts [2][6] Revenue Breakdown - By Brand: Revenue performance met expectations, with Vans under pressure but showing growth in e-commerce. For FY2026Q3, revenue for Vans/The North Face/Timberland/Other brands was down 10%/up 5%/up 5%/up 4% to $558 million/$1.36 billion/$570 million/$392 million respectively [7] - By Region: The Americas showed strong performance, while Greater China continued to be a drag. Revenue for the Americas/EMEA/APAC regions was up 6%/down 3%/down 4% to $1.54 billion/$929 million/$408 million respectively, with Greater China down 6% [7] - By Channel: E-commerce drove growth, while wholesale channels faced slight pressure. Revenue for DTC/wholesale channels was up 3%/down 1% to $1.63 billion/$1.25 billion, with e-commerce revenue up 10% [7] Inventory Situation - As of FY2026Q3, the company's inventory amount was down 8% year-over-year to $1.66 billion, indicating manageable inventory levels [8] Performance Guidance - For FY2026Q4, the company expects revenue to be flat to up 2% year-over-year, with gross margin expected to remain stable or slightly increase. Adjusted operating profit is projected to be between $10 million and $30 million [8]