Following today’s release of VF Corp’s figures for the Q4 and FY ending 28 March 2026; Chloe Tedford-Jones, apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “VF Corp returned to full year growth in FY2025/26, with group revenue rising 1.1% to $9.6bn (+4% excluding Dickies), ending a multi year period of decline as momentum improved across its core portfolio. In Q4, group revenue increased 1.0% to $2.2bn, continuing the positive trend seen earlier in the year. Profitability also moved in the right direction, as operating income rose to $577m generating an operating margin of 6.0%, reflecting tighter cost control and improved mix. Management has reinstated its guidance for FY2026/27, expecting constant currency revenue growth of 1-2% and an adjusted operating margin of ~8% However, risk remains elevated given the still-fragile recovery at Vans and the likelihood that US tariffs, Timberland’s Asia-sourced footwear exposure and geopolitical tension could reignite pricing pressure and soften demand.
“The North Face led the group as sales rose 12.0%, in Q4 driven by 17% growth in the Americas, and full year sales rose 8.2%. The brand’s success is due to continued brand heat from product elevation and credibility drivers such as its new US Ski & Snowboard partnership. Vans continued to weigh on group performance, with sales slipping 1.2% in Q4, though the quarter did show early signs of stabilisation in its most important market, with the Americas returning to growth at 5% on the back of stronger direct-to-consumer (DTC) sales. The brand’s ‘Off The Wall’ campaign, featuring Hayley Williams, SZA and Travis Barker has been well received, but Vans still needs more consistent consumer engagement to translate marketing traction into sustained top line growth, and full year sales remained weak, falling 8.5%. Timberland continued its recovery with a sixth consecutive quarter of growth, as reported revenue rose 7.7% in Q4, and 8.0% in FY2025/26, supported by the 6” Premium franchise and cultural visibility, such as Met Gala and movie premier appearances. Outside the major brands, Altra stood out with ~50% growth, even as the broader portfolio of Other brands declined 22.9% in Q4, though full year revenue fell a more moderate 7.0%.
“APAC was the group’s worst performing region, with Q4 sales dropping a dramatic 23.7% due to plummeting consumer confidence because of geopolitical tension in the region. This weighed on full year revenue, which decline 1.4%, though sales increased 1% on a constant currency basis excluding Dickies. The Americas saw a boost in Q4, as sales rose 1.5% driven by increased DTC momentum, though full year sales declined slightly by 0.1%, however constant currency sales excluding Dickies rose 3%, confirming the positive impact of a streamlined brand portfolio. Q4 was weak for EMEA, as sales rose just 0.9% due to weak consumer confidence and persistent high inflation, though the region was the group’s strongest region for the full year, as sales rose 3.8%.”
