VF posted lower first-quarter revenue on weakness in its Vans brand, and said it is parting ways with its top finance executive, Paul Vogel, after two years on the job.
However, the apparel company did raise its full-year guidance on strength from its The North Face and Timberland brands. The company now expects full-year revenue to grow by at least 2% on a constant-currency basis, up from its previous target of 1% to 2%.
VF has been working on a turnaround and Chief Executive Bracken Darrell said the company's The North Face, Timberland and Altra brands delivered another quarter of growth, while Vans Americas DTC continued to grow but was more than offset by declines in global wholesale.
Darrell expects performance at Vans to pick up in the latter half of the year. "We expect Vans Wholesale to improve significantly in the second half of the year," he said.
For the three months ended June 30, VF reported a narrowed net loss of $97.2 million, or 25 cents a share, compared with a loss of $116.4 million, or 30 cents a share, in the same quarter a year ago.
On an adjusted basis, VF posted an adjusted loss of 27 cents a share, wider than analyst expectations of a loss of 22 cents a share, according to FactSet.
Revenue fell 5% to $1.67 billion, compared with analyst expectations of $1.64 billion.
The company finalized the sale of the Dickies brand to Bluestar Alliance in late 2025. Excluding Dickies, revenue rose 1% compared with a year ago, or flat on a constant currency basis, which was ahead of guidance for a low-single digit percentage fall at constant currency.
VF shares were down 6.8% lower in premarket trading, at $17, though it was up more than 40% for the past 52 weeks.
VF on Wednesday also said Abhishek Dalmia, currently executive vice president and chief operating officer, will take on the additional role of chief financial officer on Aug. 1, while Vogel, who joined the Denver company as executive vice president and finance chief in July 2024, will begin serving in an advisory capacity to assist with the transition.
VF said Vogel's departure isn't due to any dispute or disagreement with the company, adding that he will be eligible to receive severance payments and benefits.
Dalmia, 48 years old, joined VF in March 2024 and has been chief operating officer since April 2025.