US stock futures dip as Trump’s firing of Cook sparks Fed independence fears
DENVER - On Wednesday, VF Corporation (NYSE:VFC) reported first-quarter fiscal 2026 results that exceeded analyst expectations, with the company showing signs of progress in its ongoing transformation efforts.
The company’s shares jumped 16.94% in pre-market trading following the results.
The apparel and footwear giant, which owns brands including The North Face, Timberland, and Vans, reported an adjusted loss of $0.24 per share for the quarter ended June 28, significantly better than the analyst estimate of a $0.33 loss. Revenue came in at $1.76 billion, surpassing the consensus estimate of $1.7 billion and remaining flat compared to the same period last year, though down 2% on a constant currency basis.
Excluding the struggling Vans brand, which saw sales decline 14% YoY as the company undertook channel rationalization efforts, total revenue increased 6% compared to the same quarter last year, or 5% in constant currency. The North Face and Timberland brands maintained positive momentum, while Altra showed strong growth.
"We performed ahead of our expectations and guidance in Q1’26, improving our top-line trend versus last year to flat while delivering a much stronger bottom line," said Bracken Darrell, President and CEO of VF Corp. "As I pass the two-year mark in my role as CEO, we are on track with VF’s transformation. We are lowering costs, improving margins, reducing debt and transforming the organization."
The company reported an adjusted operating loss of $56 million, significantly better than its guidance range of $110 million to $125 million. Gross margin improved 290 basis points compared to the prior year on an adjusted basis.
For the second quarter of fiscal 2026, VF Corp expects revenue to decline 2% to 4% on a constant currency basis compared to last year, with adjusted operating income projected between $260 million and $290 million. For the full fiscal year, the company anticipates higher free cash flow, adjusted operating income, and operating cash flow compared to the previous year.
VF Corp’s Board of Directors declared a quarterly dividend of $0.09 per share, payable on September 18, 2025, to shareholders of record as of September 10, 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.