Q4'FY23 Financial Highlights

• Revenue $2.7 billion, down 3% (flat in constant dollars)

• Earnings (loss) per share (EPS) $(0.55) vs. Q4'FY22 $0.21; Adjusted EPS $0.17 vs. Q4'FY22 $0.45

FY23 Financial Highlights

• Revenue $11.6 billion, down 2% (up 3% in constant dollars)

• EPS $0.31 vs. FY22 $3.10; Adjusted EPS $2.10 vs. FY22 $3.18

Benno Dorer, Interim President and CEO, said:

“We delivered quarterly results in line with our guidance, led by ongoing strength in The North Face® and our International business, with accelerating momentum in Greater China. As a result, we were able to close the fiscal year with 10 out of 12 brands flat or growing revenue, and five up double digits, despite the challenging consumer environment. At the same time, we significantly improved our supply chain performance while the work to turn around Vans® is progressing according to plan, as we navigate the known near-term challenges. Looking ahead to FY24, I am confident that we have the right plan to deliver improved operating performance and financial results, while we thoughtfully invest to deliver strong and consistent shareholder returns over the long term.”

Q4’FY23 Operating Highlights

• Continued broad-based strength in The North Face®, up 12% (up 16% in constant dollars)

• Vans® down 14% (down 12% in constant dollars), illustrating the beginning of growth in APAC in constant dollars while the Americas remained negative

• International business up 2% (up 8% in constant dollars)

? EMEA region delivered its eighth consecutive quarter of growth in constant dollars

? Greater China up 3% (up 10% in constant dollars) led further sequential improvement in the APAC region

• Americas region down 7%, primarily driven by reductions in the US Wholesale business

• Supply chain performance improving behind better execution, with increased on-time performance and a reduction in inventory of $299 million during Q4'FY23, as anticipated

• The Company recorded a non-cash impairment charge of $313 million related to the Supreme® brand

• Recognized as one of the World's Most Ethical Companies by Ethisphere for 2023, the seventh consecutive year for VF

FY24 Financial Outlook

• Total VF revenue flat to up slightly in constant dollars, including Q1'FY24 revenue down high-single digits in constant dollars reflecting a challenging US Wholesale environment

• Gross margin up at least 100 basis points, benefiting from a lower promotional environment across the marketplace

• Operating margin expansion, driven by the higher gross margins supporting modest increases in SG&A

• EPS of $2.05 to $2.25, including more than $(0.30) from the adverse effect of higher interest, unfavorable foreign currency, assumed normalized incentive compensation and a higher tax rate

• Free cash flow of about $900 million