The North Face owner VF Corp has returned to full-year growth for the first time in three years, as momentum across its core brands helped offset continued weakness at Vans.
The apparel group, which also owns Timberland, reported revenue of $9.6bn for the year ending 28 March 2026, up 1.1 per cent year on year. Excluding the impact of its Dickies divestment, revenue rose four per cent.
Fourth-quarter revenue increased 1 per cent to $2.2bn, continuing the improvement seen earlier in the year.
Operating income jumped 89 per cent to $576.5m, compared with $303.7m the previous year, while operating margin rose to 6 per cent. Adjusted EBITDA came in at $1.34bn.
VF Corp chairman and chief executive Bracken Darrell said: “For the first time in three years, we returned to full-year growth, and we expect to continue to grow in the current fiscal year.”
The company has reinstated guidance for the year ahead and expects constant currency revenue growth of between one and two per cent, with adjusted operating margin of around eight per cent.
GlobalData apparel analyst Chloe Tedford-Jones said VF Corp’s recovery had been driven by stronger performance across its core portfolio, although risks remain.
“VF Corp returned to full year growth in FY2025/26, with group revenue rising 1.1 per cent to $9.6bn, ending a multi year period of decline as momentum improved across its core portfolio,” she said.
“However, risk remains elevated given the still-fragile recovery at Vans and the likelihood that US tariffs, Timberland’s Asia-sourced footwear exposure and geopolitical tension could reignite pricing pressure and soften demand.”
The North Face led the group’s recovery, with fourth-quarter sales up 12 per cent, driven by a 17 per cent rise in the Americas. Full-year sales at the outdoor brand increased 8.2 per cent.
Tedford-Jones said The North Face had benefited from “continued brand heat” supported by product elevation and credibility-building partnerships, including its new US Ski & Snowboard tie-up.
Timberland also continued to improve, recording its sixth consecutive quarter of growth. Revenue rose 7.7 per cent in the fourth quarter and eight per cent across the full year, supported by its 6-inch Premium franchise and stronger cultural visibility.
However, Vans remained a drag on group performance. Sales slipped 1.2 per cent in the fourth quarter and fell 8.5 per cent across the full year.
Despite this, the brand showed early signs of stabilisation in the Americas, where sales returned to growth at 5 per cent, helped by stronger direct-to-consumer trading.
Tedford-Jones said Vans’ “Off The Wall” campaign, featuring Hayley Williams, SZA and Travis Barker, had been well received, but warned that the brand still needed more consistent consumer engagement to turn marketing momentum into sustained growth.
Regionally, APAC was VF Corp’s weakest market, with fourth-quarter sales down 23.7 per cent amid weaker consumer confidence and geopolitical tension. Full-year revenue in the region declined 1.4 per cent.
The Americas returned to growth in the fourth quarter, with sales up 1.5 per cent, while EMEA rose 0.9 per cent in the quarter and 3.8 per cent across the full year, making it VF Corp’s strongest region annually.
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