Q4 2026 VF Corp Earnings Call Transcript
Key Points
- VF Corp (VFC) returned to sales growth for the first time in three years, with 70% of its business now growing.
- The company expanded its operating margins to 7% in fiscal year 2026, an increase of 220 basis points from fiscal 2024.
- Net debt was reduced significantly from $5.8 billion to $2.7 billion, improving leverage from 5.1 times to 2 times.
- The North Face brand grew 7%, driven by broad-based growth across categories and a strong performance in the Americas.
- Altra delivered a fifth consecutive quarter of double-digit growth, with revenue growing 45% in Q4.
- Vans experienced a global revenue decline of 5% year-over-year in Q4.
- The company is facing an unusual macro environment with challenges such as two wars and fluctuating tariffs.
- EMEA region revenue was down 5% due to macro headwinds, and APAC only grew by 1%.
- The company expects Q1 revenue to be down slightly in low single digits, with a $100 million operating income loss anticipated.
- Potential tariffs could negatively impact gross margins by $70 million to $80 million in fiscal year 2027.
Ladies and gentlemen, thank you for joining us, and welcome to the V.F. Corporation fourth quarter and full year fiscal '26 earnings call. (Operator Instructions)
I will now hand the conference over to Allegra Perry, Vice President of Investor Relations. Please go ahead.
Hello, everyone. Coming to you live from Vans headquarters in sunny Southern California. Welcome to V.F. Corporation's Fourth Quarter Fiscal 2026 Conference Call. On today's call, we will make forward-looking statements.
These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC. Unless we say otherwise, amounts that are referred to on today's call are all on an adjusted constant dollar continuing operations and excluding Dick's basis, which we've defined in the presentation that was posted this morning on our Investor Relations website. We use those as lead
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