VF’s Sales Plateau While Dickies Boosts Profitability in H1 Ahead of Exit

VF Corporation is gaining air in its transformation. The U.S. group closed the first half of fiscal 2026, ended September 27th, 2025, with revenue of $4,563.4 million, up from $4,527 million in the same period last year. The increase represents a 0.8% increase according to figures reported by the company, or a decrease of 0.9% at constant rates, and consolidates the first signs of stabilization after two years of adjustment.

The period was marked by the announcement of the sale of Dickies, its historic workwear brand, for $600 million to the US holding company Bluestar Alliance. The transaction, which is expected to close in the third quarter, will enable VF to strengthen its liquidity and concentrate resources on the outdoor business, its main growth driver.

Adjusted operating profit for the first half of the year totaled $274.3 million, compared to $210.5 million in the same period of the previous year, an increase of 30.3%. Adjusted operating margin was 6.0%, compared to 4.6% in the previous year.

Reported operating income reached $226 million. Net debt was reduced by $1.5 billion, down 21% year-on-year, in line with the group’s financial restructuring plan.

VF Corporation sold Dickies to Bluestar Alliance for $600 million 

By segment, the outdoor division, which includes The North Face and Timberland, generated 2,475.9 million dollars, while the active division, which includes Vans, generated $1.46 billion, and the other business category, which includes Dickies, generated $627 million.

The combined operating profit of the divisions amounted to $381.1 million, with outdoor contributing $258.5 million and active, $122.6 million.

The Reinvent transformation program, which is still underway, involved costs of $46.3 million in the first half, mainly related to internal restructuring, severance payments and external consulting services.

Between July and September, VF Corporation recorded $2.80 billion in sales, compared to $2.75 billion a year earlier, an increase of 2% in the period. By brands, The North Face grew by 6%, Timberland by 7%, and Vans moderated its decline to 9%, after several quarters of double-digit declines.

The second quarter was marked by margin improvement and cost control

Adjusted quarterly operating profit was $330.1 million, up from $315.2 million in the second quarter of the previous year. The adjusted operating margin was 11.8%, compared to 11.4% a year earlier.

Looking ahead to the third quarter, VF Corporation expects sales to contract between 3% and 1% at constant rates, while adjusted operating profit will be between $275 million and $305 million. For the full year, the company expects to improve both cash flow and operating income, despite the accounting impact of the exit of Dickies, which will no longer be consolidated starting next quarter.

The sale of the brand is in addition to the divestment of Supreme, completed in 2024, and marks a new stage in the reconfiguration of the U.S. holding company. The group consolidates its structure around two divisions (outdoor and active) and continues to implement its Reinvent plan, focused on efficiency, cost reduction and long-term value creation.

“We will remain focused on generating value and returning the company to profitable and sustainable growth,“ said Bracken Darrell, CEO of VF Corporation. With The North Face and Timberland as pillars, the company seeks to consolidate its position as one of the leading global outdoor groups.