VFC

It has been about a month since the last earnings report for V.F. (VFC). Shares have lost about 8.8% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is V.F. due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for V.F. Corporation before we dive into how investors and analysts have reacted as of late. V.F. Corporation posted first-quarter fiscal 2027 results, wherein the top and bottom lines missed the Zacks Consensus Estimate and declined year over year.The company reported an adjusted loss of 27 cents per share for first-quarter fiscal 2027, wider than the year-ago loss of 25 cents. The figure also lagged the Zacks Consensus Estimate of a 22-cent loss.Revenues declined 5.2% year over year to $1.669 billion and missed the consensus mark of $1.674 billion. Excluding Dickies, revenues rose 1% on a reported basis, supported by growth at The North Face, Timberland and Altra. On a regional basis, revenues in the Americas declined 4% year over year on a reported basis. EMEA revenues fell 7% as reported and 9% in constant currency. APAC revenues decreased 3% on a reported basis and 6% in constant currency. Overall, international revenues declined 4% year over year as reported and 7% in constant currency.By channel, wholesale revenues fell 10% on a reported basis. Direct-to-consumer revenues were up 2% year over year on a reported basis and 1% on a constant-currency basis.Revenues in the Outdoor segment improved 5% year over year on a reported basis (up 4% on a constant-currency basis) to $857 million. In the Active segment, revenues of $667 million declined 5% year over year on a reported basis and 6% on a constant-currency basis. Revenues in the All Other segment fell 42% year over year on a reported basis (down 42% on a constant-currency basis) to $145 million. The company’s reported gross margin increased 100 basis points year over year to 54.9%. Adjusted gross margin excluding Dickies improved 10 basis points to 54.9%, indicating modest underlying progress after removing the divested brand’s prior-year contribution.Reported selling, general and administrative expenses were $1 billion, representing 59.9% of revenues. Adjusted expenses were $1.012 billion, or 60.6% of revenues. V.F. Corp. ended the fiscal first quarter with cash and cash equivalents of $670 million, long-term debt of $3 billion and shareholders’ equity of $1.76 billion. Net debt was down $1.1 billion from the year-ago period. VFC raised its fiscal 2027 revenue outlook to growth of 2% or better in constant currency from the prior guidance of 1-2%. The projection reflects expected growth at The North Face, Timberland and Altra, partly offset by a mid-single-digit decline at Vans, with Vans’ second-half revenues expected to improve to a decline of 2% or better year over year.The company maintained its adjusted operating margin forecast of approximately 8%, supported by a higher adjusted gross margin and a lower adjusted SG&A rate. Free cash flow is still expected to be flat to higher than fiscal 2026’s $405 million, aided by year-over-year growth in operating cash flow. VFC anticipates ending fiscal 2027 with a leverage ratio of roughly 2.6x to 2.9x. Since the earnings release, investors have witnessed a downward trend in estimates review. The consensus estimate has shifted -6.54% due to these changes. At this time, V.F. has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for value investors. Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, V.F. has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report V.F. Corporation (VFC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

VF Corporation VFC raised its fiscal 2027 constant-currency revenue outlook to growth of 2% or better, up from its previous 1-2% range, after first-quarter performance exceeded management’s revenue and operating-income expectations. The upgrade signals improving visibility across much of the portfolio, but investors still need to assess whether strength in Outdoor and smaller brands can compensate for a Vans recovery that remains incomplete. Crocs, Inc. CROX offers a useful casual-footwear comparison. Its second-quarter 2026 revenues reached a record $1.18 billion, while the Crocs Brand topped $1 billion in quarterly revenues even as HEYDUDE revenues declined 5.7%.Under Armour, Inc. UAA is another consumer-brand turnaround facing uneven demand. Its first-quarter fiscal 2027 revenues declined 3%, footwear revenues fell 8% and the company lowered its full-year revenue outlook to a mid-single-digit decline while maintaining its profitability outlook. First-quarter revenues, excluding Dickies, were flat in constant currency, better than management’s expectation for a low-single-digit decline. Adjusted operating loss excluding Dickies came to $95 million compared withs guidance for roughly $100 million, providing another reason for management to become more constructive on full-year revenue. Image Source: Zacks Investment Research Outdoor segment revenues increased 5% year over year, with The North Face up 4% in constant currency and Timberland up 3%. Outdoor also showed channel breadth, as reported DTC revenue increased 9% and wholesale rose 3%, reinforcing the segment’s role as VFC’s principal growth engine while Vans remains under pressure. Vans revenue fell 9% in constant currency in the first quarter, and management expects a roughly similar decline in the second quarter. The full-year outlook assumes a meaningful improvement thereafter, with Vans expected to decline by a mid-single-digit rate for fiscal 2027 and combined third and fourth-quarter revenues expected to fall 2% or better as wholesale assortments refresh. The guidance increase is not resting solely on The North Face and Timberland. Altra grew at a double-digit rate, Smartwool also posted double-digit growth, and JanSport and Kipling contributed to improved packs performance, while DTC revenues excluding Dickies increased 5% in constant currency. That broader participation reduces VFC’s dependence on a rapid Vans rebound to generate companywide growth. VFC maintained its fiscal 2027 adjusted operating-margin target of about 8% despite continued investment in marketing and DTC initiatives. Management also continues to expect free cash flow to be flat to higher than fiscal 2026’s $405 million and year-end leverage of 2.6-2.9 times, making profitability and balance-sheet execution important confirmations of the stronger revenue outlook. V.F. Corporation price-consensus-eps-surprise-chart | V.F. Corporation Quote VFC carries a Zacks Rank #3 (Hold), suggesting the improved outlook has not yet translated into a clearly favorable near-term earnings signal. Its Value Score of A and VGM Score of B offer support, but the Growth Score of C and Momentum Score of F underscore why investors may still want evidence that Vans’ second-half improvement and VFC’s margin targets are materializing. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report V.F. Corporation (VFC) : Free Stock Analysis Report Crocs, Inc. (CROX) : Free Stock Analysis Report Under Armour, Inc. (UAA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Jerash Holdings (US), Inc.? Here are five stocks we like better. Strong Q1 fiscal 2027 results: Revenue increased 26.7% to $50.2 million, gross margin expanded to 16.4%, and net income more than quintupled to $1.7 million, or $0.13 per diluted share. Growth opportunities are expanding: Higher projections from VF Corp., a new Urban Outfitters relationship, additional Hansol orders and potential global-brand business are supporting demand. Jerash also plans significant capacity expansion through 2027. Logistics remain a near-term risk: Regional conflict is delaying exports and increasing raw-material transportation costs. The company expects second-quarter revenue of $49 million to $51 million and gross margin of approximately 14% to 15%. Jerash Holdings (US) (NASDAQ:JRSH) reported higher revenue, expanding gross margin and a more than fivefold increase in net income for its fiscal 2027 first quarter, as shipments to its two largest U.S. customers increased and its Korean strategic partner continued to contribute to sales. Chief Financial Officer Gilbert Lee said quarterly revenue rose 26.7% to $50.2 million from $39.6 million a year earlier. Chief Executive Officer Sam Choi described the period as one of “exceptional financial performance,” citing record revenue, improved margins and higher profitability. → MarketBeat Week in Review – 08/03 - 08/07 Gross profit increased 35.7% to $8.3 million, while gross margin expanded by 100 basis points to 16.4%. Lee attributed the margin improvement primarily to a larger mix of shipments to U.S. customers, which he said generally carry stronger margins, as well as efficiency gains from automation. Operating income climbed 174% to $2.6 million from $959,000 in the prior-year quarter. Net income rose to $1.7 million, or $0.13 per diluted share, compared with $324,000, or $0.03 per diluted share, a year earlier. → Quantum Earnings Week: Winners and Losers Are Finally Emerging Management said a recently announced duty-free arrangement for Jordanian apparel and textile exports to the United States has increased inquiries and purchase orders. Choi said the trade development strengthens the company’s competitive position, while Eric Tang, who leads Jerash’s Jordan operations, said the agreement reinforces the benefits of the original 2001 free-trade agreement. Tang said the company received additional orders from Hansol Group, including expanded product categories and higher unit selling prices. He also said product development with another large garment conglomerate was nearing its final stage, with orders for a global brand anticipated in the near term. Those orders, if completed, could support fiscal 2027 growth, according to Tang. → Take-Two’s Q1 Results Leave GTA 6 Bulls Stuck in the Fog of War During the question-and-answer session, Tang said Jerash’s largest customer, VF Corp., had provided projections for the coming season that were about 15% above the prior season. Ringo Ng, the company’s head of marketing, said Jerash had opened Urban Outfitters as a customer and forecast approximately $5 million of business in the first year. Ng also cited potential opportunities with Lee, Wrangler, Reebok and The North Face, including higher-value outerwear products. Jerash is targeting approximately 15% additional production capacity by the end of calendar 2026 through expansion of two existing facilities, including new production lines and 500 additional workers. A second phase, targeted for around mid-calendar 2027, is expected to add another 20% to 25% of capacity through a smart warehouse and cutting operation, additional production lines, 500 sewing machines and automation, supported by roughly 1,100 additional workers. A satellite factory opened in March 2026 currently supports 130 local jobs. Jerash plans to expand that site to as many as 250 workers, with an estimated 5% increase in overall production capacity by the end of fiscal 2027. The company is also working with Jordan’s Ministry of Labour on a third satellite factory that could create about 500 jobs. Management said regional conflict has created periodic export-shipment delays from Haifa ports and raised transportation costs for raw materials imported from Asia. Lee said higher other expenses during the quarter reflected increased interest expense