For the third quarter VF Corporation’s revenue was down three per cent. Earnings per share (EPS) was down one per cent. Adjusted EPS was down 17 per cent.

There was a balanced performance across both direct to consumer and wholesale channels. Supply chain challenges remained persistent in the quarter and are being addressed, with actions in place to return to full customer service at a normalized cost.

The Asia Pacific region was down seven per cent and up four per cent in constant dollars, reflecting a sequential improvement across the region and in Greater China, where sales were down 11 per cent and down one per cent in constant dollars, and continued strong growth in the rest of Asia.

The quarter was challenging but the company is committed to improving execution through a sharpened focus on the biggest consumer opportunities and enhanced operational performance. Consistent with this objective, it is shifting resource priorities across the company, including by reducing the dividend, exploring the sale of non-core assets, cutting costs and eliminating non-strategic spend, while enhancing the focus on the consumer through targeted investments.

These actions are expected to enable a return to profitable and sustainable growth and, with that, strong shareholder value creation.