Core Insights - V.F. Corporation (VFC) reported second-quarter fiscal 2026 results with a sales and earnings beat, although earnings fell year over year while revenues increased [1][9] - The company is progressing with its Reinvent program, aiming for cost savings and improved operating profitability [1][12] Financial Performance - Adjusted earnings per share were 52 cents, exceeding the Zacks Consensus Estimate of 42 cents, but down from 60 cents a year earlier [2][9] - Net revenues reached $2.80 billion, a 2% increase year over year, surpassing the consensus estimate of $2.73 billion [2][9] - The adjusted gross margin remained flat year over year at 52.2% [2] Revenue Breakdown - Revenues in the Americas fell 1% year over year, while EMEA revenues increased by 6% on a reported basis [3] - APAC revenues decreased by 2% on both reported and constant-currency bases [3] - Wholesale revenues rose 3% on a reported basis, while direct-to-consumer revenues declined by 1% year over year [4] Segment Performance - The Outdoor segment saw a 6% year-over-year revenue increase to $1,663 million, while the Active segment's revenues declined by 8% to $760.8 million [6] - The All-Other segment reported a 3% revenue gain year over year to $378.5 million [6] Financial Position - VFC ended the fiscal second quarter with cash and cash equivalents of $419.1 million and long-term debt of $3.54 billion [7] - The company announced a quarterly dividend of nine cents per share, payable on December 18, 2025 [7] Reinvent Program - In the first half of fiscal 2026, VFC spent $46.3 million on its Reinvent transformation program, primarily for severance and consulting costs [8] - The program has led to a net tax benefit of $10.3 million and total restructuring charges of $211.7 million [10] Future Outlook - For Q3 fiscal 2026, VFC expects revenues to decline by 1-3% in constant currency compared to the prior year [11] - Adjusted operating income is projected to be between $275 million and $305 million, with a likely decrease in adjusted gross margin year over year [11] - For fiscal 2026, VFC anticipates increases in adjusted operating income and operating cash flow, reflecting ongoing progress under the Reinvent program [12]

Core Insights - V.F. Corporation (VFC) reported a narrower-than-expected loss per share in Q1 fiscal 2026, with a sales beat and improved earnings year over year despite a dip in revenues [1][3][9] - The company is progressing with its Reinvent program, aiming for cost savings and improved operating profitability [1][13] Revenue Performance - VFC's net revenues for Q1 fiscal 2026 were $1.76 billion, surpassing the consensus estimate of $1.69 billion, with a year-over-year decline of approximately 2% in constant currency [3][4] - The North Face and Timberland brands continued to perform well, while Altra showed strong growth; however, Vans faced challenges due to channel rationalization [2][14] Segment Analysis - Revenues in the Outdoor segment increased by 8% year over year to $812.5 million, while the Active segment saw a decline of 10% to $699.7 million [7] - The All-Other segment reported a revenue increase of 4% year over year to $248.5 million [7] Financial Position - VFC ended Q1 with cash and cash equivalents of $642.4 million and long-term debt of $3.56 billion, with net debt down $1.4 billion from the previous year [8] - The company declared a quarterly dividend of 9 cents per share, payable on September 18, 2025 [8] Future Outlook - For Q2 fiscal 2026, VFC expects revenues to decline by 2% to 4% in constant currency, with adjusted operating income projected between $260 million and $290 million [12] - For the full fiscal 2026, VFC anticipates growth in adjusted operating income and cash flow, driven by strong performance from The North Face, Timberland, and Altra [13][14]

Q4'25 Earnings May 21, 2025 Q4'25 EARNINGS Financial Presentation Disclosure All per share amounts are presented on a diluted basis. This presentation 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. ...