tied to supply-chain financing programs used by two major customers and letters of credit for raw-material purchases supporting Hansol-related business. Choi said the company is seeking to improve productivity, sourcing and product mix, but cautioned that new customers and products can initially carry lower margins as production ramps. He also said logistics interruptions and higher raw-material transportation costs remain an uncertainty. For the fiscal 2027 second quarter, Jerash expects revenue of approximately $49 million to $51 million, subject to logistics efficiency amid geopolitical uncertainty. The company’s gross-margin target is approximately 14% to 15%, reflecting higher transportation costs for imported raw materials. As of June 30, 2026, cash equivalents and restricted cash totaled $14.5 million, net working capital was $38.1 million, inventory was $26.6 million, and accounts receivable were $5.9 million. Operating cash flow was $2.5 million for the three months ended June 30, compared with $6.5 million of cash used in operations a year earlier. Jerash’s board approved a quarterly dividend of $0.05 per common share, payable Aug. 24 to shareholders of record as of Aug. 17. Jerash Holdings (NASDAQ:JRSH) is a global designer, manufacturer and marketer of intimate apparel, sportswear and swimwear. Founded in 1994 in the Jerash special economic zone of Jordan, the company has built a vertically integrated production model that spans product design, raw material sourcing, fabric printing, sewing and finishing. By controlling each stage of the manufacturing process, Jerash maintains strict quality standards and achieves competitive lead times for its apparel collections. Operating state-of-the-art facilities in Jordan with a workforce of more than 10,000 employees, Jerash produces both proprietary brands and private-label merchandise for major retailers. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Jerash Holdings (US) Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Image source: The Motley Fool. Wednesday, July 29, 2026 at 8:00 a.m. ET Vice President of Investor Relations - Allegra Perry President and Chief Executive Officer - Bracken Darrell Chief Financial Officer - Paul Vogel Chief Operating Officer - Abhishek Dalmia Operator: Ladies and gentlemen, thank you for joining us, and welcome to the VF Corporation First Quarter 2027 Earnings Call. [Operator Instructions] I will now hand the conference over to Allegra Perry, Vice President of Investor Relations. Please go ahead. Allegra Perry: Hello, everyone. Thank you for joining us on VF Corporation's First Quarter Fiscal 2027 Conference Call. On our call today, we will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC. Unless we say otherwise, amounts that are referred to on today's call are all on an adjusted constant dollar continuing operations and excluding Dickies basis, which we've defined in the presentation that we posted this morning on our Investor Relations website. We use those lead numbers in our discussion as we believe they more accurately represent the true operational performance and underlying results of our business. We may also refer to reported amounts, which are in accordance with U.S. GAAP. Reconciliations of GAAP measures to adjusted amounts are found in the supplemental financial tables included in the presentation, where we identify and qualify all excluded items and provide management's view of why this information is useful to investors. Before we proceed, I want to highlight that scripted remarks have been posted at the start of the earnings call for ease of reference during the call. The scripted remarks will be removed after the earnings transcript is made available on our Investor Relations website. Joining me on today's call are VF's President and Chief Executive Officer, Bracken Darrell; Chief Financial Officer, Paul Vogel; and Chief Operating Officer, Abhishek Dalmia. Following our prepared remarks, we'll open the call for your questions. I'll now hand it over to Bracken. Bracken Darrell: Thank you, Allegra. Hello, everyone, and thank you for joining us. Before we get into our call for the quarter, let me talk about our CFO transition. As you know, if you read our release this morning, Paul Vogel will be stepping down, and Abhishek Dalmia will be taking on the newly combined role of Chief Financial Officer and Chief Operating Officer. Let me start with Paul. I'm so thankful to Paul for being my partner these past 2 years. He's played a key role in dramatically improving our balance sheet, lowering our cost base and returning us to growth. Paul should be very proud of his accomplishments, and I know he is. He's also been a good friend and partner to me and the entire team, and we're going to all miss him. Paul, I know you want to say a few words. Paul Vogel: Thanks, Bracken. As Bracken shared, after a lot of reflection over the past several months, we decided it's the right time to transition my role. Over the past 2 years, I've become very passionate about the brands within V.F., and I've been driven to execute on the transformational work underway across the company. That work has required a significant amount of time away from my family, who have remained on the East Coast. As I looked ahead and discussed with Bracken the ongoing expectations, we decided now would be the right time for V.F. to transition to a new CFO. I remain confident in the company, the strategy, the progress we are making. In fact, I leave this role with great confidence in where V.F. is headed. Over the past 2 years, we've made meaningful progress, stronger financial discipline, improved execution, a significant reduction in debt, and a sharpened portfolio. We returned to growth for the full year in fiscal '26 for the first time in 3 years, expanded margins materially, and reduced the leverage ratio by 2 full turns in 2 years, and I'm confident we will hit our previously provided guidance for the medium term. I'm also very pleased that Abhishek will be stepping into the CFO role, combining with his current remit as COO. He understands the transformation agenda, he understands the operating model, and he brings a powerful combination of strategic, operational, and financial perspective. I believe he is the right leader for this role and the right partner for Bracken and the leadership team in this next phase. On a personal note, Abhishek has been a true partner to me, and we've become real good friends and have a lot of fun working together. Over the next quarter, I will work with Abhishek to help ensure a smooth and thoughtful transition, and I'm committed to doing everything I can to support the team during this period. And last, I want to say thank you. First, thank you to Bracken for his partnership, trust, and leadership. It's been a privilege to work alongside him during such an important period for V.F. Thank you to the Board and the broader leadership team for their support and collaboration. Thank you to our shareholders and analysts, and most of all, thank you to the finance organization and to the teams across V.F. Serving as CFO of V.F. has been an honor. I'm proud of the progress we have made, and I'm confident in the company's future. And now I'll turn it back over to Bracken. Bracken Darrell: Thank you, Paul, and thank you, Paul. I want to put to rest any rumors there might be about the suspicious coincidence of Paul's move back to Philadelphia and LeBron James' move to Philadelphia and the 76ers. They seem to be uncoordinated, although we'll try to confirm that over time. Now for Abhishek. We are really fortunate to have one of the most knowledgeable and impactful people in our industry as COO. After stints at Dell and Lululemon, and I didn't mention GE in the beginning of his career, Abhishek spent 7 years at BCG, working with almost every major company in our industry on a very wide range of projects. And that has already paid big dividends at V.F. as he has reengineered first our technology organization, then supply chain, and soon finance. He's also been a partner for me in our strategy and execution across the business. He's a particularly good fit for the CFO role as an expansion of his current role. You'll soon see, though, he's not going to be a COO who just adds finance. He will be a CFO who really understands at a practical level how to create total shareholder value. He deeply understands brand value creation. And the combination of these roles will drive sustainable and profitable growth, agility, and cost efficiency. As the business evolves into the next phase of growth, his ability to blend financial acumen with change management and transformative thinking will be just the right cocktail for V.F.'s ongoing transformation, as we continue on our way to becoming a high-performing, high-growth business. Abhishek, I know you'd like to say a few words. Abhishek Dalmia: Hello, everyone. Thank you, Bracken, for your confidence and for the opportunity to take on this expanded role. I'm honored by the trust you and the Board have placed in me. I also want to thank Paul for his partnership and friendship. He has helped guide V.F. through an important period of transformation and has developed strong finance leaders. I look forward to partnering with this talented team as we enter our next phase. I chose to join V.F. a few years ago because I love our brands and I believe in the long-term potential and success of this company. Going forward, my commitment is to ensure that every dollar of capital is deployed where it creates the greatest long-term value. That means maintaining discipline in how we invest, strengthening returns across our portfolio, and balancing growth, profitability, and cash generation to deliver sustainable TSR. I'm energized by what lies ahead in this next phase, as I continue to work closely with Bracken and key leaders in brands and commercial to make V.F. a high-performing and a highly profitable growth business. Now back to you, Bracken. Bracken Darrell: Thanks, Abhishek. Now let's talk about the quarter that just ended. The first quarter was a solid start to the year. As a result of this start and better visibility into the rest of the year, we're raising our full year fiscal year '27 outlook from 1% to 2% growth to 2% or better. When we guided last quarter, we said you could expect another year of growth. Now you can expect a year of acceleration, albeit modest so far, but this is just the beginning of that. First quarter revenue was flat to last year, ahead of our guide. Q1 is typically a negative operating income quarter, but Q1 operating income was also slightly better than we expected, even though we invested in growth across multiple dimensions. Turning to the individual brands. The North Face grew 4% in Q1. That was stronger than our expectations of a flat quarter that we shared with you earlier. You might recall that the primary driver of our flat quarter expectation was orders that would normally have occurred in Q1 actually shipped in Q4 last year. So we expected the stronger Q4 would result in a lighter Q1. As in the past this year, we have timing shifts across the quarters. In that vein, we expect Q2 to be flattish versus last year on The North Face. However, we expect the full year to be roughly in line with last year's growth rate. Let me repeat that. We expect the full year to be roughly in line with last year's growth rate. From a