A global apparel and footwear company behind some of the world's most recognizable outdoor and active brands, including The North Face, Vans, Timberland, JanSport, and Smartwool. Founded in 1899 as a glove and mitten maker, the company later took the name VF from Vanity Fair, the lingerie brand it acquired, and grew by snapping up iconic labels. Its JanSport backpack is a familiar sight on school campuses everywhere.
Q1 FY2027 revenue fell 5% to $1.67B as the Dickies divestiture cut 6 points of sales
The sale took 6 points off this quarter. Revenue fell 5% to $1.67B and rose 1.0 point to 54.9% as the Outdoor grew 5% while Active declined 5%, and the net loss narrowed to $97.2M from $116.4M a year earlier. The business is stabilizing around Outdoor growth, but the top line is still shrinking without the divested brand.
Key takeaways
decreased 5% to $1.67B, including a 6% from the and a 2% foreign currency , after Q1 FY2026 was flat at $1.76B and Q4 FY2026 rose 1% to $2.88B (quarterly table: Q1'26 $2,143.8M, Q1'27 $2,166.0M — +1.0% per table; narrative states $1.67B and -5%, use narrative for quarter).
Outdoor grew 5% to $857M, driven by up 6% and up 4%, with up 9%, continuing the Outdoor-led mix shift seen in FY2026.
Section summaries
Management's Discussion and Analysis
Q1 FY2027 revenue fell 5% to $1.7B, with Outdoor up 5% and Active down 5%; gross margin rose 100 bps to 54.9%.
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Total decreased 5% to $1.67B, including a 6% from the divestiture and a 2% from foreign currency.
Active declined 5% to $667M as fell 8% globally on wholesale down 9% and up 1%, narrowing from the 14% Vans drop in Q1 FY2026.
improved 100 to 54.9%, helped by the exit, tactical price increases, lower product costs, and favorable mix.
as a percent of rose 110 to 59.9%, but absolute SG&A fell $35.5M due to lower restructuring charges and cost savings.
Net loss narrowed to $97.2M ($0.25 per share) from $116.4M ($0.30), aided by lower and reduced costs.
What changed
brand : flagged to watch if the 9% FY2026 decline narrows — Q1 FY2027 Vans fell 8%, narrowing from the 14% Q1 FY2026 drop and the 9% full-year FY2026 decline.
to total capital from 69.2% at FY2026: not stated in this filing; cash rose to $823.9M (+91.9% , -43.8% QoQ) and was $3,519.9M (+2.8% YoY), so the ratio was not reported this quarter.
Further or trademark after the $30.7M charge: none recorded this quarter, breaking the pattern of consecutive quarterly impairments.
in FY2027 against tariff environment: Q1 gross margin rose 100 to 54.9% with no tariff flagged for the quarter, versus the reciprocal tariff impact noted for H2 FY2026.
Active decline: Q1 FY2027 Active fell 5% vs the 6% Q3 FY2026 and 8% Q2 FY2026 drops, showing a gradual narrowing.
What to watch
brand in Q2 FY2027 to see if the 8% decline narrows further after the 5% Active drop this quarter.
to total capital next quarter to confirm the 69.2% FY2026 level as cash of $823.9M and of $3,519.9M evolve.
in H2 FY2027 given the prior flagged reciprocal tariff impact and planned price increases not yet reflected in Q1.
absolute dollars next quarter after falling $35.5M this quarter on savings, to track the $500-600M expansion target by FY2028.
grew 5% to $857M, driven by (+6%) and (+4%), with direct-to-consumer up 9%.
declined 5% to $667M, as fell 8% globally, with wholesale down 9% and direct-to-consumer up only 1%.
improved 100 to 54.9%, helped by the exit, tactical price increases, lower product costs, and favorable mix.
as a percent of rose 110 to 59.9%, but absolute SG&A fell $35.5M due to lower restructuring charges and cost savings.
Net loss narrowed to $97.2M ($0.25 per share) from $116.4M ($0.30), aided by lower and reduced costs.
Quantitative and Qualitative Disclosures About Market Risk
There have been no significant changes in VF’s market risk exposures from what was disclosed in Item 7A in the Fiscal 2026 Form 10-K. VF Corporation Q1 FY27 Form 10-Q 34 Table of Contents
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There have been no significant changes in VF’s market risk exposures from what was disclosed in Item 7A in the Fiscal 2026 Form 10-K.
VF Corporation Q1 FY27 Form 10-Q 34
Table of Contents
Other than as set forth in Note 19, Contingencies, there are no pending material legal proceedings, other than ordinary, routine litigation incidental to the business, to which VF or any of its subsidiaries is a party or to which any of their property is the subject. SEC regulat…
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Other than as set forth in Note 19, Contingencies, there are no pending material legal proceedings, other than ordinary, routine litigation incidental to the business, to which VF or any of its subsidiaries is a party or to which any of their property is the subject.
SEC regulations require us to disclose certain information about proceedings arising under federal, state or local environmental regulations if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to SEC regulations, VF uses a threshold of $1 million for purposes of determining whether disclosure of any such proceedings is required. VF believes that this threshold is reasonably designed to result in disclosure of any such proceedings that are material to VF’s business or financial condition. Applying this threshold, there are no such proceedings to disclose for this period.
You should carefully consider the risk factors set forth under Part I, “Item 1A. Risk Factors” in the Fiscal 2026 Form 10-K, which could materially affect our business, financial condition and future results. The risks described in the Fiscal 2026 Form 10-K are not the only risk…
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You should carefully consider the risk factors set forth under Part I, “Item 1A. Risk Factors” in the Fiscal 2026 Form 10-K, which could materially affect our business, financial condition and future results. The risks described in the Fiscal 2026 Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and operating results.
There have been no material changes to the risk factors identified in Part I, “Item 1A. Risk Factors” in the Fiscal 2026 Form 10-K.