VF Corporation (NYSE: VFC), a leading apparel and footwear company, has announced financial results for the fourth quarter of 2024, reporting a net loss and lower revenues.
- At $2.4 billion, VFC’s fourth-quarter revenue was down 13% from the year-ago period
- Revenues of The North Face segment declined 5%; Vans revenue was down 26%
- Reported and adjusted gross margin came in at 48.4% in Q4, down 120 basis points
- Operating margin decreased by 910 basis points and adjusted operating margin dropped by 770 basis points YoY
- Q4 net loss widened to $418.3 million or $1.08 per share from $214.9 million or $0.55 per share a year earlier
- On an adjusted basis, the fourth-quarter loss was $0.32 per share, vs. profit of $0.17 per share in Q4 2023
- Inventories decreased by $382 million during the quarter (down 23% versus the prior year)
- For FY24, the company generated an operating cash flow of $1.015 billion, with free cash flow of $804 million
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