V.f. Corporation · NYSE:VFC
V.f — Q3 2025 Earnings Presentation
31 slides from V.f's earnings presentation, Jan 29, 2025
Slide 1: Q3'25 Earnings
Q3’25 Earnings January 29, 2025
Slide 2: Financial Presentation Disclosure
Q3’25 EARNINGS Financial Presentation Disclosure All per share amounts are presented on a diluted basis. This presentation refers to “reported” (R$) and “constant dollar” (C$) or “constant currency” amounts, terms that are described under the heading below “Constant Currency - Excluding the Impact o
Slide 3: Table of Contents
Q3’25 EARNINGS Executive Summary 4 Key Highlights 7 Table of Financial Summary 10 Contents Outlook 13 Appendix 15 3
Slide 4: Executive Summary
Q3’25 EARNINGS Executive Summary 4
Slide 5: Strong progress in VF's transformation in Q3'25
Q3’25 EARNINGS Strong progress in VF's transformation in Q3'25 Bracken Darrell, President and CEO: • Broad-based year-over-year improvement across key financials in Q3'25 1 “We made strong progress in Q3'25, – Revenue was $2.8 billion, up 2% vs. LY improving profitability and further – All regions g
Slide 6: Delivered above company guidance in Q3'25
Q3’25 EARNINGS Delivered above company guidance in Q3'25 Q3’25 Actual vs. Guidance Actual Commentary Guidance • DTC better than expected Revenue ($B) $2.7 to $2.75B $2.8B • Outsized wholesale performance driven by additional (1)% to (3)% +2% + reorders, lower cancellations and favorable wholesale ti
Slide 7: Key Highlights
Q3’25 EARNINGS Key Highlights 7
Slide 8: Advanced our Reinvent priorities in Q3'25
Q3’25 EARNINGS Advanced our Reinvent priorities in Q3'25 • On track to deliver $300 million run rate of initial gross Reinvent target savings as planned, with $55 million of savings generated in the quarter Lower our cost base • Progressing on next phase of Reinvent initiatives, which targets an add
Slide 9: Top brand spotlights
Q3’25 EARNINGS Top 4 brand spotlights +5%1 vs. LY (9)% vs. LY, (8)% C$ +11% vs. LY, +12% C$ (10)%1 vs. LY • Broad-based growth across • New products continuing to • Positive revenue inflection with • Soft traffic and pressured channels and regions, with outperform icons, driven by Knu growth across
Slide 10: Financial Summary
Q3’25 EARNINGS Financial Summary 10
Slide 11: Steady progression of revenue trend vs. LY
Q3’25 EARNINGS Steady progression of revenue trend vs. LY CONSOLIDATED REGION vs. LY vs. LY (C$) vs. LY vs. LY (C$) Revenue Trend TOTAL VF +2% +2% AMERICAS +1% +2% $2,834 $2,780 $2,758 EMEA +1% +1% $2,247 BRAND $1,769 +2% APAC +5% +5% (6)% +2% vs. LY vs. LY (C$) (10)% (6)% (14)% +5% +5% (17)% (10)%
Slide 12: Strengthening balance sheet as we pay down debt
Q3’25 EARNINGS Strengthening balance sheet as we pay down debt • Net debt down $1.9 billion vs. LY Net Debt ($M) – Paid down $1 billion term loan in $7,194 $6,693 $6,721 October 2024 $6,600 • Net inventories (14)% vs. LY, with $4,676 levels down across most brands • Cash dividends of $35 million pai
Slide 13: Outlook
Q3’25 EARNINGS Outlook 13
Slide 14: Q4'25 and FY'25 guidance
Q3’25 EARNINGS Q4'25 and FY'25 guidance Q4’25 Guidance (4)% to (6)% Revenue % vs. LY (2)% to (4)% C$ • Implies H2'25 revenue (1)% to (2)% vs. LY, flat to (1)% C$ Operating income (loss) • Gross margin up vs. LY $(30)M to $0M (adjusted) • SG&A dollar growth up slightly vs. LY FY'25 Guidance Free cash
Slide 15: Appendix
Q3’25 EARNINGS Appendix 15
Slide 16: Safe Harbor Statement
Q3’25 EARNINGS Safe Harbor Statement Certain statements included in this presentation are "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on VF’s expectations and beliefs
Slide 17: Summary Revenue (Unaudited)
Summary Revenue Information Q3’25 EARNINGS (Unaudited) (In millions) Three Months Ended December Nine Months Ended December % Change % Change Constant Constant 2024 2023 % Change Currency* 2024 2023 % Change Currency* Brand: The North Face® $ 1,253.3 $ 1,192.1 5% 5% $ 2,868.9 $ 2,859.0 0% 0% ® Vans
Slide 18: Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Operations Q3’25 EARNINGS (Unaudited) (In thousands, except per share amounts) Three Months Ended December Nine Months Ended December 2024 2023 2024 2023 Net revenues $ 2,833,912 $ 2,780,194 $ 7,360,920 $ 7,668,380 Costs and operating expenses Cost of goods sold
