威富 2024年度报告

Dear Shareholders, Our vision at VF is clear. We are building a design-focused, scalable, multi-brand company,putting the consumer at the center of every decision we make. At the core of this vision is our portfolio of incredible brands, which meet a wide range ofperformance and lifestyle needs. Born on the mountain,The North Face®is and will alwaysbe a brand that can protect athletes in extreme conditions in beautifully-designed product,while equally feeling and looking right at home on the trendiest city streets.Vans®is morethan just its skate heritage: it is California lifestyle rooted in action sports with strong tiesto music, design and art.Timberland®, rooted in the iconic yellow boot, one of the mostrecognizable products in the world, has reach and relevance that few other brands can match.Dickies®has created quality workwear since 1922, born out of functional and performanceneeds for the working class. And these are just a few of our brands. Across our portfolio, wehave a world of opportunity to unlock. We are on track to transform VF. In the second year of the Reinvent transformation program,we accelerated the pace of change with transformative actions introduced to build on theƖƢƎŨŝİɆįŨƪŝĐëƢļŨŝɆėƖƢëĈŒļƖķėĐɆļŝɆśLjɆǘƎƖƢɆLjėëƎɆǂļƢķɆƢķėɆĈƪƖļŝėƖƖș •Balance sheet:We reduced net debt1by 26% vs. last year, paying down twotranches of debt totaling $1.8 billion, and reduced leverage2by a full turn to 4.1x. •Cost reduction:We achieved our initial gross cost savings goal of $300 million, andstarted to realize savings from the next phase of workstreams, targeting ~$500 to $600million of net operating income expansion in the medium-term3; we ended FY25 with anadjusted operating margin approaching 6%4, 5. •Operating model:The recently established Americas regional platform has enabledƪƖɆƢŨɆƎėȯėŝİļŝėėƎɆƢķėɆƖƢƎƪĉƢƪƎėɆëŝĐɆƋƎŨĉėƖƖėƖɆįŨƎɆėįįėĉƢļǁėŝėƖƖɆëŝĐɆėįǘĉļėŝĉLjșɆ¶ķļƖėǁŨŒƪƢļŨŝɆļƖɆëŒƎėëĐLjɆƖƢëƎƢļŝİɆƢŨɆLjļėŒĐɆƎėƖƪŒƢƖɆǂļƢķɆëɆƖƢƎŨŝİɆļśƋƎŨǁėśėŝƢɆļŝɆƋƎŨǘƢëĈļŒļƢLjversus last year. •Vans®turnaround:We rebuilt the team with product and industry experience,attracting best-in-class talent. We rationalized channels of distribution,ƖƢƎėŝİƢķėŝļŝİɆƢķėɆĈƎëŝĐȼƖɆįŨƪŝĐëƢļŨŝɆëŝĐɆƖļİŝļǘĉëŝƢŒLjɆėLJƋëŝĐļŝİɆİƎŨƖƖɆśëƎİļŝșɆ©ëŒėƖɆfrom new products are growing, but still more than offset by declines in the icons. •Leadership:We completed the reset of the global leadership team, with eightleaders new to the company and the rest new to their roles since I joined VF in 2023,including all four presidents of our largest brands. Our results in FY254were in line with our expectations, with revenue of $9.5 billion, down 4%ǁėƎƖƪƖɆŒëƖƢɆLjėëƎȚɆǂļƢķɆëŝɆļśƋƎŨǁėśėŝƢɆļŝɆLǥȼǥǨɆƢŨɆĐŨǂŝɆǤɼɆȩǙëƢɆļŝɆĉŨŝƖƢëŝƢɆĐŨŒŒëƎƖ6)versuslast year, relative to H1’25 which was down 7% versus last year. Relative to last year,TheNorth Face®revenue grew during the year 1%,Timberland®rose 3% (constant dollars up 4%)andVans®was down 16% (constant dollars down 15%). FY25 adjusted operating income5rose 18% versus last year, with adjusted operating marginexpanding 110 basis points to 5.9%, driven by a strong improvement in gross margin, up 190ĈëƖļƖɆƋŨļŝƢƖɆǁėƎƖƪƖɆŒëƖƢɆLjėëƎșɆɆÕėɆƋëļĐɆĐļǁļĐėŝĐƖɆƢŨƢëŒļŝİɆɏǤǧǣɆśļŒŒļŨŝɆĐƪƎļŝİɆƢķėɆǘƖĉëŒɆLjėëƎș While we are making progress, we will always have more work to do. ¶ķļƖɆǘƖĉëŒɆLjėar, we held a two-part Investor Day event, in October 2024 and March 2025,where we shared our strategy and medium-term goals, introducing many of our new leaders.We unveiled how we are creating a foundational P&L model which will enable us to returnƢŨɆƖƢƎŨŝİɆëŝĐɆƖƪƖƢëļŝëĈŒėɆĉëƖķǙŨǂșɆɆÕėɆŒëƪŝĉķėĐɆŝļŝėɆǂŨƎŏƖƢƎėëśƖɆëļśėĐɆëƢɆĐƎļǁļŝİapproximately $500 to $600 million of operating income expansion (net of reinvestments),with the goal of reaching a 10% operating margin in FY28 before adding any revenue growth.We articulated our capital allocation priorities, which focus on reducing debt and continuingto reinvest before considering any changes to the dividend, share buybacks or portfolio. Andwe committed to reducing leverage to 2.5x or below by FY28. Our transformaƢļŨŝɆļƖɆŝŨƢɆŌƪƖƢɆëĈŨƪƢɆĐƎļǁļŝİɆǘŝëŝĉļëŒɆƎėƖƪŒƢƖȚɆļƢȼƖɆëĈŨƪƢɆĉķëŝİļŝİɆŨƪƎɆėŝƢļƎėorganization and the way we work. A key enabler of this change is “The VF Way,” a setof standardized processes which are designed to unlock value while also empowering ourbrands to reach their full potential. We are rapidly adapting these best practice processesand building functional excellence to enable our brands to focus on designing and innovatingproducts and creating brand heat. We’re starting with one brand, one region, and thenscaling rapidly across brands and geographies to unlock value and leverage our competitiveadvantage of being a multi-brand and truly global organization. We are approaching the recently introduced increased tariffs in the same way we approachƢķėɆƎėƖƢɆŨįɆƢķėɆĈƪƖļŝėƖƖțɆëɆŒŨŝİȯƢėƎśɆǁļėǂɆĈƪƢɆëɆįëƖƢɆƋëĉėșɆɆÕėɆķëǁėɆëɆƖƢƎëƢėİļĉ댌LjɆĐļǁėƎƖļǘėĐɆëŝĐɆëƖƖėƢȯŒļİķƢɆƖƪƋƋŒLjɆĉķëļŝɆǂķļĉķɆ댌ŨǂƖɆƪƖɆƢŨɆķëǁėɆİƎėëƢɆǙėLJļĈļŒļƢLjɆƢŨɆë