VF to focus on Americas and Vans to stem revenue falls
Outdoor group VF has reported a 10% fall in its annual revenues for the year to the end of March to $10.5 billion.
Bracken Darrell, VF CEO, said: "In Q4, we made progress advancing our Reinvent transformation programme. We closed the fiscal year with further inventory reductions helping us deliver $1 billion in operating cash flow and over $800 million in free cash flow, exceeding our guidance.
“As we move into fiscal year 2025, we will continue to execute our broader turnaround plans, including driving continued momentum on our key priorities, namely fixing the Americas, turning around Vans, reducing costs and paying down debt, while progressing on the actions resulting from our strategic portfolio review. We have been rebuilding the leadership team, including the announcement of the CFO appointment, and I feel energized that we are positioning VF to return to sustainable and profitable growth."
The group has appointed Paul Vogel from Spotify as chief financial officer. He will succeed Matt Puckett, who will be stepping down.
