Corrected Transcript

22-May-2024

VF Corp. (VFC)

Q4 2024 Earnings Call

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VF Corp. (VFC)

Corrected Transcript

Q4 2024 Earnings Call

22-May-2024

CORPORATE PARTICIPANTS

Allegra Perry

Martino Scabbia Guerrini

Vice President-Investor Relations, VF Corp.

Chief Commercial Officer & President-Emerging Brands, VF Corp.

Bracken P. Darrell

Matthew H. Puckett

President, Chief Executive Officer & Director, VF Corp.

Executive Vice President & Chief Financial Officer, VF Corp.

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OTHER PARTICIPANTS

Michael Binetti

Robert Drbul

Analyst, Evercore ISI

Analyst, Guggenheim Partners

Laurent Vasilescu

Paul Lejuez

Analyst, Exane BNP Paribas

Analyst, Citigroup Global Markets, Inc.

Simeon Siegel

Adrienne Yih

Analyst, BMO Capital Markets Corp.

Analyst, Barclays Capital, Inc.

Brooke Roach

Jonathan R. Komp

Analyst, Goldman Sachs & Co. LLC

Analyst, Robert W. Baird & Co., Inc.

Matthew R. Boss

Ike Boruchow

Analyst, JPMorgan Securities LLC

Analyst, Wells Fargo Securities LLC

Dana Lauren Telsey

Sam Poser

Analyst, Telsey Advisory Group LLC

Analyst, Williams Trading LLC

Lorraine Hutchinson

Analyst, BofA Securities, Inc.

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VF Corp. (VFC)

Corrected Transcript

Q4 2024 Earnings Call

22-May-2024

MANAGEMENT DISCUSSION SECTION

Operator: Hello, and welcome to the VF Corporation Fourth Quarter 2024 Earnings Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Vice President, Investor Relations, Allegra Perry. Please go ahead, Allegra.

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Allegra Perry

Vice President-Investor Relations, VF Corp.

Good Afternoon and welcome to VF Corporation's fourth quarter fiscal 2024 conference call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we've defined in the press release that was issued this afternoon, and which we use as lead numbers in our discussion because we believe they more accurately represent the true operational performance and underlying results of our business. You may also hear us refer to reported amounts, which are in accordance with US GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items, and provide management's view of why this information is useful to investors.

Joining me on the call will be VF's President and Chief Executive Officer, Bracken Darrell; EVP, Chief Commercial Officer and President, Emerging Brands, Martino Scabbia Guerrini; and EVP and Chief Financial Officer, Matt Puckett. Following our prepared marks, we'll open the call for questions.

I'll now hand over to Bracken.

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Bracken P. Darrell

President, Chief Executive Officer & Director, VF Corp.

Thanks so much for joining us. I finished 10 months here, and we've made a lot of progress. I'll begin today with a deep dive on our Reinvent program and why I'm confident we'll position VF to return to strong, sustainable growth. Then I'll briefly touch on our financial results before turning it over to Martino and Matt.

While I've discussed Reinvent on our prior calls, I'd like to go a few layers deeper today so you can have a better understanding of how we're approaching this, the progress we've made so far and what's next. Almost everything is playing out as I expected it would when I took the role.

We've taken the tough medicine that we needed to return to growth. Key organizational changes, leadership changes and strategic moves have largely been executed by the time we get to the end of my first year, and I feel really, really good about them.

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Q4 2024 Earnings Call

22-May-2024

Reinvent, which we introduced back in Q2, is fundamentally how we get back to strong growth. Some perceive this as a simple restructuring plan or tactical steps. It wasn't, and it isn't. Reinvent is a blueprint for transforming the company from declining to growing. It has three key phases running in parallel; reset, ignite and accelerate.

Reset is focused on a reset of the US business, Vans, the cost base and the balance sheet. Ignite is about elevating how we show up in front of the customer. Here, our focus is on product, design innovation and merchandising, on commercial excellence and brand building. Our reset and ignite phases are occurring in parallel and together will set the stage for the third phase, which will be accelerating growth.

