DENVER-
'In Q4, we made progress advancing our Reinvent transformation program. We closed the fiscal year with further inventory reductions helping us deliver
Q4'FY24 Financial Review
Revenue
The North Face down 5%, brand DTC up 6% (up 7% in constant dollars), with ongoing US wholesale weakness
Vans down 26% (down 27% in constant dollars), largely consistent with the prior quarter and includes the additional impact from deliberate actions to further right-size inventories in the wholesale channel
Reported and adjusted gross margin 48.4%, down 120 basis points
Adjusted gross margin benefits of 180 basis points from favorable mix were more than offset by 300 basis points of unfavorable rate, largely from the impact of reset actions and ongoing promotional activity as well as negative transactional foreign currency impacts
Operating margin (15.0)%, down 910 basis points; adjusted operating margin (2.1)%, down 770 basis points
Adjusted operating margin reflects 650 basis points of deleverage and 120 basis points of unfavorable adjusted gross margin
Generated gross cost savings through Reinvent of approximately
Earnings (loss) per share (EPS)
FY24 Financial Review
Revenue
Gross margin 52.0%, down 50 basis points; adjusted gross margin 52.1%, down 50 basis points
Adjusted gross margin benefits of 90 basis points from favorable mix were more than offset by 140 basis points of unfavorable rate, which included 100 basis points of negative transactional foreign currency impacts
Operating margin (0.3)%, down 310 basis points; adjusted operating margin 5.6%, down 420 basis points
Adjusted operating margin reflects 370 basis points of deleverage and 50 basis points of unfavorable adjusted gross margin
Generated gross cost savings through Reinvent of approximately
Earnings (loss) per share (EPS)
Balance Sheet and Cash Flow Review
Inventories decreased by
Generated operating cash flow of
Net debt at the end of Q4'FY24 was
FY25 Outlook: See Full release at:
https://www.vfc.com/news/press-release/1834/vf-corporation-reports-fourth-quarter-revenue-and-earnings
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