The US clothing group VF Corporation closed the 2026 financial year with sales growth.
For the fiscal year ended March 28, total revenue was $9.61 billion. This corresponds to an increase of one percent compared to the previous year. Excluding the Dickies brand, which was sold in the third quarter of fiscal 2026, annual sales grew four percent to $9.30 billion. In constant currency, growth was one percent.
Full year operating income was $577 million. On an adjusted basis excluding Dickies, operating income was $650 million.
Strong performance in the fourth quarter thanks to the Americas business
In the fourth quarter of fiscal 2026, total sales increased one percent to $2.17 billion. Without Dickies, sales grew by eight percent. In constant currency, growth was three percent. The company thus exceeded its own forecast of zero to plus two percent in constant currency. This was the company’s strongest quarterly sales performance in three years on a constant currency basis excluding Dickies.
Sales acceleration was led by the Americas region. The Americas region recorded growth of two percent. In constant currency and without Dickies, the increase was even ten percent. This is the highest growth rate since the first quarter of fiscal 2023.
The performance of the most important brands in the fourth quarter:
The North Face grew by twelve percent. In constant currency, growth was seven percent. A 17 percent increase in sales in America supported the development. Timberland grew by eight percent. In constant currency, growth was two percent.
Vans saw a one percent decline. In constant currency, the decline was five percent. However, the brand’s direct-to-consumer (D2C) business in America returned to growth for the first time in over four years.
Fourth quarter operating income was $62 million. Adjusted operating income excluding Dickies reached $54 million. This exceeded the company’s forecast range of $10 million to $30 million.
Strategic changes and outlook
The financial year was characterized by portfolio optimization. The sale of the Dickies brand was completed in November 2025. The Supreme brand was sold in October 2024 and is reported under discontinued operations. The Group has realigned its reporting segments into the Outdoor and Active categories from the first quarter of the 2026 financial year.
VF Corp Chief Executive Officer (CEO) Bracken Darrell said the company achieved full-year growth for the first time in three years. At the same time, margins were expanded and the debt ratio was reduced. Darrell added that Vans is showing momentum with the turnaround in the D2C channel in America. He confirmed that the company is on track to achieve its medium-term goals. These include an operating margin of ten percent at the end of the year and a debt ratio of 2.5 or lower by fiscal year 2028.
Starting from fiscal year 2027 (FY27), VF Corp has reintroduced annual guidance. The company expects sales to increase between one and two percent in constant currency. The basis is the sales for the 2026 financial year without Dickies. The adjusted operating margin should be around eight percent.
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