This press release features multimedia. View the full release here:

顿颈肠办颈别蝉庐 is an iconic American heritage brand that sits at the intersection of workwear and streetwear, with distribution in 55 countries. For over a century, it has been a cultural staple, known for its durability, authenticity, and global influence. Balancing utility and style, 顿颈肠办颈别蝉庐 continues to resonate across generations, geographies, and subcultures.

鈥淪ince 1922, 顿颈肠办颈别蝉庐 has provided hard-wearing, long-lasting and comfortable clothes, cementing its status as a storied brand in performance workwear. We have followed the brand for many years and have a deep appreciation for its history and legacy, which 鲍鱼直播 Corporation has successfully begun to rebuild over the past few years,鈥� said Joseph Gabbay, CEO, Bluestar Alliance. 鈥淲e are committed to supporting the 顿颈肠办颈别蝉庐 产谤补苍诲鈥檚 growth by leveraging our consumer insights and operational excellence to unlock its full value for all stakeholders.鈥�

鲍鱼直播鈥檚 President and Chief Executive Officer, Bracken Darrell, said, 鈥�顿颈肠办颈别蝉庐 is an iconic American workwear brand with a bright future, and I am confident that under Bluestar Alliance鈥檚 ownership, it will continue to improve and realize its significant growth potential.鈥� Darrell continued, 鈥淎s I鈥檝e said before, we continuously evaluate our portfolio and this transaction will enable us to bring our net debt level down and will be accretive to our growth on a pro-forma basis. I want to thank the entire 顿颈肠办颈别蝉庐 team for their strong commitment to transforming the brand.鈥�

The transaction is expected to close by the end of CY2025, subject to customary closing conditions and regulatory approvals.

UBS is serving as financial advisor to 鲍鱼直播, and Davis Polk & Wardwell LLP is serving as its legal advisor.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face庐, Vans庐, Timberland庐 and Dickies庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

About Bluestar Alliance, LLC

Founded by Joseph Gabbay and Ralph Gindi in 2006, Bluestar Alliance is a global brand management company that owns, manages, and markets a portfolio of premium fashion, lifestyle, and consumer brands. The portfolio spans a range of contemporary and luxury brands, with over $10 billion in global retail sales. Bluestar Alliance's network of domestic and international partners offers the opportunity to take niche and established brands and grow them into worldwide lifestyle brands. The company manages a portfolio of over 500 licensees and a growing branded retail platform of over 500 stores throughout North America, Europe, Australia, South America, Asia, the United Arab Emirates, the Middle East, and India.

