Q1 revenues down by 9% for VF Corporation
The parent group of The North Face, Timberland, Vans and other brands, VF Corporation, has reported revenues of $1.9 billion for the first quarter of its current business year.
This represents a decline of 9% compared to the same period a year ago.
The percentage fall in revenues was single-digit in Asia and in Europe, but reached 12% in the Americas.
Brand by brand, The North Face brought in $524.2 million, down by 3% year on year. There were sharper declines at Vans, whose sales revenues fell by 21% to reach $581.8 million, and at Timberland, which reported a figure of $229.4 million, down by 10%.
Chief executive, Bracken Darrell, said the group was on track to deliver cost savings. He said: “We have big activities that are happening all the time now, and the pace is not going to let up.”
Saving money was also the reason VF Corporation decided to sell its skateboarding-inspired street-fashion brand, Supreme, at the end of the quarter.
It acquired the brand in 2020, paying $2.1 billion and sold it to Essilor Luxottica in July for a reported $1.5 billion.
