V.F. Corporation Exceeds Guidance
The company delivered above its guidance this quarter. Adjusted loss was $56 million, about $50 million ahead of the high end of guidance and ahead of last year.
Cost Reduction Achievements
V.F. Corporation has reduced over $300 million in costs with another $500 million to $600 million of net operating income improvement targeted.
North Face and Timberland Growth
The North Face grew 5% this quarter, driven by strong double-digit growth in footwear and bags. Timberland grew 9% with a strong global momentum.
Altra's Strong Performance
Altra brand grew well over 20% and is on track to exceed $250 million in revenue this year, up from $60 million when it was acquired.
Gross Margin Improvement
Adjusted gross margin was up 200 basis points to 54.1%, driven by higher quality inventory, lower discounts, and FX effects.