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VF Corp Reports Net Loss Amidst Softening Consumer Demand

VF Corp Reports Net Loss Amidst Softening Consumer Demand

VF Corp Reports Net Loss Amidst Softening Consumer Demand

Outdoor apparel and footwear giant VF Corp. reported a loss of $56 million in the first quarter, with inflation, softening consumer demand, and lockdowns in China impacting growth.

The company’s portfolio of brands delivered a mixed bag of results as some drove growth while others reported a decline in sales.

North Face, for one, reported the most impressive growth, with sales reaching $481.1 million, a 31% increase. Supreme came in at a distant second spot, with its sales rising 9% to $393.9 million. Timberland was another top performer as the brand saw its sales rise by 8% to $269.5 million.

On the other end of the spectrum were Vans and Dickies. Vans saw a 7% decline, with sales reaching $946.8 million, while Dickies saw its sales decline to $170.4 million, down from $199.3 million a year ago.

Overall, the company saw its revenue rise by 3% to $2.26 billion, surpassing analysts’ estimates of $2.22 billion.

“We delivered solid top-line results in Q1, ahead of our initial expectations, led by strong consumer engagement with our outdoor, streetwear and active brands amidst a softer consumer environment and inflationary pressures,” said VF Corp. CEO and President Steve Rendle. “Importantly, we are maintaining our operating outlook for FY23, a testament to the resiliency of our purpose-built family of brands.”

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