Forward-Looking Statements

Certain statements made by 鲍鱼直播 included in this release are "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 鲍鱼直播鈥檚 expectations and beliefs concerning future events impacting 鲍鱼直播 and therefore involve several risks and uncertainties. Words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� "believe," 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� and other words and terms of similar meaning or use of future dates may be used to identify forward-looking statements, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding the expected benefits, financial impact and timing of the sale of the 顿颈肠办颈别蝉庐 brand, including the use of proceeds therefrom, and assumptions related thereto, are forward-looking statements. 鲍鱼直播 cautions that forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. 鲍鱼直播 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. Potential risks and uncertainties that could cause the actual results of operations or financial condition of 鲍鱼直播 to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: whether and when the required regulatory approvals for the proposed sale of the 顿颈肠办颈别蝉庐 brand will be obtained, whether and when the closing conditions will be satisfied and whether and when the proposed sale of the 顿颈肠办颈别蝉庐 brand will close, if at all; 鲍鱼直播鈥檚 ability to execute, and realize benefits, successfully, or at all, from the proposed sale of the 顿颈肠办颈别蝉庐 brand; the level of consumer demand for apparel, footwear and accessories; disruption to 鲍鱼直播鈥檚 distribution system; changes in global economic conditions and the financial strength of 鲍鱼直播鈥檚 consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs; disruption and volatility in the global capital and credit markets; 鲍鱼直播鈥檚 response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; 鲍鱼直播's ability to maintain the image, health and equity of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; retail industry changes and challenges; 鲍鱼直播's ability to execute its Reinvent transformation program, "The 鲍鱼直播 Way" and other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage, including any sale of the 顿颈肠办颈别蝉庐 brand; 鲍鱼直播鈥檚 ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of 鲍鱼直播 or third parties on which it relies, to maintain the strength and security of information technology systems; the fact that 鲍鱼直播鈥檚 facilities and systems, and those of third parties on which it relies, are frequent targets of cyberattacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by 鲍鱼直播 or such third parties to anticipate or detect data or information security breaches or other cyberattacks, could result in data or financial loss, reputational harm, business disruption, damage to 鲍鱼直播鈥檚 relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by 鲍鱼直播 or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; 鲍鱼直播鈥檚 ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of 鲍鱼直播's vendors' manufacturing facilities and 鲍鱼直播's ability to establish and maintain effective supply chain capabilities; continued use by 鲍鱼直播鈥檚 suppliers of ethical business practices; 鲍鱼直播鈥檚 ability to accurately forecast demand for products; actions of activist and other shareholders; 鲍鱼直播's ability to recruit, develop or retain key executive or employee talent or successfully transition executives; continuity of members of 鲍鱼直播鈥檚 management; changes in the availability and cost of labor; 鲍鱼直播鈥檚 ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by 鲍鱼直播鈥檚 licensees and distributors of the value of 鲍鱼直播鈥檚 brands; 鲍鱼直播鈥檚 ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio, including any sale of the 顿颈肠办颈别蝉庐 brand; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; 鲍鱼直播's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent 鲍鱼直播 from fulfilling its financial obligations; 鲍鱼直播's ability to pay and declare dividends or repurchase its stock in the future; climate change and increased focus on environmental, social and governance issues; 鲍鱼直播's ability to execute on its sustainability strategy and achieve its sustainability-related goals and targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect 鲍鱼直播鈥檚 financial results is included from time to time in 鲍鱼直播鈥檚 public reports filed with the SEC, including 鲍鱼直播鈥檚 Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

View source version on businesswire.com:

鲍鱼直播
Media
Colin Wheeler
Vice President, Corporate Affairs, Public Relations and Communications
corporate_communications@vfc.com

Investor Relations
Allegra Perry
Vice President, Investor Relations
ir@vfc.com

Bluestar Alliance, LLC
Sarah Rosen
Bluestar Alliance
SRosen@Bluestarall.com

Source: 鲍鱼直播 Corporation

DENVER, CO 鈥� August 28, 2025 鈥� This week, employees from 鲍鱼直播 Corporation (NYSE: 鲍鱼直播C), a global leader in branded lifestyle apparel, footwear, and accessories, are traveling to Old Fort and Asheville, North Carolina, to take part in hands-on volunteer projects aimed at restoring trails and waterways damaged by Hurricane Helene. This inaugural service trip is an expansion of 鲍鱼直播鈥檚 ongoing commitment to supporting communities in need and builds upon financial assistance provided by The 鲍鱼直播 Foundation to help with disaster recovery in the region.

Outdoor restoration events will take place throughout the week. First, employees will work with 鲍鱼直播 Foundation grantee, G5 Trail Collective, in Old Fort to improve trail infrastructure, working alongside local nonprofits, community leaders, and outdoor advocates, including the Outdoor Foundation, the Morrison Family Foundation, and North Carolina Outdoor Economy Office. Later in the week, the team will partner with Mountain True in Asheville to remove trash and debris along the rivers. These efforts are designed not only to address damage caused by the hurricane but also to strengthen the long-term resilience of the region鈥檚 natural areas, which serve as vital recreational and ecological resources for the community and help fuel North Carolina鈥檚 outdoor recreation economy.

