Analysis VFC
Vans' direct sales are growing again. Can VF bring retailers along?
VF's wider business is earning more profit, but a full Vans recovery still depends on sales beyond its own stores and websites. Management's second-half promise is the next test.
Vans' total sales are still falling, but VF Corporation sees an important change inside the brand: sales through its own stores and websites have returned to growth globally for the first time in nearly five years.
The improvement has not yet been enough to turn the whole business around. Vans revenue fell 9.8% from a year earlier to $547.6 million in VF's second quarter of fiscal 2027, which ended September 26, 2026.
That gap puts the focus on wholesale, the sales VF makes to other retailers. A stronger response from shoppers in its own channels is encouraging. A broader recovery still needs improvement in the rest of the distribution network.
A promise from July is still in play
Chief Executive Officer Bracken Darrell said in July that Vans' direct sales in the Americas were already growing, but declines in global wholesale sales more than offset that progress. He expected wholesale to improve significantly in the second half of the fiscal year.
The latest results broaden the direct-sales recovery from a regional signal to a global one. Management is sticking to its expectation of wholesale improvement in the second half, pointing to stronger orders from retail partners. Those orders still have to become sales.
The rest of VF is providing support
The North Face and Timberland each grew quarterly revenue by about 4%. Across VF, reported net profit rose to $285.3 million from $189.8 million.
The revenue comparison needs context. Reported group sales fell about 4% to $2.7 billion, but the earlier period included Dickies, which VF sold in November 2025. Removing that business from the comparison leaves growth of about 1%.
VF kept its annual outlook rather than raising it. It still expects at least 2% revenue growth after removing currency movements and Dickies from the earlier comparison. That forecast also includes an extra operating week in the fourth quarter.
The balance sheet leaves a reason to watch execution closely. VF held $443 million in cash against about $3.54 billion of borrowing at September 26, excluding operating lease obligations. Inventory was up 7% from a year earlier as the company prepared for second-half demand.
The VF company profile compares the brand results and sets out the wholesale expectations to test.