VF Corp Files 2024 10-K

TL;DR

VF Corp's 2024 10-K is in. Check financials for the year ending March 30.

AI Summary

VF Corporation filed its 2024 10-K report, detailing its financial performance for the fiscal year ending March 30, 2024. The company, headquartered in Denver, CO, operates within the Men's & Boys' Furnishings sector. Key financial data and operational details are presented in this comprehensive filing.

Why It Matters

This filing provides investors and analysts with a detailed overview of VF Corporation's financial health, strategic initiatives, and risk factors for the past fiscal year.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Numbers

• 2.25 — Goodwill and Intangible Asset Impairment (Indicates potential write-downs impacting asset values.)

Key Players & Entities

• V F CORP (company) — Filer
• 20240330 (date) — Fiscal Year End
• 20240523 (date) — Filing Date
• Denver, CO (location) — Business Address
• MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320] (industry) — Standard Industrial Classification

FAQ

Key Financial Figures

• $67.1 million — ensed product sales. Royalty income was $67.1 million in Fiscal 2024 (less than 1% of total r

Filing Documents

• vfc-20240330.htm (10-K) — 3492KB
• vfc3302024ex419.htm (EX-4.19) — 153KB
• vfc3302024ex102vf1996stock.htm (EX-10.2) — 116KB
• vfc3302024ex1030vf2004long.htm (EX-10.30) — 73KB
• vfc3302024ex191insidertrad.htm (EX-19.1) — 64KB
• vfc3302024ex211.htm (EX-21.1) — 78KB
• vfc3302024ex231.htm (EX-23.1) — 2KB
• vfc3302024ex241.htm (EX-24.1) — 30KB
• vfc3302024ex311.htm (EX-31.1) — 11KB
• vfc3302024ex312.htm (EX-31.2) — 11KB
• vfc3302024ex321.htm (EX-32.1) — 6KB
• vfc3302024ex322.htm (EX-32.2) — 6KB
• vfc3302024ex971clawback.htm (EX-97.1) — 47KB
• image_1.jpg (GRAPHIC) — 0KB
• vfc-20240330_g1.jpg (GRAPHIC) — 53KB
• vfc-20240330_g2.jpg (GRAPHIC) — 71KB
• 0000103379-24-000008.txt ( ) — 20623KB
• vfc-20240330.xsd (EX-101.SCH) — 115KB
• vfc-20240330_cal.xml (EX-101.CAL) — 216KB
• vfc-20240330_def.xml (EX-101.DEF) — 611KB
• vfc-20240330_lab.xml (EX-101.LAB) — 1421KB
• vfc-20240330_pre.xml (EX-101.PRE) — 1041KB
• vfc-20240330_htm.xml (XML) — 3830KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 PART I ITEM 1.

Business

Business 1 ITEM 1A.

Risk Factors

Risk Factors 10 ITEM 1B. Unresolved Staff Comments 22 ITEM 1C. Cybersecurity 23 ITEM 2.

Properties

Properties 24 ITEM 3.

Legal Proceedings

Legal Proceedings 24 ITEM 4. Mine Safety Disclosures 24 PART II ITEM 5. Market for VF's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 25 ITEM 6. [Reserved] 26 ITEM 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 42 ITEM 9. Change in and Disagreements with Accountants on Accounting and Financial Disclosures 43 ITEM 9A.

Controls and Procedures

Controls and Procedures 43 ITEM 9B. Other Information 43 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 43 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 44 ITEM 11.

Executive Compensation

Executive Compensation 44 ITEM 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters 44 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 44 ITEM 14. Principal Accounting Fees and Services 44 PART IV ITEM 15. Exhibits and Financial Statement Schedules 45 ITEM 16. 10-K Summary 48

Signatures

Signatures 49 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Certain statements contained herein, as well as in other filings that VF makes with the Securities and Exchange Commission ("SEC") and other written and oral information VF releases, regarding VF's future performance constitute "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on VF's current expectations and beliefs concerning future events impacting VF and therefore involve risks and uncertainties. You can identify these statements by the fact that they use words such as "will," "anticipate," "believe," "estimate," "expect," "should," and "may," and other words and terms of similar meaning or use of future dates. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding VF's plans, objectives, projections and expectations relating to VF's operations or financial performance, and assumptions related thereto are forward-looking statements. VF undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Known or unknown risks, uncertainties or other factors that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those described as "Risk Factors" in Item 1A of this Annual Report on Form 10-K and other reports VF files with the SEC. PART I

BUSINESS

ITEM 1. BUSINESS. V.F. Corporation, founded in 1899, is one of the world's largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands. Unless the context indicates otherwise, the terms "VF," the "Company," "we," "us," and "our" used herein refer to V.F. Corporation and its consolidated subsidiaries. All references to "Fiscal 2024" relate to VF's current fiscal year which ran from April 2, 2023 through March 30, 2024. Unless otherwise noted, all discussion below, including amounts and percentages for all periods, reflect the results of operations and financial condition of VF's continuing operations. As such, the Occupational Workwear business that was sold on June 28, 2021 has been excluded. Following the appointment of a new Chief Executive Officer ("CEO") during Fiscal 2024, VF introduced the Reinvent turnaround program, which aims to reinvent how the Company operates as an organization across its brands, geographies and integrated enterprise functions. As part of Reinvent, VF is taking measures to streamline and right-size its cost base, identify and capture efficiencies in its business model, and strengthen the balance sheet while reducing leverage. During the year, a new operating model was introduced with the establishment of a global commercial organization. This includes the creation of an Americas regional platform, modeled on the Company's successful operations in Europe and Asia-Pacific, all of which support VF's global brands. VF also created the new role of Chief Commercial Officer, with responsibility for go-to-market execution globally. As the Company remains focused on its turnaround, it has also identified areas, particularly in brand building and product innovation, into which it will reinvest a portion of the savings generated to fuel sustainable and profitable growth in the future. The Company plans to arti

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View this 10-K filing on SEC EDGAR