Brent Hyder, 鲍鱼直播鈥檚 Chief People Officer and President, AMER Region, as well as Vice Chair of The 鲍鱼直播 Foundation, emphasized the deep connection between 鲍鱼直播鈥檚 values and volunteerism. 鈥淎t 鲍鱼直播, service is more than just something we do鈥攊t鈥檚 a core part of who we are. Volunteering allows us to strengthen the places where we live, work and play while staying connected to each other and the communities that support us. Seeing our employees come together this week to lend their time and hard work in Old Fort and Asheville was incredibly inspiring and puts our values into actions in ways that uplift and improve these special places for us and North Carolina.鈥�

鲍鱼直播 has deep roots in North Carolina, with a presence for nearly 30 years in the state and a major office hub in Greensboro. The 鲍鱼直播 Foundation has contributed more than $10 million to the state and specifically supported Hurricane Helene recovery efforts last fall with a 3:1 employee matching grant amounting to more than $100,000 to the American Red Cross and $10,000 to the Outdoor Recreation Roundtable鈥檚 Rural Resilience Grant Program, along with a collection of product donations from The North Face^庐, Altra^庐 and Smartwool^庐 brands totaling more than $1 million.

This week, the Foundation also announced a donation of an additional $100,000 to The Outdoor Foundation鈥檚 Thrive Outside Initiative in Western North Carolina to further expand outdoor access for youth and families through local schools and nonprofits and continue the support of Hurricane Helene relief efforts.

鈥淲e believe in pairing philanthropy with action,鈥� said Gloria Schoch, Executive Director of The 鲍鱼直播 Foundation. 鈥淏y combining monetary grants with boots-on-the-ground volunteerism we hope to deliver both immediate and lasting benefits to the communities that remain an important part of our footprint. This is the beginning of a programmatic journey we hope to evolve and grow year after year.鈥�

鲍鱼直播鈥檚 commitment to volunteerism is reflected across its brand portfolio, with brands like Timberland^庐 making service a cornerstone of their culture. 鲍鱼直播鈥檚 new annual service trip initiative will continue to build on this legacy, offering employees meaningful opportunities to give back while deepening their connection to the places they live and work.

To learn more about grantees of the 鲍鱼直播 Foundation, please see the latest听Impact Report.

About 鲍鱼直播
鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including听The North Face^庐,听Vans^庐,听Timberland^庐听补苍诲听Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit听.

About The 鲍鱼直播 Foundation
听The 鲍鱼直播 Foundation is the philanthropic arm of 鲍鱼直播 Corporation. Inspired by the vision of 鲍鱼直播 Corporation and its brands, The 鲍鱼直播 Foundation works to create positive societal impact and systems change to advance a more active, sustainable, and inclusive world. Established in 2002, The 鲍鱼直播 Foundation has granted more than $75 million globally to improve the communities where 鲍鱼直播 operates through its key strategic pillars: Thriving Outside, Protecting Our Planet, Powering Potential, and supporting Humanitarian Relief and Recovery. Learn more at /responsibility/the-vf-foundation.

Media Contact:
Colin Wheeler
Vice President, Corporate Affairs, Public Relations and Communications
corporate_communications@vfc.com

Bracken Darrell, President and CEO, said: "We performed ahead of our expectations and guidance in Q1'26, improving our top-line trend versus last year to flat (-2% C$) while delivering a much stronger bottom line. The North Face^庐 and Timberland^庐 sustained their positive momentum while Altra^庐 grew strongly. Vans^庐 was impacted by channel rationalization actions, as we strengthen the business to return to healthy, sustainable growth.

As I pass the two-year mark in my role as CEO, we are on track with 鲍鱼直播's transformation. We are lowering costs, improving margins, reducing debt and transforming the organization. We have reset the table and soon will move to growth. That is what we are all here for and what the entire organization is now focused on.

We are as confident as ever in our plans to transform 鲍鱼直播 and return the company to long-term growth, in revenue and in profit."