Before I get into details on the reset phase, let me talk a little bit about people. No turnaround happens without a strong team, and I've spent an enormous amount of time on this particular area. You have a CEO with a demonstrated turnaround and long-term demonstrated growth experience, and we are adding superstar talent.

Our new CHRO is the former CHRO of Salesforce, a company 50 times larger than VF, who also happens to have deep retail and apparel experience. Our new Head of Strategy & Digital was a Managing Partner at BCG, and spent time at lululemon. Our new Head of Design was named by McKinsey and others as one of the top creative design leaders in the world.

And we announced today Paul Vogel as our new CFO. Paul brings a wide range of financial, operational, and capital market experience. We plan to announce very soon a new Vans President and we're promoting strong internal talent, including Martino and our new Timberland President, Nina Flood.

By the time I reach my one-year anniversary at VF in July, we'll have almost completely changed the leadership of this company. I have great confidence that we have the right team in place to successfully drive VF's turnaround and long-term growth.

Now, turning to an update on our key priorities under the reset phase that I spoke about earlier. We're on track to deliver our $300 million cost savings target by the middle of the fiscal year, as previously discussed. We're also making progress on reducing debt and strengthening our balance sheet.

In the fourth quarter, we delivered another significant reduction in inventories, bringing the total for the year down 23%, down over $500 million, which in turn enabled us to reduce our net debt by another $540 million. We also generated over $1 billion in operating cash flow and more than $800 million in free cash flow, exceeding the only guidance we gave you earlier.

Our strategic portfolio review is complete, and we'll provide an update when we have more news to share. We've established the Americas regional platform, which is now fully in place and operational, as part of the global commercial organization. Under Martino's strong leadership, we are already seeing signs of progress. [ph] We've imported key processors from (00:05:47) EMEA and APAC. The accuracy of our forecasting has dramatically improved, and Martino will talk to the actions we're taking to improve the Americas performance in more detail.

Let me move to Vans. While overall financial results have not yet improved, we are deep in execution and we are starting to see very early green shoots. I said you'd start to see the brand turn first in one channel or region and it would spread to others. It started to happen with DTC Europe positive in the quarter.

The inventory reset actions are helping create a cleaner market in which to introduce new product. Our weeks of supply have come down with our partners in all three regions. We're simplifying our product lineup and introducing a sustained level of investment in design and innovation.

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VF Corp. (VFC)

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Q4 2024 Earnings Call

22-May-2024

UltraRange Neo is performing well in the US. The Knu Skool, which launched when I first got here, is gaining strength behind enhanced marketing and has now become our second largest style globally. And the AVE 2.0, our newest and best skate shoe, has performed very well in the early months of its launch. You can expect more news here soon, too.

This is part of our icon management strategy, which will also reduce reliance on core icons. While the core remains in decline, we're seeing strong performance in our new products, and we have a cascade of product launches coming. We're also working to make our marketing efforts more effective.

We're simplifying our storytelling. Our marketing has shifted to fewer, deeper campaigns. For example, we used to have 274 stories in one season. When you have 274 stories in six months, you're probably not telling any of them well. We've simplified it to a handful of powerful key stories, concentrating our investment. We're also rebalancing our marketing mix to drive higher ROI. These changes are starting to show positive results.

Now, we're cutting through. Search is a good leading indicator. We're seeing Google Search trends move in the right direction for the first time in years. The last 3 months have improved compared to the previous 12. We don't only need to have simplification, we also need brand elevation to build brand equity and drive gross margin.

We're leveraging our new OTW line as the pinnacle expression of the brand to drive energy and excitement. We're in the middle of a global series of events that bring together community, culture and fashion that will continue to unfold. That's how we get in the middle of cultural trends.

After the tease in June 23 at Men's Paris Fashion Week, we officially launched OTW at Art Frieze in Los Angeles in February of this year with an amazing installation to drive brand elevation. And just last week, we had an exciting event on the Shanghai Bund, which generated huge interest in-person and on social media, staying tuned for more.

