VF’s second-quarter results offered a stronger turnaround milestone as Vans’ global direct-to-consumer sales returned to growth. In its October 28 results announcement, the group reported adjusted operating income excluding Dickies of $364 million, above guidance of approximately $315 million.
For the quarter ended September 26, 2026, reported revenue was $2.695 billion, down 4%. Revenue excluding Dickies rose 1%, making the disposal an important distinction when comparing the group’s performance.
An uneven recovery across brands
Vans’ total revenue declined 9.8%, despite the improvement in its direct business. The North Face and Timberland each grew 4%, while Altra grew more than 40%.
VF reaffirmed its fiscal 2027 outlook, which calls for constant-currency revenue growth of at least 2% excluding Dickies and an adjusted operating margin of approximately 8%.
The results separate two stages of recovery: renewed demand through Vans’ own channels and a broader improvement across its business. Direct-sales growth is an encouraging indicator, but the decline in total Vans revenue means a complete recovery has yet to be demonstrated. Management expects wholesale improvement in the second half; that remains a forecast rather than an achieved result.
