“We exceeded our Q4’25 operating income guidance, reflecting results from our Reinvent transformation program. Revenue for the quarter was in-line with our guidance and, excluding Vans, was up versus last year, led by growth at The North Face and Timberland. Adjusting for the revenue impact to Vans from deliberate strategic actions to establish a strong foundation for future growth and improved profitability, the decline in the brand's Q4'25 revenue was consistent with the Q3'25 trend”, commented Bracken Darrell, President and CEO of VF Corp. 

Fourth Quarter Results

In the fourth quarter of fiscal 2025, which ended on the 31^st of March, the company’s total revenue amounted to 2.14 billion US dollars, a decrease of 5%, or 3% on a constant currency basis (cc), as compared to the same period of the previous year. 

During this period, Vans’ revenue declined by 22% (or 20% cc) year-over-year to 492.6 million US dollars. This was offset by growth of 2% (or 4% cc) in The North Face brand, which increased to 834.5 million US dollars, and growth of 10% (or 13% cc) in the Timberland brand, on a comparable basis to the fourth quarter of fiscal year 2024. 

With a smaller impact, Other brands recorded a revenue growth of 1% (or 3% cc) year-over-year to 301.5 million US dollars, while Dickies revenue decreased by 14% (or 14% cc) year-over-year to 139.3 million US dollars. 

From a geographical perspective, VF reported a fourth quarter revenue decline of 6% (or 5% cc) in the Americas region to 995.2 million US dollars and of 4% (or 2% cc) to 812.3 million US dollars in the EMEA region, as compared to the same quarter of the previous year. In the APAC region, revenue was flat (up by 2% cc) at 336.2 million US dollars. 

VF Corp. announced that it had achieved an adjusted operating income of 22 million US dollars, surpassing its guidance of an adjusted operating loss of between 30 million and 0 US dollars. Loss per share in the fourth quarter was 0.39 US dollars, as compared to 1.06 US dollars in the same period a year ago.

Turnaround Plan Update 

According to Bracken Darrell, the company’s transformation is “well underway”. “We delivered on our initial target of 300 million US dollars gross cost savings and are on track towards our medium-term targets of 500 to 600 million US dollars net operating income expansion. We paid down 1.8 billion US dollars in debt during the year, reducing leverage by a full turn versus last year and advancing towards our medium-term target of 2.5x”. 

From a brand perspective, VF Corp highlighted that, excluding Vans, revenue in the Americas grew in line with expectations. They also noted that the rationalisation of Vans’ channel distribution had strengthened its foundation and significantly increased its gross margin. 

Outlook

For the first quarter of the 2026 financial year, the company expects a revenue decrease of between 5% and 3% on a constant currency basis, as well as an adjusted operating loss of between 125 and 110 million US dollars.

VF has also reported that it is well prepared to offset the impact of tariff policies. Sourcing mainly from Vietnam, Bangladesh, Cambodia and Indonesia, it accelerated shipments to the US during the 90-day pause period. VF is also partnering with its vendor and supplier base to optimise the cost structure, limit the impact of proposed tariffs and explore strategic pricing actions.