We have a strong and data-driven approach now to improve our in-store execution. You'll see more as we roll it across the year. I'm a big believer in testing, learning and scaling and stores are a wonderful place to do it. We're testing a lot of things across regions in areas of [ph] visual (00:08:45) merchandising, four-wall formats and SKU productivity that will scale across the globe over time. At Vans, we've moved from theory to action.

Now, let's talk about The North Face. Our core focus there has been investing in product, design and merchandising. Our key growth drivers include category expansion with a specific focus on trail and hike, women's and footwear. We're starting to elevate the brand through premium performance products.

Our pinnacle expression of the brand, Summit Series, is leading the way through brand campaigns and in-store activations across all marketplaces. This is connected to elevating our brand journey through new store designs, which are currently being tested and scaled across the globe.

A few select examples of these, the Regent Street store experience, our new store format in Berlin and Singapore and soon we'll have one in Shanghai. Our key global partners are fully involved in this initiative, too. We'll talk more about the final phase, accelerate, in the coming quarters, but it's too early to talk about it now.

So, what can you expect as we move into fiscal 2025? While we're not ready to give specific, quantitative guidance, I can tell you that you could expect that things will be a little bit better sequentially each quarter, except for the first quarter as we complete our channel inventory resets, and Matt will tell you more about that later. To

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VF Corp. (VFC)

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Q4 2024 Earnings Call

22-May-2024

close my section, I'm more confident than ever about our plans and our execution. We will return the company to long-term profitable and sustainable growth.

Now, let me hand over to Martino, who will give an update on our go-to-market approach globally.

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Martino Scabbia Guerrini

Chief Commercial Officer & President-Emerging Brands, VF Corp.

Thank you, Bracken, and good day everyone. Nice to speak to you again in my new role of Chief Commercial Officer at VF, where I oversee our newly created global commercial organization and our emerging brands.

Today, I'm going to give you some additional details on our key priorities within this new operating model. These details will be primarily focused on the Americas, the region where we see the biggest incremental opportunities and we stand to benefit the most from leveraging processes and tools that have led to commercial success in Europe and Asia.

Three key messages I want to leave you with. One, we're driving our integrated marketplace strategy with speed and agility and clear focus on our best wholesale partners. Two, we're elevating our retail execution in D2C, direct to consumer, across brick-and-mortar and digital. Three, we're driving commercial excellence through our operating model, scaling new capabilities and best practices across the regions.

First, integrated marketplace strategy. Integrated marketplace strategy is an holistic view across the channels to elevate our brand execution and capture consumers' engagement at every touch point. We see opportunities to perform better across wholesale and D2C.

We're making clear choices and we're executing intensely against those choices in each region and across brands. As the macro cycle adjusts and inventories return to normalized levels, an impeccable marketplace execution is critical to take back market share and drive growth across the portfolio, starting from our Americas region, even more than anywhere else.

We continue to see a strategic place for wholesale in our model, and we believe we can be much stronger with key strategic partners. As we roll out our regional commercial model and transfer best practice across the region, our immediate focus is on establishing a robust marketplace management processes in the Americas, supported by more agility in decision making. These efforts are squarely focused on driving growth in short to medium term, but we expect them to also lead to higher tiers of distribution and less promotional approach to the marketplace and, in turn, more elevated brand position.

You've heard us talk about our global partnerships. We work with some of the best multi-brand retailers and partners in the business. They love our brands, they want just to work with us to bring them to our consumers in a way which drives the deeper connection and builds brand equity in the process.

We are intensely focused on making this partnership tighter and more effective, adopting some of the processes that have made our business in Europe and Asia successful such as cross brand, key account governance execution. Over the last eight months, we have invested significant time in the Americas, meeting our partners to create a strategic long-term frame and optimize our common commercial priorities. It is starting to yield results.