product standpoint, The North Face growth was led by transitional outerwear, shells, and equipment. And we barely tapped the many opportunities to bring in strong spring and summer categories in the years ahead that we don't do much in today, which makes a solid quarter like this even more satisfying. Imagine what it'll be when our assortment in stores and online is much broader and appropriate for warmer seasons. In footwear, the Altamesa Version 2, which I've actually been wearing all week, I've been wearing the 500, is absolutely amazing. And we launched it during the quarter with a very strong debut across regions. Now let me give you a little taste of what's coming for The North Face in Q3 and Q4, looking into the back half of the year. As I mentioned last quarter, The North Face is the exclusive performance apparel sponsor for the U.S. Ski and Snowboard Team. The athletes will wear our product across all major events, including World Cups and of course the Olympic Winter Games, and official training camps between now and through 2034 and beyond, we hope. The first drop of the U.S. Ski and Snowboard apparel is this winter. I'm wearing one of the T-shirts underneath this year right now. We'll be upgrading our largest single icon, the Nuptse, from Summit Series all the way down through all of our lifestyle. This one has an innovation twist as well, which we will share with you later. From a marketing standpoint, there's also something very exciting coming out. We can't tell you exactly what it is, but keep an eye out for your local IMAX theater. Just watch for developments ahead. Timberland revenue was up 3% in the quarter. Both DTC and wholesale grew on a global basis, while regional performance was driven by continued strong growth in the Americas, up 10%. As expected, at this stage, the 6-inch premium boot is the growth engine. While behind the scenes, our initiatives to build and diversify around this strength are taking hold. Outside of the boot, shoes continue to perform strongly in all regions, led by the boat shoe. As we get into the fall '26 season and beyond, you'll begin to see more of the new product lineup being developed, from below the ankle to sneakers and footwear, and across apparel. Alongside those product initiatives, we continue to develop the brand distribution network. And for the first quarter, we opened 3 new full-price DTC stores in the Americas, taking the total number of full-price stores to 14 in the region, and there are more to come. We're driving brand energy with our social-first marketing strategy, as we've talked about before, while leveraging the brand's cultural relevance. Search interest was up in all key markets. The brand continues to play a central role in big cultural moments. For example, during the quarter, the yellow boot became a symbol of New York during the New York's magical New York Knicks' championship run this year, and an associated social media post generated the brand's highest engagement ever. We expect another good year of growth for Timberland as we continue to take steps to unlock the true potential of Timberland over the next few years. Now let's talk about Vans. Q1 revenue is down globally by 9% year-over-year. We expect a similar trend in Q2. We began signaling a few quarters ago, the business would turn around first in DTC, then wholesale, and we focused on the Americas. And that's exactly what continues to happen. We expect it to be a little bit better in Q1 than we were, but this quarter doesn't at all change our indication of what we see for the full year. To that end, let me start by giving you a little more data than you've had before on our DTC. I'm going to focus on the U.S., where half our business is, but the strategy is the same globally. Remember, we have more flexibility in introducing new products into our own DTC channels than we do in wholesale. It just takes more time. E-com is where we're starting to see accelerated growth. Now let me talk about our fleet of stores, focused on the U.S., where most are. Almost 60% of our comp stores are now flat to growing in Q1. There are stubborn stores we continue to work on, but you can see with our e-com -- that our e-com and the majority of our fleet is now positive in the U.S. So what's going to change between the first half of fiscal '27 and the second half of fiscal '27 at Vans? In addition to the improvement we've seen in e-com in our stores, wholesale is going to be a lot better around the world. We're confident because we have much better visibility into our wholesale partners' plans. This is one of the things that gives me confidence to commit to a better second half for Vans. In fact, for Vans as a whole, while their first half revenue will be down about 9% versus last year, we expect second half to be down 2% or better versus last year. Let me go further on Vans now. There have been many green shoots in the past few months. DTC in the Americas continues to grow, as I've said. We have more and more new products that are generating energy, excitement, engagement, and sellout, complete sellout. The press and social media analysts have published many headlines like, Vans' hot streak is only getting hotter, and Vans might just be the footwear brand of the year. The brand is even inspiring luxury brands like Louis Vuitton, Prada, Dior, and Miu as they see the energy move to Vans silhouettes. And speaking of brand energy, in just its second year, the Vans Warped Tour will have almost 600,000 attendees across its 6 venues, making it, for sure, the largest rock festival in North America, and maybe tied or 1 of 2 or 3 for the largest music festival in North America. And when you go, you see 2 out of every 3 people wearing Vans. Our focus on innovation is driving consumer demand. We continue to reinvigorate the original icons. Authentic had another double-digit quarter. Slip-ons grew. Old Skool continues to benefit from pearlized, distressed, and collabs like the Travis Barker collab, all resonating and achieving a very high sell-through. The latest example, just last week, was the Souvenir Asphalt collection, which is Old Skool, which sold out in 30 minutes. The team is also putting out powerful new silhouettes like loafers and others. One of the things we're under-leveraging is some of this incredible energy we're creating. We can do a better job of having sufficient volumes of those hot styles of our icons and entirely new silhouettes to better capitalize on demand. We're working on that. But overall, our energy strategy in our DT channels is starting to work, and we're going to keep going and build on this. Wholesalers will be bringing in more new product as we approach the holiday season and into the spring. We continue to be very optimistic on Vans. Beyond the top 3 brands, we're fueling the engines that are showing strong potential among the smaller brands, and there are a growing number of those. Altra is the most visible example. Altra continues to deliver, building on a strong performance last year and progressing towards another year of powerful growth. Franchise styles including Lone Peak, Torin, Experience Flow, and Wild continue to perform well. We're continuing to invest in brand awareness, which remains low but is growing. Altra plays in a very large addressable market. For perspective, we're a leader in trail running, but road running is 10x as large of a market. Even though we've only recently gotten seriously into road running, over the past few quarters, road running has become larger for Altra than trail running for the brand. As I've said before, we believe this brand will be a $1 billion-plus brand over time. To conclude, I'm confident about the year, and we're raising our full year guidance as a result of our better visibility into the second half and our Q1 performance. With that, I'll hand it to Paul first for more financial depth on this quarter, and then Abhishek for the forward-looking guidance for the next. Paul? Paul Vogel: Great. Thank you, Bracken. Turning to our first quarter results. Q1 revenue was approximately $1.7 billion, flat year-over-year and above our guidance of down low single digits. And operating performance was slightly ahead of guidance. By brand, as Bracken said, The North Face grew 4%, Vans was down 9%, and Timberland was up 3%. In Q1, Timberland's growth was impacted by the ongoing conflict in the Middle East, as well as ongoing work with one of our distributors. This was roughly 3 points impact to Timberland in Q1. From a regional perspective, growth in the Americas was up 4%, while EMEA was down 7% and APAC was up -- was down 1%. And lastly, by channel, DTC led us up 5%, while wholesale was down year-over-year at minus 4%. Adjusted gross margin for the quarter was 54.9%, up slightly over last year. Our core underlying gross margin is actually stronger than it appears, as this quarter's margin was impacted by 140 basis points as a result of unfavorable FX. As a reminder, there's roughly no incremental advantage or disadvantage of tariffs in Q1 this year versus Q1 last year. SG&A stepped up year-over-year as we deliberately invested in the business to drive growth. As we signaled in May, we are making first half investments in brand-building initiatives. The $225 million of structural SG&A savings since fiscal 2024 remain in the run rate. This has been a choice to reinvest on a lower fixed base to drive growth. Our Q1 adjusted operating loss for the quarter was $95 million, slightly ahead of guidance as a result of the higher-than-expected top line. Finally, adjusted loss per share was $0.27 versus $0.25 in Q1 of last year. The tax rate was approximately 11% in Q1. And there is no change to our full year outlook for the tax rate in the low 30s. On the balance sheet, we continue to strengthen our position. Inventories, excluding Dickies and FX, were down 4%, and net debt was down $1.1 billion or down 20% versus last year. Free cash flow was up approximately $75 million in Q1 year-over-year. This includes approximately $50 million benefit from tariff refunds. I'll now turn the call over to Abhishek, who will walk you through our guidance for Q2 and the full year. Abhishek? Abhishek Dalmia: Thank you, Paul. For full year fiscal '27, let me start with key metrics. First, on revenue, we had guided to up 1% to 2% and now expect to be up 2% or better versus last year. Second, we continue to expect our operating margin to be approximately 8% for the full year. Third, we expect free cash flow to be flat to up versus last year, with operating cash flow up over year-over-year. As a quick reminder, this excludes any potential net benefit from tariff refunds during fiscal '27. This also excludes the $100 million net impact of the pension termination that we received in fiscal '26. And finally, we continue to expect our year-end leverage ratio to be between 2.6 and 2.9x. As you know, it's not our standard practice to give you detailed brand guidance. But given we just raised our revenue guidance, we want to give you some additional color on the top 3 brands for the full year. For The North Face and Timberland, we expect the full year to be in line with their respective growth rates from last year, plus or minus 1 point or 2 on either side. For Vans, we continue to expect revenue trends to improve relative to last fiscal year, down mid-single digits. As you heard from Bracken, we expect better trends in the second