Q1'26 Financial Review

• Revenue of $1.8B, flat vs. LY or (2%) C$
  • Revenue above guidance
  • Wholesale timing shift into Q1'26 from Q2'26 benefited revenue by 2% or 1% C$
  • Excluding Vans^庐, total revenue was +6% vs. LY or +5% C$
  • Global strength at The North Face^庐 and Timberland^庐, while Vans^庐 was (14%) vs. LY or (15%) C$, impacted by channel rationalization actions
• Adjusted operating loss significantly beat guidance
  • Operating loss of ($87M); adjusted operating loss of ($56M), significantly better than guidance of ($125M) to ($110M)
  • Operating margin of (4.9%), up 210bps vs. LY, and adjusted operating margin of (3.2%), up 270bps vs. LY
  • Gross margin up 270bps vs. LY and adjusted gross margin up 290bps vs. LY
  • SG&A dollars up 1% vs. LY and adjusted SG&A dollars flat vs. LY
• EPS (loss) of ($0.30), adjusted EPS of ($0.24)
  • Earnings (loss) per share (EPS) of ($0.30) vs. Q1'25 ($0.39), adjusted EPS of ($0.24) vs. Q1'25 ($0.35)
  • Net interest expense of ($41M); effective tax rate of 8.0% and adjusted effective tax rate of 3.5%
• Net debt down $1.4B or (20%) vs. LY
  • Net debt excluding lease liabilities down $1.4B or (27%) vs. LY

Q2'26 and FY'26 Financial Outlook

• Q2'26:
  • Revenue (4%) to (2%) C$ vs. LY
  • Adjusted operating income of $260M to $290M
• FY'26:
  • Free cash flow up vs. LY, includes known and anticipated tariff impacts
    • Adjusted operating income up vs. LY
    • Operating cash flow up vs. LY

Webcast Information

鲍鱼直播 management will host its first quarter Fiscal 2026 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Dividend Declared

鲍鱼直播鈥檚 Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on September 18, 2025, to shareholders of record at the close of business on September 10, 2025.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

Financial Presentation Disclosure

All per share amounts are presented on a diluted basis. This release refers to 鈥渞eported鈥� (R$) and 鈥渃onstant dollar鈥� (C$) or 鈥渃onstant currency鈥� amounts, terms that are described under the heading below 鈥淐onstant Currency - Excluding the Impact of Foreign Currency.鈥� Unless otherwise noted, 鈥渞eported鈥� and 鈥渃onstant dollar鈥� or 鈥渃onstant currency鈥� amounts are the same, and amounts will be as "reported" unless otherwise specified. This release also refers to 鈥渃ontinuing鈥� and 鈥渄iscontinued鈥� operations amounts, which are concepts described under the heading 鈥淒iscontinued Operations - Supreme.鈥� Unless otherwise noted, results presented are based on continuing operations. This release also refers to 鈥渁djusted鈥� amounts, a term that is described under the heading "Adjusted Amounts - Excluding Reinvent". Unless otherwise noted, 鈥渞eported鈥� and 鈥渁djusted鈥� amounts are the same. 鲍鱼直播 operates and reports using a 52/53 week fiscal year ending on the Saturday closest to March 31 of each year. This release refers to 鲍鱼直播's first quarter of Fiscal 2026 as Q1'26, and similarly Q1'25 denotes 鲍鱼直播's first quarter of Fiscal 2025, etc. 鲍鱼直播 defines "free cash flow" as cash flow from continuing operations less capital expenditures and software purchases and defines "net debt" as long-term debt, the current portion of long-term debt, short-term borrowings, and operating lease liabilities, less cash and cash equivalents per 鲍鱼直播's consolidated balance sheet.

Change in Reportable Segments

鲍鱼直播 realigned its reportable segments in the first quarter of Fiscal 2026. 鲍鱼直播's updated reportable segments are Outdoor and Active. We have included an "All Other" category for the remaining operating segments that do not meet the quantitative threshold to be disclosed as a separate reportable segment. 鲍鱼直播's financial results for Q1'26 and Q1'25 in this presentation reflect the new segments. 鲍鱼直播 has recast the quarterly prior period segment data for Fiscal 2025 to reflect the change and included this information in Exhibit 99.3 and Exhibit 99.1 of 鲍鱼直播's Current Report on Form 8-K dated July 30, 2025.

Discontinued Operations - Supreme

On July 16, 2024, 鲍鱼直播 entered into a definitive Stock and Asset Purchase Agreement with EssilorLuxottica S.A. to sell the Supreme^庐 brand business (鈥淪upreme鈥�). On October 1, 2024, 鲍鱼直播 completed the sale of Supreme. Accordingly, the company has reported the related held-for-sale assets and liabilities as assets and liabilities of discontinued operations and included the operating results and cash flows of the business in discontinued operations for all periods presented, through the date of sale.