Second, brand elevation and retail execution. We are moving fast across all areas of our new commercial organizations. In our direct-to-consumer environment, we've definitely under-executed in Americas relative to Europe and Asia in terms of commercial performance as well as retail excellence. As an example, we're adopting

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Q4 2024 Earnings Call

22-May-2024

a more consistent and dynamic regional approach to our retail fleet optimization, a faster pace of retail innovation through new formats and rolling out consumer-facing omnichannel capabilities.

As we focus on elevating our brands, we're bringing retail execution and in-store experiences to the forefront. We need great designs and the right merchandising decisions to show up consistently across retail environment with the right mix of global and local relevance, and we need operational excellence and agile trading capabilities. We are seeing success with some of our new store concepts, for example, The North Face in London; Vans in Shanghai, Timberland in Tokyo. And we have taken a hard look on how e-commerce digital experience connects and expands through the physical expressions of our brands.

Third and finally, excellent commercial execution. As we ignite growth across business models, direct and partners, digital and physical, we are removing silos and barriers that get in the way of effective commercial execution. Through our commercial platforms, we are integrating trading execution, marketing and demand creation, and planning discipline to drive the business and optimize the use of our inventory across all channels.

Analytical capabilities and [ph] more power in size (00:14:48) will also contribute to our ability to be demand driven across the whole marketplace. This improves our ability to predict with more accuracy where the business is added. And, in fact, we have now hit our internal forecast in the Americas for five consecutive months. We are seeing cleaner inventory positions at our brands following also the select reset actions. And more importantly, we're driving specific VF-wide growth initiatives with our key accounts in all the regions.

Last but not least, we are the proud owners of several emerging brands, delivering substantial total sales and accretive operating margins. There are some real jewels here. And in our new operating model, these are now managed in an even more entrepreneurial, dynamic way to catch market and category opportunities and create the best version into a bigger future plan. So, we're making progress at every step, focusing on improving our operations and returning to drive commercial excellence and best brand execution.

Thank you for the time. I'll now hand over to Matt.

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Matthew H. Puckett

Executive Vice President & Chief Financial Officer, VF Corp.

Thanks, Martino, and good afternoon everyone. My plan today is to give you a high-level overview of fiscal 2024, a more in-depth review of Q4 results, and highlight some themes for our key areas of focus and some guardrails for fiscal 2025.

We closed out our fiscal year having made further progress on the initial phase of Reinvent. And even though our fiscal year 2024 P&L results remain difficult, with revenue down 11% and adjusted earnings per share of $0.74, we delivered against our near-term balance sheet and cash flow objectives. We exceeded our free cash flow guidance, largely driven by lower working capital, namely inventory, with $804 million generated for the year, which I'll cover in more detail in a minute.

Now, turning to our fourth quarter results, which were largely in line with our expectations. Throughout Q4, we continued to take proactive measures to improve our operating performance and strengthen our business and balance sheet, while implementing additional actions as part of the Reinvent transformation program. We advanced the work against the strategic portfolio review, which is now complete and are on track with our plans to continue paying down debt and strengthening our balance sheet.

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Q4 2024 Earnings Call

22-May-2024

While the underlying financial results from Q4 remain challenging, there was a slight sequential improvement relative to last quarter. And importantly, we've seen some encouraging developments stemming from the recent actions we have taken.

Now, let's unpack the performance, starting with the areas we guided on, inventory, cash flow and liquidity, where we delivered stronger results than anticipated. First, on inventory, we made significant progress in the quarter, a direct benefit of our ongoing efforts to clean up the marketplace and operate with a more efficient level of inventories across each of our businesses. Inventory declined by 23% in the quarter versus last year, ahead of our expectations, with double-digit declines across each of the four largest brands. We're also seeing an improvement in the level and health of our inventories with our wholesale partners.

Turning to the highlight of our financial results, cash flow. As Bracken mentioned, during the fiscal year, we generated over $1 billion in operating cash flow and $800 million of free cash flow, ahead of our $600 million guidance. This result allowed us to continue making progress against one of our biggest priorities, reducing debt, as we ended fiscal year 2024 with net debt of about $5.3 billion, down approximately $540 million versus last year.

