来源：Gangtise投研

V.F. Corporation (VFC) 2025年第二季度业绩电话会：连续第三个季度的收入下降率改善，毛利率提升，SG&A费用优于预期。公司实现了6500万美元的成本节约，有望超越本财年3亿美元的节约目标。美洲业务收入下降9%，较第一季度的13%有所改善。Vans品牌收入下降11%，较上季度21%的下降有所收窄。北面品牌收入下降4%，而Timberland收入下降3%，均显示出改善趋势。公司预计第三季度收入在27亿至27.5亿美元之间，毛利率预计上升，SG&A费用预计略有增长。全年自由现金流预计约为4.25亿美元，公司计划额外投资5000万美元于成本节约。

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