half and expect revenue to be minus 2% or better for Q3 and Q4 combined. Let me share some details on the second quarter now. Revenue growth will be approximately in line with Q1, and operating income will be broadly in line with last year. Let me break down the key components for you. For our 2 largest brands, The North Face will be flat to slightly up year-over-year in Q2. And as mentioned before, this is primarily driven by wholesale timing. Vans Q2 performance will be similar to Q1 of down 9%. Within this number, Americas DTC will continue to grow, as we indicated in May, with continued improvement in DTC for other regions. As you also heard from Bracken, we expect the wholesale business to improve in the second half, resulting in the brand delivering a mid-single-digit decline for the full year. We expect gross margin to be up versus last year. On SG&A, as you heard from Paul, we continue to make brand-building investments, specifically in DTC and marketing, that will impact the overall SG&A in Q2 year-over-year. These Q2 gross margin and SG&A movements are contemplated within our full year operating margin guidance of approximately 8%. Finally, Bracken, Paul, and I have been working very closely over the last few years on V.F.'s transformation. We are on track to achieve our medium-term targets. Let me remind them. First, an operating margin exit run rate of at least 10% in fiscal 2028. As we clarified on our last call, it really means that we'll be 10% or better for full year '29. And second, a leverage ratio of 2.5x or better by fiscal '28. So to conclude, we beat our first quarter expectations and raised our full year revenue guidance. We gave you a little more of the runway on Vans for rest of the fiscal year and also additional color for The North Face and Timberland for the full year. We confirmed our guidance on operating margin, free cash flow, and leverage, and have clear line of sight to our medium-term targets. We are well on our way to becoming a high-performing, high-growth business. And with that, I will hand it back to our operator for your questions. Thank you. Operator: [Operator Instructions] Your first question comes from the line of Brooke Roach with Goldman Sachs. Brooke Roach: Paul, best of luck in your next chapter. And Abhishek, congratulations on the expanded role. I was hoping we could unpack the trends that you're seeing in America's wholesale at the Vans brand this quarter. Bracken, I think you mentioned in your prepared remarks that you were hoping to be a little bit better than where you were. Can you unpack what transpired in the quarter versus your expectations? And then also give us a little bit more color on what gives you confidence in the improvement and the magnitude of the improvement that you're expecting to see into the back half. Perhaps you could give us a little bit of color on what you're seeing in the order book by geography and the types of products that are driving that inflection? Bracken Darrell: Thank you, Brooke, and it's good to hear from you. Yes, I'll go right into all those questions. So first, in terms of our performance in Vans in North America, we've been saying for a while that DTC is going to turn first and that wholesale will follow. And that's exactly what's happening, exactly what happened in Q2. Our wholesale business continues to be a lot weaker. I mean if you look at our global number, I'll step up to the global number. If you look at that global number for the year, if we're -- for the quarter, if you're -- if we were telling you we delivered 9% down overall, it was a lot better than that in our DTC globally and a lot worse than that in wholesale globally. And I'm talking a lot worse. Now, our sellout is not that bad in wholesale. So the actual sellout is better. There's some destocking that's going on, probably ahead of buying in new inventory. In terms of what are they buying, one of the cool things about having your own DTC, and that is most dramatic for us in Vans in the Americas, is the fact that we have a shorter path to market, and we can be very choiceful about what we put out there. So if you go into our stores or certainly if you go online, you'll see a lot of new products from us now. I hope you can see that when you walk in our stores, but you can certainly see it online, and I encourage you to do it today. Those are selling very well, as I said in the script in the beginning. They're not in wholesale in anywhere near the same volumes as they are in DTC. So that's coming. Why do we have confidence in wholesale improving as we go into the back half of the year, both in the Americas and around the world? Because we have -- you mentioned order books. I'm not going to specifically go into order books, but I will say the discussions we're having with our wholesale partners around the world indicate that we're going to have a strong turn in wholesale in the back half. Operator: Your next question comes from the line of Adrienne Yih with Barclays. Adrienne Yih-Tennant: Congratulations to Abhishek. And Paul, thanks for the partnership. It's been really wonderful working with you. So Bracken, you had talked about -- I mean, it's very clear that global luxury is kind of picking up some cues from some of your key styles, the Authentic, the slip-on, and skate inspired. So it's pretty flattering, but your prices really haven't changed over time. And I'm wondering how you think about kind of materially building on this emerging brand moment? What do you do kind of in that competitive atmosphere? And is that an upside opportunity for the back half? Also on this 8% operating margin, Paul and Abhishek, can you talk about kind of the upside and downside risks? You're putting a lot of SG&A into kind of the operating margin. Could you pull back on that? Or is this really about kind of upside selling in the back half? Bracken Darrell: Okay. I'm going to take the first, and then I'm going to let Abhishek answer the second one since it's a forward-looking comment. In terms of -- one of the things I love about coming into this company, and it makes me so excited to walk in here every day, is the fact that we serve millions and maybe even hundreds of millions of consumers as opposed to a fraction of the Earth, which is what luxury is doing. And it's wonderful, though, to be viewed as potentially competing with luxury because they sell at 10 to 20x our prices. So you're right, this is a moment where luxury is going into a lot of our silhouettes, an increasing number of our silhouettes and that is not only flattering, but it's very good for the brand and brand heat. Now, how do we take advantage of that? So far, as you said, we have not raised price. We don't have a plan to raise price this year. That's certainly always an option. What we really are doing, though, is trying to move our mix a little higher. So you'll see us emphasize more premium styles, not only collaborations, but in our own premium styles, and then make sure we're delivering growth. We got in this. We're back here. This is a very -- this business is very sensitive to growth. So as we start to grow on Vans, you're going to see the profitability will expand rapidly as we know. So there's a lot of leverage there. Now Abhishek, do you want to take the second? Abhishek Dalmia: Yes. First of all, Adrienne, thank you for the warm welcome, and I do look forward to working with you as well. To your question, first up, we don't see the risk to the guidance that we have given on the operating margin. However, the geography of that 8% might actually be more driven by gross margin because we are open to making discretionary investment in the SG&A as called out by Paul and Bracken in the previous call. So we definitely feel very confident on delivering the operating margin. Operator: Your next question comes from the line of Michael Binetti with Evercore. Michael Binetti: Can you hear me okay? Bracken Darrell: Yes, we can, Michael. Good to hear from you. Michael Binetti: Let me add my congrats to Abhishek and Paul. Really appreciate the time, Paul. Good luck on your next adventure. Let me ask you on Vans. Maybe in Europe, I'll just ask a near-term question here. Still a pretty tough quarter after 3 years of declines there. Maybe just some color between wholesale and DTC, what's going on in that region? Obviously, your comments on what Vans will be doing globally in the second half are interesting. That's one market that I'm interested to hear how that will go through that transition in the second half. And then maybe we could just back up for a minute and take a historical look at Vans margins. A previous regime told us long ago that Vans had a low to mid-20s operating margin at its peak. Today, it looks like it's lower mid-single digits. As I look back and think about it, maybe there's a diagnosis that R&D and marketing investments were far too low to drive that brand. Can you just help us understand a little bit better today how much of those investment lines have changed as we look at the current margins in the business? I think that would really help us understand the margin opportunity from here. It seems like a lot of it is the gross margin, but maybe some of it is from the scale of the business and your confidence that you have the rightsize overhead for the medium-term top line outlook. Bracken Darrell: A really interesting question. So the first one, your question, what does Europe look like from a DTC and wholesale standpoint relative to the U.S.? Similar. I would say behind the U.S. from a timing standpoint, similar in trajectory. The same thing is happening. So DTC is outperforming wholesale by a wide margin. E-com is positive this quarter. So it's already turned positive there, and the brick-and-mortar is improving. So overall, I would say a very similar profile. And then wholesale is way south of that, as I said in my last -- the answer to Brooke's question. So I think it's very, very similar. Do -- you want to answer the second one, Abhishek? Abhishek Dalmia: In terms of the overall investment in the shape, we are continuing our investments in R&D. Product investment is a big part of the investment. We are, obviously, with the momentum that we see in the brand. Marketing continues to be an area where we are doubling down, but more the right balance between brand and performance. We have taken a significant cost cut in this part of the transformation. So I do, Michael, to your question, we definitely see opportunity both in gross margin and SG&A leverage on the Vans side. Bracken Darrell: Yes. And I would just add to that. I think -- I mean, underneath your question is, can you expect the profitability kind of from the peak that we had on Vans in our future? Let's say, 2 years from now, 3 years from now. The answer is probably no. I don't -- I think we milked it too much. And we got to the point where I believe there was a point where I'm not sure I'm really doing a pure P&L here, but where we were making kind of 20% plus on operating margin. That's probably too high for a business like that. So we're not going to do that. On the other hand, I do think we're -- we'll spend a little ahead on marketing, maybe product development, but at least marketing. We're probably spending ahead of what we'll do on a rate basis for the long term. So the profitability is going to keep going up. And on top of that, you're going to get leverage on all the