The free cash flow beat was largely driven by lower working capital, primarily inventory, as we were able to bring those levels down more quickly than projected. Liquidity at the end of the year was approximately $2.65 billion.

Now, moving on to a review of the Q4 P&L. During the quarter, revenue was down 13%, including a little more than 2 points of impact from reset actions and right in line with our expectations, largely driven by the US wholesale performance which, as expected, weighed on results across our brand portfolio. This compares with Q3 revenue of minus 17%, which also included a similar impact from reset actions.

Turning to the performance by region. Relative to the Americas, our international business remained more resilient, down 4% for the quarter, as the APAC region continued to grow and, as anticipated, the run rate in Europe improved relative to Q3. The Americas region was down 23% in the quarter, as anticipated, a similar trend to Q3, as a continued cautious posture from our wholesale partners and our actions to further reduce inventories in the channel, particularly in the US, weighed heavily on results. The DTC channel, although delivering a better performance than wholesale, was down low-double digits in the quarter, driven by Vans. The North Face direct-to- consumer was slightly positive.

Performance in the EMEA region sequentially improved to down 5% in the quarter, driven by growth in the D2C channel across most brands, including growth in the North Face, Vans and Timberland, led by our brick-and- mortar channel, which overall grew mid-single digits in the region. While wholesale was still negative, there was a significant improvement in run rate relative to last quarter, partly reflecting the normalization of delivery timing, which distorted the year-on-year comparison in Q3.

Lastly, the APAC region was up 2%, with all brands we distribute in the market growing, except for Vans and Dickies, reflecting their ongoing turnarounds. Growth was led by continued strong momentum at The North Face and ongoing growth in Timberland. Importantly as well, direct-to-consumer for the region was up high-single digits. While Greater China remained strong, up 10%, declines in Southeast Asia and Korea pulled down the performance of the region overall.

Looking at the performance by brand. The North Face was down 5% in the quarter, as expected. Starting with the positives, DTC was up 7% globally for the brand, reflecting positive growth across all three regions. And we continue to see outperformance in the APAC region, growing 15%, driven by Greater China growth of up almost

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Q4 2024 Earnings Call

22-May-2024

30%, and partly offset by the one-time impact of returns in the Australia and New Zealand market to shift our model from a distributor to a direct business.

While the cold weather season had a slow start, outerwear had a good quarter and overall was up mid-single digits for the year, as underlying sell-through across the business remained solid. The global performance, however, was impacted by the larger wholesale pressure we outlined last quarter, which is primarily contained to the Americas and which will continue to weigh on results over the next couple of quarters.

Vans revenue declined 27% in the quarter, in line with our expectations, and reflecting the impact of the previously contemplated inventory reset actions, they had a 4-point negative impact on the top line, similar to Q3. While both D2C and wholesale were down on a global basis, it's worth noting that DTC in Europe grew in the quarter, reflecting the brand's relatively stronger position in those markets and the benefits it has been deriving from the regional platform.

Timberland was down 14%, including about a 6-point negative impact from reset actions in the US wholesale marketplace, with sequential improvement on last quarter, reflecting growth in both Europe and in Asia, where the brand continues to resonate and where the go-to-market execution has been more consistent and effective. The issues largely rest with the business in the Americas, which continues to be challenged, and where the wholesale channel is significantly pressured because of reduced order books and ongoing soft sellout trends.

Dickies was down 15% of similar drivers in regional trends the last quarter, as we continue to refocus the brand on our core workwear consumer and business. Americas continued to see soft sellout trends across the marketplace. And in APAC, we continue to reposition the business and adjust inventory levels with our partners. Supreme delivered another strong quarter with sales up low-double digits in Q4, reflecting a good start to the spring season and further validation of the grow-wide strategy, with a continued strong performance in Korea, as well as the late quarter store opening in Shanghai.

Moving down the P&L, adjusted gross margin declined 120 basis points in the quarter to 48.4%. But that's not the full story, nor the most important takeaway. The story really is that we were able to more quickly reduce inventories and drive higher free cash flow than anticipated and, as a result, saw a more significant near-term impact on gross margin than expected.