Constant Currency - Excluding the Impact of Foreign Currency

This release refers to 鈥渞eported鈥� amounts in accordance with U.S. generally accepted accounting principles (鈥淕AAP鈥�), which include translation and transactional impacts from foreign currency exchange rates. This release also refers to both 鈥渃onstant dollar鈥� and 鈥渃onstant currency鈥� amounts, which exclude the impact of translating foreign currencies into U.S. dollars. Reconciliations of GAAP measures to constant currency amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management鈥檚 view of why this information is useful to investors.

Adjusted Amounts - Excluding Reinvent

The adjusted amounts in this release exclude costs related to Reinvent, 鲍鱼直播's transformation program. Costs, including restructuring charges and project-related costs, were approximately $31 million in the first quarter of Fiscal 2026.

The above items negatively impacted loss per share by $0.06 during the first quarter of Fiscal 2026. All adjusted amounts referenced herein exclude the effects of these amounts.

Reconciliations of measures calculated in accordance with GAAP to adjusted amounts are presented in the supplemental financial information included with this release, which identifies and quantifies all excluded items, and provides management鈥檚 view of why this information is useful to investors. The company does not provide a reconciliation of forward-looking measures where the company believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items contained in the GAAP measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the company's control or cannot be reasonably predicted. For the same reasons, the company is unable to address the probable significance of the unavailable information.

Forward-looking Statements

Certain statements included in this release are "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 鲍鱼直播鈥檚 expectations and beliefs concerning future events impacting 鲍鱼直播 and therefore involve several risks and uncertainties. Words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� "believe," 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� and other words and terms of similar meaning or use of future dates may be used to identify forward-looking statements, however, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements regarding 鲍鱼直播鈥檚 plans, objectives, projections and expectations relating to 鲍鱼直播鈥檚 operations or financial performance, and assumptions related thereto, are forward-looking statements. Forward-looking statements are not guarantees, and actual results could differ materially from those expressed or implied in the forward-looking statements. 鲍鱼直播 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. Potential risks and uncertainties that could cause the actual results of operations or financial condition of 鲍鱼直播 to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel, footwear and accessories; disruption to 鲍鱼直播鈥檚 distribution system; changes in global economic conditions and the financial strength of 鲍鱼直播鈥檚 consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products, including as a result of tariffs; disruption and volatility in the global capital and credit markets; 鲍鱼直播鈥檚 response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; 鲍鱼直播's ability to maintain the image, health and equity of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; retail industry changes and challenges; 鲍鱼直播's ability to execute its Reinvent transformation program, "The 鲍鱼直播 Way" and other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; 鲍鱼直播鈥檚 ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of 鲍鱼直播 or third parties on which it relies, to maintain the strength and security of information technology systems; the fact that 鲍鱼直播鈥檚 facilities and systems, and those of third parties on which it relies, are frequent targets of cyber-attacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by 鲍鱼直播 or such third parties to anticipate or detect data or information security breaches or other cyber-attacks, could result in data or financial loss, reputational harm, business disruption, damage to 鲍鱼直播鈥檚 relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by 鲍鱼直播 or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; 鲍鱼直播鈥檚 ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of 鲍鱼直播's vendors' manufacturing facilities and 鲍鱼直播's ability to establish and maintain effective supply chain capabilities; continued use by 鲍鱼直播鈥檚 suppliers of ethical business practices; 鲍鱼直播鈥檚 ability to accurately forecast demand for products; actions of activist and other shareholders; 鲍鱼直播's ability to recruit, develop or retain key executive or employee talent or successfully transition executives; continuity of members of 鲍鱼直播鈥檚 management; changes in the availability and cost of labor; 鲍鱼直播鈥檚 ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by 鲍鱼直播鈥檚 licensees and distributors of the value of 鲍鱼直播鈥檚 brands; 鲍鱼直播鈥檚 ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions, including any potential effects from changes in tariffs and international trade policy; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Europe, the Middle East and Asia and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; 鲍鱼直播's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent 鲍鱼直播 from fulfilling its financial obligations; 鲍鱼直播's ability to pay and declare dividends or repurchase its stock in the future; climate change and increased focus on environmental, social and governance issues; 鲍鱼直播's ability to execute on its sustainability strategy and achieve its sustainability-related goals and targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect 鲍鱼直播鈥檚 financial results is included from time to time in 鲍鱼直播鈥檚 public reports filed with the SEC, including 鲍鱼直播鈥檚 Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

