VF Says Vans Recovery Is Gaining More Wholesale Support

By Priya Raman

VF Corp. reported net income of $285.3 million for the quarter ended Sept. 26, up 50.3%, even as revenue declined 3.8% to $2.7 billion and Vans fell 9.8%.

The split supports Wall Street hope, but it does not settle the turnaround debate. Management sees improving Vans direct channels and product acceptance. Analysts see a smaller decline ahead, not a completed recovery.

What changed in Vans’ direct channels?

At Vans, global direct-to-consumer (DTC) sales were “positive for the first time in almost five years as our product engine shows up in our channels first,” CEO Bracken Darrell said on Wednesday’s second-quarter earnings call.

Vans still declined 9.8% in the quarter, on a basis the company did not specify. Improvement moved from U.S. ecommerce several quarters ago to Americas DTC overall, then global DTC in the quarter ended Sept. 26.

Darrell said Vans continued receiving recognition for innovation and excitement. He cited the Piper Jaffray teen survey, which placed Vans among the top brands for its target consumers, and the AlixPartners Consumer Sentiment Index, which ranked it the No. 2 fashion footwear brand.

Those surveys measure preference and sentiment, not wholesale orders, sell-through or margin. They cannot validate the commercial recovery on their own.

How will product novelty reach wholesale?

Vans tests new ideas in small batches through ecommerce, selected partners and cultural platforms, then limited company stores. It scales selected styles into the wider store fleet before wholesale, according to Darrell.

Wholesale follows six to nine months after DTC. That lag gives buying teams time to compare store demand with partner orders, but delays wholesale revenue and exposes forecasts to product misses.

Darrell said: “We have a lot of confidence in the wholesale channel for Q3, and especially Q4, based on a strong response from our partners to our increased product newness.” Management offered no order value, margin or delivery detail.

Vans also refreshed the Pearlized Old Skool and added the Super Lowpro sneaker, mules and loafers. Darrell said Vans was three months closer to the wholesale timeline management had described, called the direction clear and reconfirmed his expected acceleration.

Vans has more limited distribution than traditional athletic shoe brands at typical sporting goods retailers. Darrell said that gap creates one of Vans’ biggest lifestyle-growth opportunities, while wholesale order books (anticipated partner purchases) appeared encouraging.

The order-book claim matters because a positive consumer signal cannot settle wholesale commitments. Buyers still need shipment timing, confirmed quantities and margin terms before converting interest into replenishment.

What can Timberland and Altra contribute?

At Timberland, Darrell said the brand continued attracting new consumers and building relevance. He described the diversification strategy as beginning to take hold beyond the core footwear franchises.

Darrell identified sneakers and apparel as significant white space, meaning categories with room for growth. He saw substantial opportunity there, but said investors would see no meaningful near-term contribution despite behind-the-scenes activity and planned investment.

Smaller Altra grew more than 40% in the quarter, making it VF’s fastest-growing brand. It advanced in every region and channel, as Darrell attributed performance to a robust product-innovation pipeline and stronger storytelling resonating with consumers.

Road and trail categories both grew strongly. Altra leads in trail, while the road-running market is 10 times larger. Its Torin 9 launch ranked as the season’s biggest, with strong sell-through (sales through to end consumers).

The Vanish Carbon 3 and Tempo 2 extended Altra’s top race range. Those results show current traction, although the disclosure included no Altra revenue, profitability or inventory figure.

Why do analysts remain constructive?

Needham’s Tom Nikic called the choppy Vans performance and glacial turnaround pace frustrating. He retains a buy rating because guidance calls for trends to improve significantly in the fiscal second half.

Nikic expects Vans to decline 4% or less in Q3. Fiscal Q4 appears roughly flat, which he said could signal growth in fiscal 2028. Given the challenging market and Altra’s growth above 40%, Nikic expects its footwear expansion to fully offset Vans footwear declines over the course of the year.

Truist’s Joseph Civello also rates VF buy. He cites greater visibility into Vans wholesale orders for spring/summer 2027 and sees a potential wholesale inflection.

Civello also points to a fashion shift away from legacy athletic lifestyle silhouettes and Nike’s pullback from lifestyle products, which created a meaningful shelf-space gap. These are forecasts, not confirmed orders.

What does Lyst’s ranking show?

Lyst disclosed its 10 hottest third-quarter products on Wednesday and ranked the Vans Premium Authentic fourth. Lyst said demand for Vans rose 29% year over year.

That ranking supplies platform-specific demand evidence, but not company revenue or inventory economics. For sourcing and retail teams, Q3 and Q4 wholesale sell-through will determine whether Vans’ channel gains become durable orders.