VF Corp's turnaround stalls as Vans keeps sliding

VF Corp reported a 1% increase in first-quarter sales when excluding its divested Dickies business. The result masks a continuing problem at Vans, the skate and streetwear brand that has been the group's biggest drag for several quarters. Vans sales fell 8% in the period, driven by weakness in global wholesale sales, according to WWD.

The Vans decline underscores how difficult the brand's repositioning has proved. Vans has struggled to regain relevance with younger consumers as competitors have captured share in casual and skate-adjacent footwear, and its heavy reliance on wholesale distribution has left it exposed as department stores and multi-brand retailers pull back on orders. VF Corp's broader turnaround plan has leaned on stabilising Vans while its other brands, including The North Face and Timberland, carry more of the growth burden.

The wider signal for the group is that its recovery remains uneven and fragile. Divesting Dickies removed a source of drag, but flattering headline growth by excluding it also draws attention to how much work is still needed at Vans itself. What to watch is whether VF Corp's management can show a credible path to stabilising Vans' wholesale channel, and whether the brand's newer product initiatives can arrest the decline before further quarters of double-digit drops erode confidence in the turnaround.

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