SG&A. So I think you're going to see -- we'll see the profitability get to a really attractive level over the next several years, but probably not back to where we were 5 years ago. Operator: Your next question comes from the line of Laurent Vasilescu with BNP. Laurent Vasilescu: Much appreciate all the color this morning. I wanted to ask quickly a near-term question, if I may. I think it's very helpful that you provided color on the brands, particularly for the quarter. I think you said Vans down 9%, TNF flat. I'm curious, how do we get to overall flat revenues for 2Q? I mean it would imply that Timberland needs to be up meaningfully. I'm just trying to square that away. And within that, Bracken and team, I would love to hear what you're seeing in terms of wholesale demand in the Americas for the Timberland brand. And then one quick question. Paul, you've been very, very helpful over the last 2 years. And last quarter, you were very helpful in trying to break out the benefit from the receivables from -- for the gross margin. I'm curious to know if you saw that in the 1Q gross margin, if you can potentially help us with the bridge for the gross margin of up 10 bps. Bracken Darrell: I'll try to take the first 2, and then I'll hand the third one off. In terms of how do you get to flat revenue, I think we're trying our hardest not to guide every single brand here. But you're right, you need to do the math to get to your model, and we understand. Yes, we do expect Timberland to be better next quarter than we did last quarter. And -- but although the other brands are also doing well. So I think we've got some good stories underneath there, too. In terms of... Abhishek Dalmia: I think I can take that on the gross margin question. And also on adding on the Timberland, if you caught, Laurent, from the script that Paul talked about. Timberland was 3%, but there was a differential impact because of one of the distributor impact that we have been managing and also the Middle East impact in EMEA. So we do expect that trend to be much better in Q2. I think on your gross margin, let me just clarify a few points there. One, from a year-over-year perspective, we are up about 10 basis points. But if you actually factor in from an FX perspective, it's another 140, 150 basis points. Part of that, we obviously predicted, but part of that was not predicted. So there is an impact around that. And then two, if you look at the segment reporting in the Q that will come out, you will see that, obviously, there's a mix shift between Outdoor and Active from our expectation. So Outdoor, obviously, driven by TNF was better than our expectation in Q1, and Vans was slightly slower. So that actually impacted the gross margin as well. But we feel very confident on the gross margin improving over the year as well even further going for the full year. Bracken Darrell: Yes. Let me just answer one other question I missed in the first one, which was how is wholesale looking in Americas? We're trying not to slice this too thin by quarter, by channel, by everything. But what I would say is wholesale was solid. Search interest continued to be up in the key markets for Timberland. So it looks pretty good. Paul Vogel: I guess to your tariff question, particularly a receivable question, I think, there's no benefit on the gross margin at all, right? So we took the entire benefit in Q4 of last year from a receivables standpoint. You will obviously see it in the free cash flow side, which we talked about. So there was $50 million or so that we got back. So there's obviously going to be some quarterly mismatches between what you see in the P&L and what you see in the cash flow statement, which Abhishek will guide moving forward. But there was no impact at all in terms of anything with respect to tariffs on the P&L or the gross margin. You'll only see it on the cash flow statement where we actually got cash in Q1. Operator: Your next question comes from the line of Paul Lejuez with Citigroup. Paul Lejuez: I want to come back to SG&A. I'm curious if mid-single-digit growth is the right way to think about the SG&A build in future quarters? And if not, for how long should we expect SG&A to grow in that range? Anything lumpy we need to know about in the remaining quarters of this year? And then similarly, just as we look to that medium-term goal of 10% in FY '29, from the current 8% this year, how much of that 200 basis points plus will be gross margin improvement versus SG&A as you think about it? Bracken Darrell: Do you want to take that? Abhishek Dalmia: Yes, sure. So First of all, Paul, from an overall SG&A perspective, this is again something which we called out even in the May earnings and right now. It's a deliberate investment in marketing and DTC and brand building initiatives in the first half versus the second half. The good news there is 2. One, all the savings that we actually did around SG&A from a transformation perspective is still part of the run rate. And two, a lot of the spend that we are seeing in first half is discretionary. So we have full control over that. So that's one piece of it. To your question around the broader medium-term target of 10%, we did highlight that the shape, initially when we launched those medium-term targets back in FY '24 in our first Investor Day, we did say that the shape of that is probably going to be about 55-45. We absolutely see the geography changing on that. We see upside in gross margin, which actually gives us more flexibility to continue investing both in product development as well as in marketing and brand building initiatives. So the geography -- the short answer is the geography of that 10% is going to be slightly driven more by gross margin, versus SG&A leverage down to 45%. Bracken Darrell: And remember, when we guided that, I think there was a 100 basis point impact on that by Dickies, which we exited. Abhishek Dalmia: Yes. We do get 100 basis points good guy just from Dickies divestiture itself. Paul Lejuez: Got it. And I think that initial guidance was excluding any sales growth. Are you now including sales growth as part of that 10%? Paul Vogel: Well, I think -- so the guidance... Bracken Darrell: A little bit... Paul Vogel: was no sales growth from that point in time, right? Bracken Darrell: 2024, yes. Paul Vogel: So obviously, it's come down a little bit. So we've always said if it comes down a little bit, we've got to get back to that baseline, but it wasn't growth above the baseline. Bracken Darrell: That's right. Operator: Your next question comes from the line of Simeon Siegel with Guggenheim. Simeon Siegel: Paul, it's been great working with you. Best of luck. Abhishek, congrats on the added role. So Bracken, just thinking about the Vans wholesale dynamics for a second, can you just to how much you think is, at this point, still resetting the wholesale base versus how much is demand continuing to rebase? And just maybe how has that evolved over time? So as you think about those 2 dynamics? And then to the -- just follow-up on the regional, do you see any meaningful brand like divergence in brand perception health in the consumers by region? Bracken Darrell: Okay. So yes, on your first question, how much of it is resetting the base, how much is it's demand? That's a hard one to answer. I think right now, you don't have -- what we have in our DTC is a different product mix than we have in wholesale. So whether you call that demand, you call it resetting, I wouldn't say it's bringing in new distribution and exiting distribution. It's not that kind of strong mix change that we had when I first got here. It's more really making sure they've got the right assortments and the right amount of assortment on the floor. So that's really the change that we see happening ahead. The second question was? Abhishek Dalmia: Brand perception between the regions. Bracken Darrell: Brand perception between the regions. Yes, we've always -- the Vans brand has always been much stronger in the U.S. than it is in Europe, and stronger in Europe than it is in APAC, and that's still true. The good news is the trend line on the biggest -- of the 2 biggest geographies looks very similar. EMEA is just behind the U.S. in terms of that trend. Operator: Your next question comes from the line of Jonathan Komp with Baird. Jonathan Komp: Bracken, just to follow up on Vans. Any more color as the team thinks about translating some of the success of more limited run styles into a broader reception and change in the mix for wholesale? Just any more color on how you see that playing out? And then Abhishek, a broader question as we think about the second half outlook here, the implied revenue inflection towards 4% plus and a very strong double-digit growth in operating profit year-over-year. Can you give a little more color just to get comfortable with that ramp into the second half here? Bracken Darrell: Yes. So a little more color. So as I said in my opening, I think we can do a better job. We're learning. I think we can do a better job of translating those immediately. Like really, obviously, I mean, I hope you're looking at it and saying, wow, they do really do have some hits. I mean we're just -- we're serially launching things now that are selling out really fast. Some have very low quantities, like some of these collabs. Some have larger quantities, like this last souvenir drop was not a small quantity. It sold out really fast. I think we can -- we know we can do a better job of translating that volume into sales, whether it's our own DTC or as you said, our wholesale. In terms of wholesale, we're -- yes, a little more color on that. You're going to see us bring in some of those things, like pearlized, into wholesale distribution. And there are consumers who want to buy that. And right now, if they're not going into our stores, they're not seeing it. So we don't look differentiated enough when you walk into wholesale. One of the things I always said -- of the things I love about wholesale is when somebody walks into wholesale, they often don't have a brand in mind. They walk in with a category in mind. And when you walk in with a category in mind, you need to have something distinctive to sell because other people will do that. And so we need to have that. We've tended to have the same kind of product in wholesale that we've had historically, whether it's black and white Old Skools or checkered slip-ons. And so we really need to make sure we've got refreshed product. And we have some of that in wholesale, but not nearly enough. So that's going to start to come. Now the challenge we have, I think, is how do we accelerate and maximize that heat? And I think this is a learning curve we're on right now to get better and better at that. And I think our team is really learning all the way throughout the chain of the business, and we'll get better at that over time. But we're not going to let up. We're going to keep coming with these new styles and new silhouettes serially forever. I mean that's our -- that's the move we're making here as a company. Abhishek Dalmia: Yes. And Jonathan, to your question, first up, you might feel like it's a bold move for an incoming CEO to raise the guidance, but I've been in close work with CFO. Bracken Darrell: Don't promote yourself yet. Abhishek Dalmia: Coming in. But I've been working very closely with Bracken and Paul over the last 2 years, and we