Notes:

^(a) Costs related to Reinvent, 鲍鱼直播's transformation program, including restructuring charges and project-related costs, were $30.8 million in the three months ended June 2025. These costs related primarily to severance and employee-related benefits and expenses related to the engagement of a consulting firm to support 鲍鱼直播's transformation journey. 鲍鱼直播 entered into a contract with a consulting firm during the second quarter of Fiscal 2025, with services under the contract expected to be substantially complete by the third quarter of Fiscal 2026. In addition to payment for services, the contract includes contingent fees tied to increases in 鲍鱼直播's stock price through June 2027. Expenses related to the contract, including contingent fees, were $8.0 million in the three months ended June 2025. Reinvent resulted in a net tax benefit of $6.8 million in the three months ended June 2025.

The Company incurred $207.6 million in total restructuring charges in connection with Reinvent. Substantially all restructuring actions were completed at the end of the first quarter of Fiscal 2026. Total fees associated with the contract with the consulting firm could be up to $141.0 million, with $75.0 million of the fees contingent on increases to 鲍鱼直播鈥檚 stock price through June 2027.

^(b) Amounts shown in the table have been calculated using unrounded numbers. The diluted net loss per share impacts were calculated using 390,024,000 weighted average common shares for the three months ended June 2025.

Non-GAAP Financial Information

The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of Reinvent. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding 鲍鱼直播's underlying business trends and the performance of 鲍鱼直播's ongoing operations and are useful for period-over-period comparisons of such operations.

Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, 鲍鱼直播's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies.

Notes:

^(a) Costs related to Reinvent, 鲍鱼直播's transformation program, including restructuring charges and project-related costs, were $17.8 million in the three months ended June 2024. These costs related primarily to severance and employee-related benefits. Reinvent resulted in a net tax benefit of $4.1 million in the three months ended June 2024.

^(b) Transaction and deal related activities reflect activities associated with the review of strategic alternatives for the Global Packs business, consisting of the Kipling^庐, Eastpak^庐 and JanSport^庐 brands, which totaled $0.5 million for the three months ended June 2024. The transaction and deal related activities resulted in a net tax benefit of $0.1 million in the three months ended June 2024.

^(c) Amounts shown in the table have been calculated using unrounded numbers. The diluted net loss per share impacts were calculated using 388,741,000 weighted average common shares for the three months ended June 2024.

Non-GAAP Financial Information

The financial information above has been presented on a GAAP basis and on an adjusted basis, which excludes the impact of Reinvent and transaction and deal related activities. The adjusted presentation provides non-GAAP measures. Management believes these measures provide investors with useful supplemental information regarding 鲍鱼直播's underlying business trends and the performance of 鲍鱼直播's ongoing operations and are useful for period-over-period comparisons of such operations.

Management uses the above financial measures internally in its budgeting and review process and, in some cases, as a factor in determining compensation. While management believes that these non-GAAP financial measures are useful in evaluating the business, this information should be considered as supplemental in nature and should be viewed in addition to, and not in lieu of or superior to, 鲍鱼直播's operating performance measures calculated in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures presented by other companies.

Constant Currency Financial Information

鲍鱼直播 is a global company that reports financial information in U.S. dollars in accordance with GAAP. Foreign currency exchange rate fluctuations affect the amounts reported by 鲍鱼直播 from translating its foreign revenues and expenses into U.S. dollars. These rate fluctuations can have a significant effect on reported operating results. As a supplement to our reported operating results, we present constant currency financial information, which is a non-GAAP financial measure that excludes the impact of translating foreign currencies into U.S. dollars. We use constant currency information to provide a framework to assess how our business performed excluding the effects of changes in the rates used to calculate foreign currency translation. Management believes this information is useful to investors to facilitate comparison of operating results and better identify trends in our businesses.

