Revenue for the quarter dropped by 4% to US$3.1 billion (up by 2% in constant currency), with a gross margin of 51.4%.
The company noted that revenue for the “big four brands” – Vans, The North Face, Timberland and Dickies – was down 5%. Revenue for Vans was highlighted, down 13% to US$1 billion.
For the first half of the year as a whole, revenue was down by 1% to US$5.3 billion and for the big four brands was down by 2%. Revenue for Vans was US$1.9 billion, down 10%.
Looking forward to the full 2023 financial year, VF Corp is expecting revenue up by 5-6% at a constant dollar rate.
Steve Rendle, Chairman, President and CEO of VF, said: “VF’s balanced performance in Q2 demonstrates the resiliency of our brand portfolio against a more disrupted global marketplace.
“In the near term, in light of the challenging environment, we are acting proactively to generate increased revenue through the balance of the year while protecting profitability by tightly controlling all non-strategic spend.”