feel very confident because of 3 reasons. One, Bracken did call out that Vans, we have better visibility into the wholesale business for Vans, which is going to be minus 2% or better. So that's one. I did call out as part of the guidance that both TNF and Timberland are going to be roughly in line with the growth rates of last year. So that is definitely something for TNF. It's a wholesale timing between Q2 and Q3 and the rest of the quarters. And then for other brands, we expect again to be similar in the line. So if you do the math, you're right that the second half from a growth rate perspective will be around 3% to 4%, but that gives us the confidence that we will be definitely minus 2% or better for the full year, or plus 2% or better for the full year. Operator: Your final question comes from the line of Jay Sole with UBS. Jay Sole: Great. Maybe Bracken, if I can just ask you about trends in Asia and Greater China, specifically by brand. It seems like that region has been a little bit on a choppy side. But maybe just talk to us about what you're seeing there and maybe what the outlook is going forward with the rest of the year. Bracken Darrell: Yes. I mean you can see in our numbers that the China APAC in general has been more muted than the rest -- than it's been historically, and we expect that to really continue. I think TNF has been relatively flat, and that's not something we've historically had. I think -- as I said before, I think part of that is us. We're just -- we don't have enough -- I don't think we have enough innovation in APAC, especially with the competition there, which is really strong as we've talked about before. And I love strong competition, so it's making us better. And believe me, we are doubling down on what we're doing internally to make sure we're in a position to win there. So overall, I would say you can kind of expect more of the same. There's no real new news there. I do think it's not as big a region as the other 2 for us, but it's super important. And we're going to get stronger and stronger there over time. But it will be a little more muted than it's been in the past for the next year or 2. Excellent. Well, look, thank you so much. We're super -- we're finishing Q1. It's a little -- it's just Q1, but we -- but it was really important for Q1 for us because as you know, we did exceed our guidance. And we also just feel like during this quarter, we've gotten much better visibility to the back half of the year. So we're pumped about the start of the year. We're not going to pretend that this quarter was great. It wasn't. It was better than our expectations, but it really sets us up for another year of -- for a year of accelerated growth, which is great, very modest, I'll say that. But that accelerated growth story is going to get stronger and stronger over the following year. So thanks, everyone. We look forward to seeing you in one-on-ones or group meetings or next quarter. Operator: This concludes today's call. Thank you for attending. You may now disconnect. Before you buy stock in VF, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and VF wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. VF (VFC) Q1 2027 Earnings Call Transcript was originally published by The Motley Fool

Lifestyle clothing conglomerate VF Corp (NYSE:VFC) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 1.3% year on year to $1.67 billion. Its non-GAAP loss of $0.27 per share was 21% below analysts’ consensus estimates. Is now the time to buy VFC? Find out in our full research report (it’s free). Revenue: $1.67 billion vs analyst estimates of $1.64 billion (1.3% year-on-year growth, 2% beat) Adjusted EPS: -$0.27 vs analyst expectations of -$0.22 (21% miss) Operating Margin: -5%, in line with the same quarter last year Market Capitalization: $5.93 billion VF Corp delivered Q1 results that exceeded market expectations, with revenue and operating income both coming in ahead of guidance and management raising full-year guidance as a result. While revenue was flat year over year, management cited persistent weakness at the Vans brand—especially in wholesale—and continued investment in marketing and direct-to-consumer channels as major factors influencing the quarter. CEO Bracken Darrell acknowledged the challenges, noting, “Our wholesale business continues to be a lot weaker...there's some destocking that's going on, probably ahead of buying in new inventory.” Looking ahead, management’s guidance relies on improved trends for The North Face and Timberland, with expectations for a gradual turnaround at Vans as wholesale partners ramp up orders in the second half of the year. Investment in product innovation and marketing remains a priority, but CFO and COO Abhishek Dalmia emphasized that the path to higher operating margins will be driven more by gross margin expansion than by reduced spending. Dalmia stated, “We definitely feel very confident on delivering the operating margin,” while highlighting flexibility in discretionary SG&A investment. Management attributed the quarter’s performance to ongoing brand-specific challenges, strategic investments in marketing and DTC, and operational leadership changes. CFO Transition and Leadership: Paul Vogel will be stepping down, with COO Abhishek Dalmia assuming the combined CFO/COO role. Management underscored the importance of continuity and operational expertise in steering the company’s transformation agenda. Vans Performance Lagging: Vans posted a 9% year-over-year revenue decline, driven by weak wholesale demand, though direct-to-consumer (DTC) sales in the Americas showed early signs of stabilization. Management noted that DTC is outperforming wholesale and expects improved visibility and performance for wholesale in the year’s second half. The North Face and Timberland Resilience: Both The North Face and Timberland achieved growth, with The North Face up 4% and Timberland up 3% despite challenges from Middle East conflict and distributor issues. Product innovation in outerwear and footwear, along with store expansion for Timberland, were highlighted as key drivers. Increased Marketing and SG&A Investment: The company deliberately increased SG&A spending to support brand-building and product initiatives, especially in DTC and marketing, while maintaining that earlier cost-saving measures remain in place. Management emphasized that this investment is discretionary and will be monitored. Margin Trends and FX Impact: Gross margins improved slightly, but unfavorable foreign exchange reduced reported gains. Management remains confident in further gross margin expansion as a lever for operating margin improvement, with minimal impact from tariffs in the current period. Management’s outlook centers on improved wholesale trends at Vans, resilience at core brands, and careful cost discipline to balance growth and profitability. Vans Wholesale Recovery: Guidance assumes that improved order visibility and new product launches will support a better second half for Vans, especially in wholesale channels. Management believes success here is vital for overall revenue growth. Gross Margin as Key Lever: The roadmap to higher operating margins depends on expanding gross margin through product mix, premiumization, and reduced currency headwinds, rather than aggressive SG&A cuts. This approach allows for continued investment in innovation and marketing. Muted Asia-Pacific Outlook: The company expects continued muted performance in Asia-Pacific, especially Greater China, due to increased competition and limited recent innovation in the region. Management is increasing internal focus but does not expect a near-term turnaround. In the coming quarters, the StockStory team will be monitoring (1) execution of Vans’ wholesale recovery and translation of product momentum into broader distribution, (2) sustained growth at The North Face and Timberland amid ongoing product launches and store expansion, and (3) the company’s ability to manage SG&A investment while expanding gross margins. Additionally, any improvement in Asia-Pacific brand performance or signs of stronger consumer demand will be closely watched. VF Corp currently trades at $15.08, down from $18.25 just before the earnings. Is there an opportunity in the stock? The answer lies in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). 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Interested in V.F. Corporation? Here are five stocks we like better. V.F. raised its fiscal 2027 revenue-growth outlook to 2% or more after first-quarter revenue of about $1.7 billion exceeded expectations. The company maintained its targets for an approximately 8% operating margin, flat-to-higher free cash flow and year-end leverage of 2.6–2.9 times. Brand performance was mixed: The North Face revenue rose 4% and Timberland increased 3%, while Vans declined 9%. V.F. expects Vans to remain weak in the first half but improve to a roughly 2% or better decline in the second half as product launches and direct-to-consumer trends gain traction. CFO Paul Vogel will step down, with COO Abhishek Dalmia assuming a combined CFO and COO role. V.F. also reported a 20% year-over-year reduction in net debt and reiterated its longer-term goals of a 10% or better operating margin and leverage of 2.5 times or less. Premium Retail’s Stress Test Is Separating Winners From Losers V.F. (NYSE:VFC) raised its fiscal 2027 revenue outlook after reporting first-quarter sales and operating performance that exceeded its prior expectations, while also announcing a finance leadership transition. The company said first-quarter revenue was approximately $1.7 billion, flat from a year earlier and ahead of its guidance for a low-single-digit decline. Adjusted operating loss was $95 million, which V.F. said was slightly better than expected due to stronger-than-anticipated revenue. Adjusted diluted loss per share was $0.27, compared with a loss of $0.25 a year earlier. → Microsoft Just Flipped the AI Spending Narrative Overnight Apparel Earnings Winners and Losers: Ralph Lauren Takes Off V.F. now expects fiscal 2027 revenue to increase by 2% or more, up from its prior outlook for 1% to 2% growth. The company maintained its expectation for an approximately 8% operating margin for the full year, free cash flow that is flat to higher than last year, and a year-end leverage ratio between 2.6 times and 2.9 times. Chief Financial Officer Paul Vogel will step down, with Chief Operating Officer Abhishek Dalmia taking on a newly combined CFO and COO role. Vogel said he would work with Dalmia during the next quarter to support a smooth transition. → 2 Unique Space ETFs That Could Upend the Industry 4 Cold-Weather Stocks to Buy as Winter Spending Heats Up Vogel said the decision followed discussions about the time demands of the role, as his family has remained on the East Coast. He pointed to progress over the past two years, including lower debt, cost reductions, improved financial discipline and a return to full-year growth in fiscal 2026. “I remain confident in the company, the strategy, the progress we are making,” Vogel said. “In fact, I leave this role with great confidence in where VF is headed.” → MarketBeat Week in Review – 07/27- 07/31 Dalmia said his focus in the expanded position would include capital discipline, portfolio returns and balancing growth, profitability and cash generation. CEO Bracken Darrell said the