In constant currency, revenue for the year was up by 3%. In the fourth quarter alone, revenue fell by 3% to US$2.7 billion and was flat in constant dollars.

In the fourth quarter of the 2023 financial year, Vans was down by 14% to US$857 million, while The North Face grew by 12% to US$859 million. Timberland was down by 9% in the quarter to US$395.6 million and Dickies dropped by 3% to US$191.5 million.

The gross margin for the period was down to 49.6%, which VF Corp said was primarily driven by elevated promotional activity and increased product costs and partially offset by pricing actions.

Operating income for the fourth quarter was a loss of US$161 million, while the operating margin was -5.9%.

For the full fiscal year, Vans saw revenue fall by 12% to US$3.68 billion while The North Face was up by 11% to US$3.61 billion. Timberland was down by 2% to US$1.78 billion, and Dickies had a decline of 13% to US$725 million.

Operating income for the year totalled US$328 million while the operating margin came in at 2.8%.

Looking forward, CFO Matt Puckett said: “FY24 will be a year of progress as initiatives underway begin to drive results. We will be laser-focused on execution amid an increasingly difficult near-term environment, particularly in U.S. wholesale.

“I remain confident VF is well positioned to return to sustainable and profitable growth beginning in FY24.”