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TNF continues to climb, but Vans still down for VF

25/05/2023
TNF continues to climb, but Vans still down for VF
US clothing and footwear group VF Corporation has reported a decline of 2% for the 12 months ended April 1, taking it to $11.6 billion in revenue.

Fourth-quarter (Q4) revenues similarly contracted by 3% versus the comparative period, during which VF achieved $2.7 billion for the three months.

Casual shoe brand Vans continued to struggle, down 14% year on year (YOY) in the final quarter, which contributed to its 12% decline in comparison to fiscal 2022. However, group interim president and chief executive, Benno Dorer, maintained that efforts to “turn around” Vans are “progressing according to plan, as we navigate the known near-term challenges”.

Safety and workwear footwear company Timberland, another of the company’s 12 brands, meanwhile experienced YOY revenue decreases of 9% in Q4 and 2% for the full year. By contrast, The North Face (TNF) grew by 14% YOY in Q4 and saw an 11% increase over the entire 12-month period.

Mr Dorer said TNF's strength, “accelerating momentum in Greater China” and “significantly improved” supply chain efficiency, including inventory reductions of $299 million in Q4, were all cause for confidence in fiscal 2024.

Vans’ new Zahba silhouette, inspired by skateboarder Zion Wright. Image credit: Vans.

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Vans taps former Lululemon executive 31/05/2024
VF begins roll-out of new transformation strategy Reinvent 01/11/2023
VF chooses Gap veteran as chief people officer 23/08/2023
TNF continues double-digit ascent, but VF down 8% overall 03/08/2023
VF’s largest distribution centre is now operational 07/06/2023
Sales figures “soften meaningfully” for Foot Locker 19/05/2023
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Asian demand provides tailwinds as Canada Goose changes direction 18/05/2023
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Footwear boosts Under Armour 15/05/2023

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