For the second quarter VF Corporation’s revenue fell four per cent. Gross margin was 51 per cent, down 230 basis points. Adjusted gross margin was 51per cent, down 240 basis points. Operating margin was down 2,040 basis points. Adjusted operating margin was down 440 basis points. Earnings per share was down 126 per cent. Adjusted EPS was down 34 per cent.

VF’s balanced performance in the second quarter demonstrates the resiliency of its brand portfolio against a more disrupted global marketplace. The company is actively addressing the near-term challenges at Vans, the ongoing Covid-related disruption in China, and the broader macro-economic and geopolitical headwinds, which have created tremendous uncertainty for all businesses and consumers.

In the near term, in the light of the challenging environment, it is acting proactively to generate increased revenue through the balance of the year while protecting profitability by tightly controlling all non-strategic spend.VF has modified its business practices in certain locations, including the temporary closing of offices and retail stores, and is working with its suppliers to minimize disruption and is employing expedited freight strategically as needed.

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans, The North Face, Timberland and Dickies.