To unpack the details explaining the basis point change versus last year, favorable channel and regional mix benefits and lower product costs were more than offset by a number of areas, including negative foreign currency transaction impact and several factors directly connected to the intentional reset actions, namely a continued elevated level of promotion and clearance activity as part of our effort to reduce inventory levels and reset the marketplace to a healthier level and mix, as well as higher inventory reserves, most notably at Dickies. Importantly, excluding impacts from reset actions and the associated inventory reserves, which were more than 200 basis points, gross margin would have been up about 100 basis points versus last year, inclusive of the negative foreign currency impact.

SG&A was down slightly, reflecting lower volume-related spending and incremental savings from the Reinvent program, which will accelerate as we move into fiscal 2025, partly offset by incentive compensation timing versus last year and modest spend increases in our key investment areas, along with comping prior year benefits in SG&A, primarily associated with gains on asset sales. As a result of the lower revenue, SG&A deleveraged in the quarter by about 650 basis points. Adjusted operating margin decreased 770 basis points to a negative 2.1% and adjusted earnings per share was minus $0.32.

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22-May-2024

Now, I'd like to provide a brief update on the progress we have made on cost savings connected to Reinvent where I'll build on some of the updates you heard from Bracken earlier in the call. We delivered about $80 million in gross savings this year versus our target, including about $40 million in fiscal Q4, primarily driven by head count reductions and supply chain savings. We remain on track to deliver at least $300 million in annualized savings, which we expect to be fully in place on a forward run rate basis by the middle of fiscal year 2025.

In Q4, we booked an additional $55 million in charges, of which $16 million were non-cash. Including the charges recorded in Q3, the full year total was about $105 million, of which $35 million were non-cash. We now expect the total charges associated with Reinvent to be approximately $130 million to $150 million.

As previously stated, we intend to reinvest a portion of the savings oriented towards our biggest brands and opportunities and specifically focused on the areas of product design and innovation and brand building. To date, the reinvestment has been limited, as expected, and we anticipate this will accelerate as we move into fiscal 2025 and beyond.

If I sum up fiscal 2024, it can be characterized by a significant amount of transformative actions that we've proactively implemented to adjust the operating model and rationalize and optimize our cost structure, reset the marketplace, and begin improving the health and the trajectory of the business. While we're not issuing P&L guidance now, I wanted to provide some guardrails specific to Q1 and context relative to our cash flow outlook for fiscal 2025. First, revenue will remain challenged in the near term, particularly in Q1, where we expect the results to be comparable to Q4 when excluding the impact of reset actions that occurred during that timeframe.

Specific to gross margins, which across much of the year should benefit from more fundamental tailwinds than headwinds, in Q1 we expect year-over-year margin erosion as we work through the residual excess inventory, resulting from the cleanup actions we've taken over the last two quarters. This will largely be contained to sell out in the clearance channels, including our own outlets. We expect to generate approximately $600 million in cash available for financing activities, from free cash flow plus the proceeds from non-core asset sales.

It's worth explaining that the lower level of cash generated as compared to fiscal 2024 is a result of less working capital benefit, in particular when considering this last year included over $500 million benefit from inventory reductions. We expect to end the year with liquidity of at least $2 billion, which contemplates the payment of the $1 billion term loan due in December.

As this was my last earnings call with VF, I wanted to take a minute to close with a thank you. I've truly enjoyed the time I've spent getting to know and work with all of you over the years and, in particular, the last three in the role of CFO. And I can tell you that I've learned a great deal from our interactions.

While the business is not yet where I know it has the potential to be and will get to, I'm confident that the priorities we've set and the actions we've implemented, particularly in the last few quarters since Bracken has taken the helm as CEO, will position this great company for a very bright future. And I look forward to watching the continued evolution of VF.

With that, I'll hand it over to the operator, and we'll take your questions.

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VF Corporation published this content on 11 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 June 2024 08:02:04 UTC.