Slide 19: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets Q3’25 EARNINGS (Unaudited) (In thousands) December 2024 March 2024 December 2023 ASSETS Current assets Cash and equivalents $ 1,369,376 $ 656,376 $ 975,937 Accounts receivable, net 1,343,286 1,263,329 1,305,963 Inventories 1,794,517 1,697,823 2,094,222 Other cur
Slide 20: Condensed Consolidated Statements of Cash Flows
Condensed Consolidated Statements of Cash Flows Q3’25 EARNINGS (Unaudited) (In thousands) Nine Months Ended December 2024 2023 Operating activities Net loss $ (38,928) $ (550,574) Income (loss) from discontinued operations, net of tax (258,519) 55,779 Income (loss) from continuing operations, net of
Slide 21: Supplemental Financial Reportable Segment Information
Supplemental Financial Information Q3’25 EARNINGS Reportable Segment Information (Unaudited) (In thousands) Three Months Ended December % Change Constant 2024 2023 % Change Currency* Segment revenues: Outdoor $ 1,851,146 $ 1,738,579 6% 7% Active 766,307 819,307 (6)% (6)% Work 216,459 222,308 (3)% (2
Slide 22: Supplemental Financial Reportable Segment Information
Supplemental Financial Information Q3’25 EARNINGS Reportable Segment Information (Unaudited) (In thousands) Nine Months Ended December % Change Constant 2024 2023 % Change Currency* Segment revenues: Outdoor $ 4,300,017 $ 4,281,955 0% 0% Active 2,449,972 2,735,214 (10)% (10)% Work 610,931 651,211 (6
Slide 23: Segment Information - Constant Currency Basis
Supplemental Financial Information Q3’25 EARNINGS Reportable Segment Information - Constant Currency Basis (Unaudited) (In thousands) Three Months Ended December 2024 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Segment revenues: Outdoor $ 1,851,146 $ 1,127 $ 1,852,2
Slide 24: Segment Information - Constant Currency Basis
Supplemental Financial Information Q3’25 EARNINGS Reportable Segment Information - Constant Currency Basis (Unaudited) (In thousands) Nine Months Ended December 2024 As Reported Adjust for Foreign under GAAP Currency Exchange Constant Currency Segment revenues: Outdoor $ 4,300,017 $ (3,109) $ 4,296,
Slide 25: Reconciliation of Select GAAP Measures to Non-GAAP Measures - 2024
Supplemental Financial Information Q3’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2024 (Unaudited) (In thousands, except per share amounts) As Reported under Transaction and Deal Three Months Ended December 2024 GAAP Reinvent (a) Imp
Slide 26: Reconciliation of Select GAAP Measures to Non-GAAP Measures - Notes
Supplemental Financial Information Q3’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2024 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring ch
Slide 27: Reconciliation of Select GAAP Measures to Non-GAAP Measures - 2023
Supplemental Financial Information Q3’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2023 (Unaudited) (In thousands, except per share amounts) As Reported Impairment Tax & Legal Transaction and Deal Three Months Ended December 2023 unde
Slide 28: Reconciliation of Select GAAP Measures to Non-GAAP Measures - Notes
Supplemental Financial Information Q3’25 EARNINGS Reconciliation of Select GAAP Measures to Non-GAAP Measures - Three and Nine Months Ended December 2023 (Unaudited) (In thousands, except per share amounts) Notes: (a) Costs related to Reinvent, VF's transformation program, including restructuring ch
Slide 29: Top Brand Revenue Information
Supplemental Financial Information Q3’25 EARNINGS Top 4 Brand Revenue Information (Unaudited) Three Months Ended December 2024 Nine Months Ended December 2024 Top 4 Brand Revenue Growth Americas EMEA APAC Global Americas EMEA APAC Global The North Face® % Change 3% 2% 16% 5% (6)% 0% 20% 0% % Change
Slide 30: Geographic and Channel Revenue Information
Supplemental Financial Information Q3’25 EARNINGS Geographic and Channel Revenue Information (Unaudited) Three Months Ended December 2024 Nine Months Ended December 2024 Geographic Revenue Growth % Change % Change Constant Currency* % Change % Change Constant Currency* Americas 1% 2% (7)% (6)% EMEA
Slide 31: Q3'25 Earnings
Q3°25 EARNINGS THE NORTE VANS Timberland & “OFF THE WALL" SS ALIFZA a age sn © Move to natural kipling icebreaker ~——_ gmartwool®