The company noted that its quarterly result was negatively impacted by a shift in timing of wholesale deliveries, which was most pronounced for The North Face and the EMEA region.

Revenue for the Vans brand was down by 28% in the quarter to US$668.2 million, while The North Face declined by 10% to US$1.19 billion, Timberland dropped by 21% to US$473 million, Dickies had a decline of 16% to US$147.9 million and Other Brands fell by 6% US$479.1 million.

In the first nine months of the year as a whole, Vans was down by 24% to US$2.15 billion, The North Face grew by 4% to US$2.86 billion, Timberland declined by 13% to US$1.2 billion, Dickies had a drop of 15% to US$456 million and Other Brands were up by 2% to UIS$1.4 billion.

In the third quarter, the Americas had a year-on-year decline of 24% to US$1.58 billion, while EMEA was down by 7% to US$912.3 million and APAC increased by 2% US$461.6 million. By channel, direct-to-consumer (DTC) revenue had a drop of 8% to US$1.79 billion, while wholesale declined by 26% year-on-year to US$1.17 billion.

VF Corporation President and CEO Bracken Darrell said: “Our third quarter top-line performance was disappointing. However, we are confident the actions we are implementing as part of Reinvent will enable VF to stabilise and then grow revenue and improve operational performance across brands and regions.

“We have already begun to see the impact of our efforts to right-size the company’s cost structure and improve its inventory position, resulting in stronger than expected cash flow and expanded gross margin in the quarter. This quarter marked the beginning of the next phase of our transformation plan: resetting the marketplace for Vans, reviewing our brand portfolio and continuing to build the organisation of the future. As we approach the end of this fiscal year, my confidence in VF’s future is rising.”