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VF Corporation Delivered First Quarter Fiscal 2027 Ahead of Guidance

VFC
  • VF Corporation reported Q1'27 results ahead of guidance & raised full-year revenue outlook to +2% or better C$ vs. LY.
  • Abhishek Dalmia appointed as Chief Financial Officer & Chief Operating Officer following the departure of Paul.
  • The Board authorized a quarterly dividend of $0.09 per share payable on September 17, 2026.
  • Reported revenue declined 5% vs. LY, while revenue ex Dickies rose 1% vs. LY or remained flat C$.
  • Global DTC performance remained positive with a 2% increase vs. LY or 5% growth C$ ex Dickies.
  • The North Face, Timberland, & Altra brands delivered growth; Vans Americas DTC grew but was offset by global Wholesale declines.
  • Operating loss was $83M with a margin of -5.0%, down 10 basis points vs. LY.
  • Adjusted operating loss ex Dickies was $95M, slightly better than guidance, with an adjusted margin of -5.7%.
  • Gross margin improved to 54.9%, up 100 basis points vs. LY; adjusted gross margin ex Dickies was 54.9%.
  • Net debt decreased by $1.1B (20%) vs. LY, while net debt excluding lease liabilities dropped by 27%.
  • FY'27 guidance now targets adjusted operating margin of approximately 8% & free cash flow flat to up vs. LY of $405M.
  • Expected FY'27 leverage ratio is 2.6x to 2.9x.
  • Dickies was sold to Bluestar Alliance LLC in November 2025; results exclude Dickies for comparative purposes.
  • Reinvent transformation program costs totaled $11.5M in Q1'27, impacting adjusted earnings per share by $0.02.
  • VF operates on a 52/53 week fiscal year, with Fiscal 2027 containing 53 weeks.