VFC
VF Corp
Our take
VF Corp has largely delivered on its profitability path so far, mostly through actions within management's control. The next phase requires sustainable revenue growth, and with Bracken Darrell's optimism on Vans running ahead of the numbers, his track record at VF on that front is a lot spottier.
Financial model
Updated: November 3, 2026
Research
Bracken Darrell's record of optimism at Logitech and VF, plus fresh Vans channel checks comparing markdowns on vans.com with wholesale.
VF Corp comes down to trusting management; results are improving, but Vans remains the pain point.
Store checks at athletic retailers in Hong Kong and Japan: HOKA, On and Arc'teryx look strong while Nike is heavily discounted in Japan.
Can VF Corp hit its FY28 turnaround targets? Momentum is building and upside may arrive sooner than expected.
Fourth semi-annual mall channel check: softer traffic, tighter promotions, and who is winning in athleisure.
VF Corp now points to Timberland as a model brand; we compare its direct-to-consumer push with the business a decade ago.
VF Corp's turnaround should pay off, but without Vans growth and with tough North Face comparisons, the stock can't rerate.
Postmortems
Bracken explicitly communicated these takeaways: Return to growth in FY26 and expect to keep growing in FY27. Seeing tangible signs of momentum at Vans, led by Americas DTC.
Main story management selling seems to be they are back to growth again (first time since FY23). Lot of green shoots in every direction.
Main focus of this call was to talk about the return to growth. Three things: 1) not happy with Vans growth and focused on it, 2) goal is to get The North Face to double digit growth, 3) sustain momentum in Timberland.