combined finance and operations role would support the company’s ongoing transformation and focus on total shareholder value. The North Face posted 4% revenue growth in the first quarter, exceeding V.F.’s expectation for a flat quarter. Darrell said growth was led by transitional outerwear, shells and equipment, while the Ultima Version Two footwear launch had a strong debut across regions. The company expects The North Face to be flat to slightly higher in the second quarter, primarily due to wholesale timing, and expects full-year growth to be roughly in line with the brand’s growth rate in fiscal 2026. V.F. also cited upcoming initiatives including its U.S. Ski & Snowboard Team apparel partnership and a planned update to its Nuptse product line. Timberland revenue increased 3% in the quarter, with both direct-to-consumer and wholesale channels growing globally. The Americas rose 10%. The six-inch premium boot remained the principal growth driver, while boat shoes also performed strongly across regions, according to Darrell. Vogel said Timberland’s quarterly growth was reduced by roughly three percentage points due to the conflict in the Middle East and work involving one of the company’s distributors. Dalmia said V.F. expects those pressures to be less significant in the second quarter. The company expects Timberland’s full-year growth to be broadly in line with last year’s growth rate. Vans revenue declined 9% globally in the first quarter, and V.F. expects a similar decline in the second quarter. However, Darrell said the company is seeing improvement in direct-to-consumer operations, particularly in the U.S., where nearly 60% of comparable stores were flat to growing in the quarter. E-commerce has shown accelerated growth, he said. Wholesale remains weaker than direct-to-consumer performance at Vans, although Darrell said discussions with wholesale partners support expectations for an improvement in the second half. V.F. expects Vans revenue to decline about 9% in the first half but to be down 2% or better in the second half, resulting in a mid-single-digit decline for the full year. The company said several Vans product launches and collections have generated strong consumer response, including growth in Authentic and Slip-On styles and strong sell-through for Old Skool releases. Darrell said V.F. intends to bring more differentiated and refreshed product into wholesale channels as it works to translate product momentum into broader sales. Outside its three largest brands, V.F. cited Altra as a growth opportunity. Darrell said road running has become larger than trail running for Altra in recent quarters, despite the brand historically being stronger in trail running. He reiterated the company’s view that Altra can become a billion-dollar-plus brand over time. Adjusted gross margin was 54.9%, slightly above the prior year. Vogel said unfavorable foreign exchange reduced the quarter’s margin by 140 basis points. He also said there was no incremental tariff advantage or disadvantage in the first quarter compared with the prior-year period. SG&A expense increased year over year as V.F. invested in marketing, direct-to-consumer operations and other brand-building activity. Vogel said the company’s $225 million in structural SG&A savings since fiscal 2024 remain embedded in the business, with the company choosing to reinvest from a lower fixed-cost base. By region, Americas revenue rose 4%, while Europe, Middle East and Africa revenue fell 7% and Asia-Pacific revenue declined 1%. Darrell said the company expects Asia-Pacific performance to remain comparatively muted in the near term, noting strong competition and a need for more innovation in the region. Direct-to-consumer revenue increased 5% during the quarter, while wholesale revenue declined 4%. Inventories, excluding Dickies and foreign exchange effects, fell 4%. Net debt declined $1.1 billion, or 20%, from a year earlier, and free cash flow improved by approximately $75 million, including about $50 million of tariff refunds. V.F. reiterated its medium-term targets of an operating-margin exit run rate of at least 10% in fiscal 2028, which it clarified would mean 10% or better for the full fiscal 2029 year, and a leverage ratio of 2.5 times or better by fiscal 2028. VF Corporation, commonly branded as VF, is a global apparel and footwear company that develops, markets and distributes a diverse portfolio of consumer brands. Its offerings span outdoor and action sports apparel, footwear and accessories under marquee names such as The North Face, Vans, Timberland, Dickies, JanSport and Smartwool. Through a “house of brands” strategy, VF leverages the unique heritage and design expertise of each label to serve distinct lifestyle and performance segments. Founded in 1899 in Pennsylvania as the Reading Glove and Mitten Manufacturing Company, VF evolved through a series of acquisitions and strategic expansions to become a leading player in the global apparel industry. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "V.F. Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management raised full-year revenue guidance to 2% or better, citing improved visibility into second-half wholesale recovery and a solid Q1 performance that exceeded internal expectations. The North Face's 4% growth was driven by transitional outerwear and equipment, outperforming flat expectations despite timing shifts that pulled some orders into the previous fiscal year. Vans' 9% decline reflects a deliberate 'DTC-first' turnaround strategy where e-commerce and 60% of U.S. comp stores have turned positive, while wholesale continues to lag due to destocking and legacy assortments. Timberland's 3% growth was tempered by a 3-percentage-point headwind from Middle East conflict disruptions and ongoing distributor transitions, though Americas performance remains robust at 10% growth. Strategic leadership is shifting to a combined CFO and COO role under Abhishek Dalmia to integrate financial discipline directly with supply chain and technology transformation efforts. The company is intentionally reinvesting structural SG&A savings into brand-building and marketing to transition from a cost-cutting phase to a high-growth operational model. Altra is being positioned as a future billion-dollar brand by successfully pivoting from a trail-running niche into the 10x larger road-running market. Vans is projected to inflect from a 9% decline in the first half to -2% or better in the second half, supported by confirmed wholesale partner plans and new product launches. The North Face and Timberland are expected to maintain full-year growth rates roughly in line with the previous year, despite anticipated flattish performance in Q2 due to wholesale shipping timing. Medium-term targets remain anchored on achieving a 10% operating margin by fiscal 2029 and a leverage ratio of 2.5x or better by fiscal 2028. Future margin expansion is expected to be driven more by gross margin improvements than SG&A leverage, allowing for sustained discretionary investment in product innovation. The North Face will leverage its exclusive U.S. Ski and Snowboard Team sponsorship and an 'innovation twist' on the Nuptse icon to drive back-half demand. The divestiture of Dickies provides a 100-basis-point structural benefit to the company's long-term operating margin targets. Unfavorable foreign exchange rates created a 140-basis-point headwind on adjusted gross margins in Q1, masking stronger underlying core performance. Net debt was reduced by $1.1 billion (20%) year-over-year, reflecting a strategic priority to deleverage the balance sheet during the transformation. Management acknowledged that Vans' peak historical margins of 20%+ were likely unsustainable and resulted from 'milking' the brand; future targets will prioritize a healthier balance of reinvestment. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that while wholesale is currently 'a lot worse' than DTC due to destocking, sell-out data is healthier than sell-in numbers. Confidence stems from direct discussions with wholesale partners regarding holiday and spring assortments that will finally include the new, high-heat products currently exclusive to DTC. Management confirmed the 8% target is secure, noting that the geography of the P&L may shift toward higher gross margins to offset discretionary SG&A spend. The increased SG&A is described as a 'choice' to invest in growth rather than a loss of cost control, with structural savings still intact. Management observed luxury brands adopting Vans silhouettes, which validates current brand heat but stated there are no immediate plans to raise core prices. The strategy focuses on improving product mix toward premium styles and collaborations to drive profitability rather than broad-based price hikes. The APAC region remains 'muted' due to intense local competition and a self-admitted lack of sufficient innovation in the current regional assortment. Management expects the region to remain soft for the next year or two while they 'double down' on internal efforts to regain a competitive edge.

Pre-market futures are flat-to-down ahead of today’s open, with overseas turbulence in the memory chip market reverberating on domestic shores. We also see something of a hesitation in trading ahead of this afternoon’s Fed decision on interest rates. The Dow is off -340 points at this hour, the tech-heavy Nasdaq is -7, while the S&P 500 and small-cap Russell 2000 are flat. Saudi Arabia attacked Iran-backed forced in Iraq, demonstrating a further widening of the conflict that originally had been contained to the U.S. and Israel versus Iran. Spot oil prices are back up again this morning, but still just in the $80s per barrel (/bbl); a week ago, Brent crude had surged back over $100/bbl. The finance minister of South Korea overnight has initiated caps on single-stock leveraged ETFs — a clear move to quiet market volatility related to SK Hynix (SKHY), one of the top memory chip producers in the world, which is a key component in the AI trade. The Korean stock market, KOSPI, was down another -6%, -15% over the last week. This is reportedly the first time the country has applied the breaks to a particular stock trading entity, and it comes the day SK Hynix missed on both top and bottom lines in its first publicly trading earnings report this morning. Both operating profits and sales, however, rose triple-digits in the quarter. The company, one of the biggest suppliers to NVIDIA (NVDA), is down -1% on the news, -22% since its IPO less than three weeks ago. The Federal Open Market Committee (FOMC) concludes its fifth meeting so far in 2026, and the first one where analysts have an inkling something might change on the Fed funds rate. Particularly, a quarter-points rate hike has been bandied about as a possibility today over the past week or so, likely due to inflation rates dancing up around +4% over the past couple months and uncertainties around the Strait of Hormuz. With Fed Chair Kevin Warsh’s new methodology intentionally less transparent than the last three Fed chairs (Ben Bernanke, Janet Yellen and Jerome Powell), it’s tough to get a read on what results his leadership will glean this afternoon at 2pm ET. But from this vista, despite whether more hawkish members of the Fed cast their votes to raise interest rates, it’s hard to see a Warsh-led consensus bringing this about so early into his tenure. Unless he’s looking for a fight from President Trump. Procter & Gamble (PG) beat on fiscal Q4 earnings this morning by 2 cents per share, while missing slightly on its top line to $21.2 billion, above the $20.89 billion reported a year ago. Health insurance giant Humana (HUM) posted a huge Q2 earnings beat this morning: $7.61 per share versus $6.22 in the Zacks consensus, for a +22.35% positive earnings surprise. Revenues of $40.89 billion outpaced expectations by +0.59%. Biotech major Biogen (BIIB) provided one of the strongest quarterly reports of the morning, with Q2 earnings of $3.60 per share well above the $3.04 projected, on revenues of $2.74 billion which outperformed estimates by +9.4%. Vans, Timberland and The North Face parent V.F. Corp. (VFC) posted its first earnings miss in the last four quarters: -$0.27 per share versus -$0.22 expected. Revenues of $1.67 billion was -0.29% below consensus. After the close, we’ll see results from two key “Mag 7” companies, Microsoft (MSFT) and Meta Platforms (META), In addition, reports are also due from Qualcomm (QCOM) and Starbucks (SBUX), among others, this afternoon. