V.F. Corporation (VFC) Q1 2024 Earnings Call Transcript

For the period ending July 01, 2023

August 1, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings and welcome to VF Corporation's First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

At this time, I would like to hand the call over to Allegra Perry, Vice President of Investor Relations. Thank you, you may begin.

Allegra Perry

Good afternoon, and welcome to VF Corporation's first quarter fiscal 2024 conference call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to differ materially. These uncertainties are detailed in documents filed regularly with the SEC.

Unless otherwise noted, amounts referred to on today's call will be on an adjusted constant dollar basis, which we've defined in the press release that was issued this afternoon, and which we use as lead numbers in our discussions, because we believe they more accurately represent the true operational performance and underlying results of our business.

You may also hear us refer to reported amounts, which are in accordance with U.S. GAAP. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in the press release, which identify and quantify all excluded items and provide management's view of why this information is useful to investors.

Joining me will be VF's President and Chief Executive Officer, Bracken Darrell; and EVP and Chief Financial Officer, Matt Puckett. Matt will then host the question-and-answer session and will be joined by several VF executives.

I'll now hand over to Bracken.

Bracken Darrell

Hello, everyone. I'm happy to join my first conference call with VF as CEO. While my role today will be a little bit more limited then what I'm used to, given I'm on my 12th day here, I am super excited to be here.

VF's portfolio of globally powerful and iconic brands, deeply embedded purpose and impressive talent, all give me a lot of confidence. These are the key ingredients needed to unlock the company's significant value potential and return to strong, sustainable and profitable growth. I joined VF after 10 years as CEO of Logitech, where I'm proud to have overseen a transformation of the company that grew its value tenfold. We did it by putting the customer at the center of everything we do. I'm passionate about building brands through a design and innovation focus.