VF Corp Files 10-Q for Q2 FY25

TL;DR

VF Corp 10-Q filed: Q2 FY25 results out, showing debt and retained earnings. Check it.

AI Summary

VF Corporation reported its second quarter results for fiscal year 2025, ending September 28, 2024. The company's financial statements include details on its common stock, various fixed-rate notes due in 2026, 2028, 2029, and 2032, and retained earnings. The filing also provides comparative data from the previous fiscal year, including September 30, 2023, and July 2, 2023.

Why It Matters

This filing provides investors with the latest financial performance and position of VF Corporation, crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: medium — The filing contains detailed financial information, including debt instruments, which can indicate financial risk.

Key Numbers

• 2024-09-28 — Reporting Period End Date (Indicates the end of the fiscal quarter for which results are reported.)
• 2023-09-30 — Prior Year Comparative Period End Date (Allows for year-over-year comparison of financial performance.)
• 2024-03-31 — Fiscal Year End Date (Marks the end of the company's fiscal year.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-03-29 — Fiscal Year End (The specific date the company's fiscal year concludes.)

Key Players & Entities

• VF Corp (company) — Filer of the 10-Q
• 20240928 (date) — End of the reporting period
• 20230930 (date) — Comparative period end
• vfc:FixedRateFourPointOneTwoFivePercentageNotesDueSeptemberTwoThousandTwentySixMember (dollar_amount) — Debt instrument
• us-gaap:RetainedEarningsMember (dollar_amount) — Shareholder equity component

FAQ

Key Financial Figures

• $0.25 — ock, without par value, stated capital, $0.25 per share VFC New York Stock Exchange

Filing Documents

• vfc-20240928.htm (10-Q) — 2151KB
• vfcq22025exhibit311.htm (EX-31.1) — 9KB
• vfcq22025exhibit312.htm (EX-31.2) — 9KB
• vfcq22025exhibit321.htm (EX-32.1) — 4KB
• vfcq22025exhibit322.htm (EX-32.2) — 4KB
• vfc-20240928_g1.jpg (GRAPHIC) — 53KB
• 0000103379-24-000030.txt ( ) — 11316KB
• vfc-20240928.xsd (EX-101.SCH) — 55KB
• vfc-20240928_cal.xml (EX-101.CAL) — 108KB
• vfc-20240928_def.xml (EX-101.DEF) — 337KB
• vfc-20240928_lab.xml (EX-101.LAB) — 772KB
• vfc-20240928_pre.xml (EX-101.PRE) — 573KB
• vfc-20240928_htm.xml (XML) — 2183KB

— Financial Information

Part I — Financial Information 3

— Financial Statements (Unaudited)

Item 1 — Financial Statements (Unaudited) 3 Consolidated Balance Sheets: September 2024, March 2024 and September 202 3 3 Consolidated Statements of Operations: Three and six months ended September 2024 an d September 202 3 4 Consolidated Statements of Comprehensive Income (Loss): Three and six months ended September 2024 and September 2023 5 Consolidated Statements of Cash Flows: Six months ended September 2024 and September 202 3 6 Consolidated Statements of Stockholders' Equity: Three and six months ended September 2024 and September 2023 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10

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

Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 28

— Quantitative and Qualitative Disclosures about Market Risk

Item 3 — Quantitative and Qualitative Disclosures about Market Risk 39

— Controls and Procedures

Item 4 — Controls and Procedures 39

— Other Information

Part II — Other Information 39

— Legal Proceedings

Item 1 — Legal Proceedings 39

— Risk Factors

Item 1A — Risk Factors 39

— Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds 40

— Other Information

Item 5 — Other Information 40

— Exhibits

Item 6 — Exhibits 41

Signatures

Signatures 42 Table of Contents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

— FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1 — FINANCIAL STATEMENTS (UNAUDITED). VF CORPORATION Consolidated Balance Sheets (Unaudited) (In thousands, except share amounts) September 2024 March 2024 September 2023 ASSETS Current assets Cash and equivalents $ 492,164 $ 656,376 $ 484,825 Accounts receivable, less allowance for doubtful accounts of: September 2024 - $ 35,674 ; March 2024 - $ 26,369 ; September 2023 - $ 28,040 1,820,197 1,263,329 1,881,531 Inventories 2,082,918 1,697,823 2,405,291 Other current assets 472,595 493,194 358,124 Current assets of discontinued operations 1,590,984 116,225 113,791 Total current assets 6,458,858 4,226,947 5,243,562 Property, plant and equipment, net 755,802 788,992 885,882 Intangible assets, net 1,774,694 1,776,482 1,778,795 Goodwill 651,934 645,356 1,145,869 Operating lease right-of-use assets 1,313,030 1,255,074 1,248,524 Other assets 1,265,320 1,210,470 1,143,728 Other assets of discontinued operations — 1,709,642 1,695,992 TOTAL ASSETS $ 12,219,638 $ 11,612,963 $ 13,142,352 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Short-term borrowings $ 463,200 $ 263,938 $ 1,023,276 Current portion of long-term debt 1,750,097 1,000,721 966 Accounts payable 1,134,637 788,477 961,667 Accrued liabilities 1,486,706 1,323,982 1,486,757 Current liabilities of discontinued operations 147,791 79,861 72,167 Total current liabilities 4,982,431 3,456,979 3,544,833 Long-term debt 4,028,549 4,702,284 5,656,725 Operating lease liabilities 1,136,605 1,087,304 1,066,933 Other liabilities 665,686 636,090 598,409 Other liabilities of discontinued operations — 71,941 65,407 Total liabilities 10,813,271 9,954,598 10,932,307 Commitments and contingencies Stockholders' equity Preferred Stock, par value $ 1 ; shares authorized, 25,000,000 ; no shares outstanding at September 2024, March 2024 or September 2023 — — — Common Stock, stated value $ 0.25 ; shares authorized, 1,200,000,000 ; shares outstanding at September 2024

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (Unaudited) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS PAGE NUMBER NOTE 1 Basis of Presentation 11 NOTE 2 Recently Adopted and Issued Accounting Standards 11 NOTE 3 Revenues 12 NOTE 4 Discontinued Operations 14 NOTE 5 Inventories 15 NOTE 6 Intangible Assets 15 NOTE 7 Goodwill 16 NOTE 8 Leases 16 NOTE 9 Supply Chain Financing Program 16 NOTE 10 Pension Plans 17 NOTE 11 Capital and Accumulated Other Comprehensive Loss 17 NOTE 12 Stock-based Compensation 20 NOTE 13 Income Taxes 20 NOTE 14 Reportable Segment Information 21 NOTE 15 Earnings ( Loss) Per Share 22 NOTE 16 Fair Value Measurements 22 NOTE 17 Derivative Financial Instruments and Hedging Activities 24 NOTE 18 Restructuring 26 NOTE 19 Subsequent Events 27 VF Corporation Q2 FY25 Form 10-Q 10 Table of Contents NOTE 1 — BASIS OF PRESENTATION Fiscal Year VF Corporation (together with its subsidiaries, collectively known as "VF" or the "Company") uses a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. The Company's current fiscal year runs from March 31, 2024 through March 29, 2025 ("Fiscal 2025"). Accordingly, this Form 10-Q presents our second quarter of Fiscal 2025. For presentation purposes herein, all references to periods ended September 2024 and September 2023 relate to the fiscal periods ended on September 28, 2024 and September 30, 2023, respectively. References to March 2024 relate to information as of March 30, 2024. Basis of Presentation On July 16, 2024, VF entered into a definitive Stock and Asset Purchase Agreement (the "Purchase Agreement") with EssilorLuxottica S.A. to sell the Supreme brand business ("Supreme"). On October 1, 2024, VF completed the sale of Supreme. During the three months ended September 2024, the Company determined that Supreme met the held-for-sale and discontinued operations accounting criteria. Accordingly, b eginning in the second

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