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Biogen Inc. (BIIB) : Free Stock Analysis Report QUALCOMM Incorporated (QCOM) : Free Stock Analysis Report Microsoft Corporation (MSFT) : Free Stock Analysis Report Procter & Gamble Company (The) (PG) : Free Stock Analysis Report Starbucks Corporation (SBUX) : Free Stock Analysis Report V.F. Corporation (VFC) : Free Stock Analysis Report NVIDIA Corporation (NVDA) : Free Stock Analysis Report Humana Inc. (HUM) : Free Stock Analysis Report Meta Platforms, Inc. (META) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Revenue: Approximately $1.7 billion, flat year-over-year, above guidance of down low single digits. Operating Income: Q1 operating loss of $95 million, slightly ahead of guidance. Adjusted Gross Margin: 54.9%, up slightly over last year. Net Debt: Down $1.1 billion or 20% versus last year. Free Cash Flow: Up approximately $75 million year-over-year, including a $50 million benefit from tariff refunds. The North Face Revenue: Grew 4% in Q1. Timberland Revenue: Up 3% in Q1. Vans Revenue: Down 9% year-over-year in Q1. Americas Growth: Up 4% regionally. EMEA Revenue: Down 7% regionally. APAC Revenue: Down 1% regionally. DTC Channel Growth: Up 5% year-over-year. Wholesale Channel: Down 4% year-over-year. Inventory: Excluding Dickies and FX, down 4%. Full Year Revenue Guidance: Raised to 2% or better versus last year. Operating Margin Guidance: Expected to be approximately 8% for the full year. Leverage Ratio: Expected to be between 2.6 and 2.9x by year-end. Warning! GuruFocus has detected 4 Warning Signs with VFC. Is VFC fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. VF Corp (NYSE:VFC) raised its full-year fiscal 2027 revenue outlook from 1% to 2% growth to 2% or better, indicating confidence in future performance. The North Face brand grew by 4% in Q1, surpassing expectations and demonstrating strong brand performance. Timberland revenue increased by 3% in the quarter, driven by strong growth in the Americas, up 10%. The company reported a significant reduction in debt, with net debt down $1.1 billion or 20% versus last year. VF Corp (NYSE:VFC) achieved a free cash flow increase of approximately $75 million in Q1 year-over-year, including a $50 million benefit from tariff refunds. Vans brand revenue declined by 9% globally year-over-year, with expectations for a similar trend in Q2. EMEA region experienced a 7% decline in revenue, indicating challenges in that market. APAC region revenue was down 1%, reflecting ongoing difficulties in that area. The company's Q1 adjusted operating loss was $95 million, indicating financial challenges despite better-than-expected top-line performance. SG&A expenses increased year-over-year as VF Corp (NYSE:VFC) invested in brand-building initiatives, impacting overall profitability. Q: Can you unpack the trends in Americas wholesale at the Vans brand this quarter and what gives you confidence in improvement for the back half? A: Bracken Darrell, President and CEO, explained that Vans' DTC is turning first, with wholesale following. The global number for the quarter was down 9%, with DTC performing better than wholesale. The confidence in wholesale improvement comes from discussions with wholesale partners indicating a strong turn in the back half. Q: How do you plan to capitalize on the emerging brand moment for Vans, especially with luxury brands taking cues from your styles? A: Bracken Darrell noted that while Vans prices haven't changed, the focus is on moving the mix to more premium styles. The company is leveraging brand heat from luxury interest and plans to emphasize premium styles and collaborations to drive growth. Q: Can you provide insights into Vans' performance in Europe, particularly between wholesale and DTC? A: Bracken Darrell stated that Europe is similar to the US, with DTC outperforming wholesale. E-commerce is positive, and brick-and-mortar is improving. Wholesale remains weaker, but the trajectory is similar to the US. Q: How do you view the SG&A growth and its impact on achieving the medium-term goal of 10% operating margin by FY29? A: Abhishek Dalmia, COO, explained that SG&A growth is a deliberate investment in marketing and brand-building initiatives. The medium-term target will be driven more by gross margin improvements, with SG&A leverage contributing to the overall goal. Q: What are the trends in Asia and Greater China, and what is the outlook for the rest of the year? A: Bracken Darrell mentioned that APAC has been more muted, with The North Face being relatively flat. The company is focusing on innovation to compete in the region, expecting more of the same trends for the next year or two. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

V.F. Corporation VFC posted first-quarter fiscal 2027 results, wherein the top and bottom lines missed the Zacks Consensus Estimate and declined year over year.The company reported an adjusted loss of 27 cents per share for first-quarter fiscal 2027, wider than the year-ago loss of 25 cents. The figure also lagged the Zacks Consensus Estimate of a 22-cent loss by 22.7%. V.F. Corporation price-consensus-eps-surprise-chart | V.F. Corporation Quote Revenues declined 5.2% year over year to $1.669 billion and missed the consensus mark of $1.674 billion by 0.3%. Excluding Dickies, revenues rose 1% on a reported basis, supported by growth at The North Face, Timberland and Altra.V.F. Corp.’s first-quarter fiscal 2027 performance reflected continued strength at The North Face, Timberland and Altra, along with sustained growth in the global direct-to-consumer business. Vans remained under pressure as weakness in global wholesale more than offset improving trends in the Americas’ direct-to-consumer channel. Gross margin expanded, while the company continued to reduce net debt and strengthen its balance sheet. Management also raised its full-year revenue outlook, citing better visibility into the remainder of fiscal 2027 and expectations for a meaningful improvement in Vans’ wholesale trends during the second half. On a regional basis, revenues in the Americas declined 4% year over year on a reported basis. EMEA revenues fell 7% as reported and 9% in constant currency. APAC revenues decreased 3% on a reported basis and 6% in constant currency. Overall, international revenues declined 4% year over year as reported and 7% in constant currency.Channel-wise, wholesale revenues fell 10% on a reported basis. Direct-to-consumer revenues were up 2% year over year on a reported basis and 1% on a constant-currency basis. Our model estimated the wholesale revenues to fall 5.2% and direct-to-consumer revenues to decline 3.4% year over year.Revenues in the Outdoor segment improved 5% year over year on a reported basis (up 4% on a constant-currency basis) to $857 million. In the Active segment, revenues of $667 million declined 5% year over year on a reported basis and 6% on a constant-currency basis. Revenues in the All Other segment fell 42% year over year on a reported basis (down 42% on a constant-currency basis) to $145 million. The company’s reported gross margin increased 100 basis points year over year to 54.9%. Adjusted gross margin excluding Dickies improved 10 basis points to 54.9%, indicating modest underlying progress after removing the divested brand’s prior-year contribution.Reported selling, general and administrative expenses were $1 billion, representing 59.9% of revenues. Adjusted expenses were $1.012 billion, or 60.6% of revenues. V.F. Corp. ended the fiscal first quarter with cash and cash equivalents of $670 million, long-term debt of $3 billion and shareholders’ equity of $1.76 billion. Net debt was down $1.1 billion from the year-ago period. VFC raised its fiscal 2027 revenue outlook to growth of 2% or better in constant currency from the prior guidance of 1-2%. The projection reflects expected growth at The North Face, Timberland and Altra, partly offset by a mid-single-digit decline at Vans, with Vans’ second-half revenues expected to improve to a decline of 2% or better year over year.The company maintained its adjusted operating margin forecast of approximately 8%, supported by a higher adjusted gross margin and a lower adjusted SG&A rate. Free cash flow is still expected to be flat to higher than fiscal 2026’s $405 million, aided by year-over-year growth in operating cash flow. VFC anticipates ending fiscal 2027 with a leverage ratio of roughly 2.6x to 2.9x.The Zacks Rank #4 (Sell) company's shares have lost 3.6% in the past three months against the industry’s 10.7% growth. Image Source: Zacks Investment Research Duluth Holdings Inc. DLTH sells casual wear, workwear, outdoor apparel, and accessories for men and women in the United States. It offers shirts, pants, shorts, underwear, outerwear, footwear, accessories and hard goods. At present, DLTH sports a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for current fiscal-year sales and earnings implies a decline of 9.6% and 267%, respectively, from the year-ago reported figures. DLTH delivered a trailing four-quarter earnings surprise of 107.5%, on average.Revolve Group, Inc. RVLV operates as an online fashion retailer for millennial and generation z consumers in the United States and internationally. It currently carries a Zacks Rank of 2 (Buy).The Zacks Consensus Estimate for Revolve Group’s current fiscal-year sales implies growth of 11.1% from the year-ago figures. RVLV delivered a trailing four-quarter average earnings surprise of 52.1%.Vince Holding Corp. VNCE provides luxury apparel and accessories in the United States and internationally. It operates through Vince Wholesale and Vince Direct-to-Consumer segments. At present, VNCE carries a Zacks Rank of 2. The Zacks Consensus Estimate for current fiscal-year sales implies growth of 10.6%, while the same for earnings implies a 28.9% decline from the year-ago reported figures. VNCE has delivered a trailing four-quarter earnings surprise of 635.7%, on average. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report V.F. Corporation (VFC) : Free Stock Analysis Report Vince Holding Corp. (VNCE) : Free Stock Analysis Report Duluth Holdings Inc. (DLTH) : Free Stock Analysis Report Revolve Group, Inc. (RVLV) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research