VF Corporation has reported a 3% increase in revenues for the first quarter, with its The North Face brand driving double-digit growth. The company’s total revenues reached $2.3 billion for the three months ending July 2, marking a 3% increase (7% increase in constant dollars). VF Corporation’s big four brands saw a 2% increase (6% in constant dollars), but Vans and Dickies experienced a downturn in sales, falling 7% and 15% respectively. On the other hand, The North Face recorded revenues of $481.1 million, a significant 31% increase from the same quarter last year, while Timberland saw an 8% increase to $269.5 million. VF Corp’s other brands category also witnessed growth, with a 9% increase to $393.9 million.

In terms of regions, VF Corp’s largest market, the Americas, saw a 6% increase to $1.4 billion, while the Europe, Middle East, and Africa (EMEA) market witnessed a 10% increase to $594.6 million. However, the Asia-Pacific (APAC) region experienced a significant 20% plunge in revenues, and the company’s international segment dipped by 1%.

While VF Corp reported an earnings loss per share of $0.14 on a reported basis for the quarter, adjusted earnings per share decreased by 68% to $0.09. Despite this, the company remains optimistic about its future outlook and has maintained its operating outlook for FY23.

Steve Rendle, chairman, president, and CEO of VF Corp, expressed confidence in the company’s performance, emphasizing their focus on controllable factors and commitment to strategic investments for long-term, sustainable, and profitable growth. Rendle also commended the passion, perseverance, and execution of VF Corp’s teams.

These strong first quarter results follow a successful fiscal year 2022 for VF Corp. The company reported total revenues of $11.8 billion for the full year ending April 2, with Vans and The North Face leading the way with a 20% and 33% increase respectively. Timberland and Dickies also saw growth, with a 20% and 19% increase in sales.

Despite facing challenges in the consumer environment and inflationary pressures, VF Corp remains confident in its purpose-built family of brands and is focused on driving sustainable growth in the face of ongoing uncertainties.

Useful Links:
1. VF Corporation Official Website
2. The North Face Official Website