To calculate foreign currency translation on a constant currency basis, operating results for the current year period for entities reporting in currencies other than the U.S. dollar are translated into U.S. dollars at the average exchange rates in effect during the comparable period of the prior year (rather than the actual exchange rates in effect during the current year period).

These constant currency performance measures should be viewed in addition to, and not in lieu of or superior to, our operating performance measures calculated in accordance with GAAP. The constant currency information presented may not be comparable to similarly titled measures reported by other companies.

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

Source: 鲍鱼直播 Corporation

The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit .

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

Source: 鲍鱼直播 Corporation

鲍鱼直播 management will host its fourth quarter fiscal 2025 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at . For those unable to listen to the live broadcast, an archived version will be available at the same location.

Dividend Declared

鲍鱼直播鈥檚 Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on June 18, 2025, to shareholders of record at the close of business on June 10, 2025.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit .

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

Source: 鲍鱼直播 Corporation

The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit .

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

听

Source: 鲍鱼直播 Corporation

Bracken Darrell, President and CEO, said: 鈥淲e continue to make progress on transforming 鲍鱼直播 through our Reinvent plan. Since I joined 鲍鱼直播 just over a year and a half ago, we have delivered on our key priorities: reduced costs, lowered net debt, improved the performance of the Americas business, and taken strong steps in the ongoing Vans turnaround. As part of our completely reset leadership team, our new brand presidents are perfectly placed to leverage their rich experience in the areas of product and marketing to grow our brands.

For the next phase of our transformation plan, we are adopting 鈥楾he 鲍鱼直播 Way鈥�, a series of best-in-class standardized processes which will empower our brands by enhancing creativity and building functional excellence to fuel long-term growth. I am confident these actions will create a multi-brand advantage for 鲍鱼直播 while enabling further investment to drive sustainable shareholder value creation.鈥�

Webcast Information

The event will be broadcast live on the Internet, accessible at vfc.com/investor-day-2025 beginning at approximately 10:00 a.m. until 12:30 p.m. ET today. An archived version of the broadcast will be available at the same location following the event until March 16, 2025.

Presentation

All presentations will be posted and archived at vfc.com/investor-day-2025 following the conclusion of the event.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit .

