North Face Parent VF Reports Loss as Sales Miss Estimates on Weak Demand

Financial Performance - VF Corp reported a fiscal 2024 fourth-quarter adjusted loss of 32 cents per share, missing analysts' expectations of a small gain [1] - Revenue declined 13% year-over-year to $2.37 billion, falling short of forecasts [1] - Gross margin decreased by 120 basis points to 48.4%, impacted by inventory resets and ongoing promotions [2] Brand Performance - North Face sales dropped 5% year-over-year to$ 814.3 million, primarily due to weakness in U.S. wholesale [2] - Vans sales plunged 26% to $631.2 million, consistent with the previous quarter and influenced by inventory adjustments in the wholesale channel [2] - Timberland and Dickies sales declined 14% and 15% respectively [2] Leadership Changes - VF Corp appointed Paul Vogel, former CFO of Spotify, as its new CFO, effective July [3] - The company has been rebuilding its leadership team as part of its turnaround efforts [3] Market Reaction - VF shares fell to their lowest level in over 15 years, dropping 4.6% to$ 11.76 in Thursday trading [1][3] - The company's shares have lost more than a third of their value this year [3]