VF Corporation’s net loss more than triples in fiscal first quarter

Outdoor apparel retailer VF Corporation’s net loss more than tripled in the fiscal first quarter amid lower revenue across the majority of its brands.

The group’s net loss surged 350.8 per cent year over year to US$258.9 million as net revenues declined 8.6 per cent to $1.91 billion.

The North Face brand’s revenue fell 3 per cent to $524.2 million while Vans’ revenue plunged 21 per cent to $581.8 million.

Timberland’s revenue dipped 10 per cent to $229.4 million and Dickies’ revenue dropped 15 per cent to $116.8 million.

Other brands’ revenue increased 8 per cent to $455.0 million.

“While the business is still down, the rate of decline moderated quarter-over-quarter versus Q4 and across almost all our brands,” said Bracken Darrell, VF Corporation president and CEO.

“We advanced further on the Reinvent transformation plan. We are on track to deliver our targeted cost savings and we have addressed one of our top financial priorities to strengthen the balance sheet with the announced sale of Supreme.”

The company expects to complete the divestiture of Supreme by the end of the calendar year, reporting it as discontinued operations starting in the fiscal second quarter.

The post VF Corporation’s net loss more than triples in fiscal first quarter appeared first on Inside Retail Australia.