Forward-looking Statements

Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on 鲍鱼直播's expectations and beliefs concerning future events impacting 鲍鱼直播 and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� "believe," 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� 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 鲍鱼直播鈥檚 plans, objectives, projections and expectations relating to 鲍鱼直播鈥檚 operations or financial performance, and assumptions related thereto are forward-looking statements. 鲍鱼直播 cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. 鲍鱼直播 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. Potential risks and uncertainties that could cause the actual results of operations or financial condition of 鲍鱼直播 to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: the level of consumer demand for apparel and footwear; disruption to 鲍鱼直播鈥檚 distribution system; changes in global economic conditions and the financial strength of 鲍鱼直播鈥檚 consumers and customers, including as a result of current inflationary pressures; fluctuations in the price, availability and quality of raw materials and finished products; disruption and volatility in the global capital and credit markets; 鲍鱼直播鈥檚 response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior; 鲍鱼直播's ability to maintain the image, health and equity of its brands, including through investment in brand building and product innovation; intense competition from online retailers and other direct-to-consumer business risks; increasing pressure on margins; retail industry changes and challenges; 鲍鱼直播's ability to execute its Reinvent transformation program and other business priorities, including measures to streamline and right-size its cost base and strengthen the balance sheet while reducing leverage; 鲍鱼直播鈥檚 ability to successfully establish a global commercial organization, and identify and capture efficiencies in its business model; any inability of 鲍鱼直播 or third parties on which it relies, to maintain the strength and security of information technology systems; the fact that 鲍鱼直播鈥檚 facilities and systems, and those of third parties on which we rely, are frequent targets of cyber-attacks of varying levels of severity, and may in the future be vulnerable to such attacks, and any inability or failure by 鲍鱼直播 or such third parties to anticipate or detect data or information security breaches or other cyber-attacks, including the cyber incident that was reported by 鲍鱼直播 in December 2023, could result in data or financial loss, reputational harm, business disruption, damage to our relationships with customers, consumers, employees and third parties on which it relies, litigation, regulatory investigations, enforcement actions or other negative impacts; any inability by 鲍鱼直播 or third parties on which it relies to properly collect, use, manage and secure business, consumer and employee data and comply with privacy and security regulations; 鲍鱼直播鈥檚 ability to adopt new technologies, including artificial intelligence, in a competitive and responsible manner; foreign currency fluctuations; stability of 鲍鱼直播's vendors' manufacturing facilities and 鲍鱼直播's ability to establish and maintain effective supply chain capabilities; continued use by 鲍鱼直播鈥檚 suppliers of ethical business practices; 鲍鱼直播鈥檚 ability to accurately forecast demand for products; actions of activist and other shareholders; 鲍鱼直播's ability to recruit, develop or retain key executive or employee talent or successfully transition executives; continuity of members of 鲍鱼直播鈥檚 management; changes in the availability and cost of labor; 鲍鱼直播鈥檚 ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by 鲍鱼直播鈥檚 licensees and distributors of the value of 鲍鱼直播鈥檚 brands; 鲍鱼直播鈥檚 ability to execute acquisitions and dispositions, integrate acquisitions and manage its brand portfolio; 鲍鱼直播's ability to realize benefits from the completed sale of the Supreme^庐 brand business; business resiliency in response to natural or man-made economic, public health, cyber, political or environmental disruptions; changes in tax laws and additional tax liabilities; legal, regulatory, political, economic, and geopolitical risks, including those related to the current conflicts in Ukraine and the Middle East and tensions between the U.S. and China; changes to laws and regulations; adverse or unexpected weather conditions, including any potential effects from climate change; 鲍鱼直播's indebtedness and its ability to obtain financing on favorable terms, if needed, could prevent 鲍鱼直播 from fulfilling its financial obligations; 鲍鱼直播's ability to pay and declare dividends or repurchase its stock in the future; climate change and increased focus on environmental, social and governance issues; 鲍鱼直播's ability to execute on its sustainability strategy and achieve its sustainability-related goals and targets; risks arising from the widespread outbreak of an illness or any other communicable disease, or any other public health crisis; and tax risks associated with the spin-off of the Jeanswear business completed in 2019. More information on potential factors that could affect 鲍鱼直播鈥檚 financial results is included from time to time in 鲍鱼直播鈥檚 public reports filed with the SEC, including 鲍鱼直播鈥檚 Annual Report on Form 10-K, and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

Source: 鲍鱼直播 Corporation

This in-person event will be held in New York City and is by invitation only. The presentation will be broadcast live on the Internet, accessible at . For those unable to listen to the live broadcast, an archived version will be available at the same location until March 16, 2025.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit vfc.com.

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
Corporate_Communications@vfc.com

Source: 鲍鱼直播 Corporation

鲍鱼直播 management will host its third quarter fiscal 2025 conference call beginning at approximately 8:00 a.m. ET today. The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

Dividend Declared

鲍鱼直播鈥檚 Board of Directors declared a quarterly dividend of $0.09 per share. This dividend will be payable on March 20, 2025, to shareholders of record at the close of business on March 10, 2025.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit .

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

Source: 鲍鱼直播 Corporation

The conference call will be broadcast live via the Internet, accessible at ir.vfc.com. For those unable to listen to the live broadcast, an archived version will be available at the same location.

About 鲍鱼直播

鲍鱼直播 Corporation is a portfolio of leading outdoor, active and workwear brands, including The North Face^庐, Vans^庐, Timberland^庐 and Dickies^庐. 鲍鱼直播 is committed to providing consumers with innovative products that are rooted in performance and elevated design, while delivering sustainable and long-term value for its employees, communities, and shareholders. For more information, please visit .

View source version on businesswire.com:

Investor Contact:
Allegra Perry
ir@vfc.com

Media Contact:
Colin Wheeler
corporate_communications@vfc.com

Source: 鲍鱼直播 Corporation