Sales slashed at The North Face, Vans and Timberland owner as UK shoppers shy away from new purchases

Customers reducing their spending on new clothes and footwear saw sales slashed at the owner of brands such as The North Face, Vans and Timberland during its latest financial year.

The UK and Republic of Ireland arm of VF Corporation, whose brands also include Eastpak, Kipling, Napapijri and Dickies Life, has posted a turnover of £359.1m for the year to March 31, 2024, according to newly-filed documents.

That total is down from the £401.7m it reported in its prior financial year.

The accounts, which have been published on Companies House, also show however that its pre-tax profits rose from £9.8m to £15.5m over the same period.

VF Corporation is headquartered in the US and was founded in 1899 by John Barbey.

Jobs shed at The North Face owner

A statement signed off by the board said: “Sales growth is the primary objective of the company, driven by investing and supporting the best people and from product innovation emanating from significant investment in product design and innovation by its principals.

“Sales growth will be enhanced by the declared intention of its principals to invest in more owned or franchised activities which it believes will assist sales growth through the traditional channels of distribution.

“Increasing investment is being channelled into training and development focusing on improving all customer facing activities.”

The division’s UK turnover fell from £383.7m to £344m in the UK and from £18m to £15m in the Republic of Ireland.

During the year the average number of people the company employed fell from 748 to 709.

VF Corporation itself reported a revenue of $10.5bn (£8.1bn) for the year, down 10 per cent.

The Denver-based group hired Spotify’s former CFO Paul Vogel as its new finance chief earlier this year.

VF Corporation shelved its forecast for 2024 in October 2023 and did not provide a look ahead for its profit and sales for its new financial year when it announced its group results in May.

Related posts

Former NBA owner invests in $100m women’s football multi-club group

It’s not just Waspi women, the government has taken everyone for fools

Honda and Nissan merger talks spark UK job fears