VF Corp sales down

Sales at the The North Face were down 3% and Vans down 11%. Similarly, sales at Timberland dipped 3% and Dickies 11%.

However, there was some growth in the Asia Pacific region as revenue rose 6% to $392.5m (£302.5m), but revenue in the Americas and EMEA (Europe, the Middle East and Africa) were down 10% and 3%, respectively.

Gross margin was at 52.2%, up 120 basis points versus last year.

Bracken Darrell, president and CEO, said: "Our results in the quarter met our expectations and reflect a sequential and broad-based improvement in year-on-year trends...and we are on track to reach our previously announced $300m (£231m) savings target by the end of FY25.

“Following the completion of the Supreme divestiture on October 1, 2024, we delivered on our commitment to pay down VF’s $1bn (£77m) term loan due December 2024. Our Americas regional platform is fully operational and showing promising signs, while the performance at Vans is improving. In summary, we advanced our turnaround plan towards a return to growth and strong, sustainable value creation at VF."

For the third quarter, VF Corp expects revenue in the range of $2.7bn (£2.08bn) to $2.75bn (£2.11bn), down 1% to 3% year-over-year in reported dollars, while adjusted operating income will be in the range of $170m (£131m) to $200m (£154).