V.F. Corporation

Greetings and welcome to VF Corporation's first quarter 2024 earnings call. At this time, all participants are in a listen-only mode. The question and answer session will follow the formal presentation. If anyone should require operator assistance during the call, please press star zero on your telephone keypad. 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.

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 discussion 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 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.

Hello, everyone. I'm happy to join my first conference call with VF as CEO. While my role today will be a little more limited than 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 the 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. With unique products and immersive storytelling, consumer experience is elevated, and so is growth. While I'm just roughly 10 days in, I already feel at home here. I've spent time in our offices in Denver, meeting with our brands based here, and with many, many VF associates. I visited our European team in Stavio, and I'll be in Costa Mesa at the Vans offices tomorrow morning. I've been in our stores in Denver, San Francisco, New York, London, and more cities. I've been in three of our Supreme stores around the world and many Vans and North Bay stores. I talk to customers everywhere I go, and I've started to dig into the brand equity data. My conclusion is that our brands are as strong as I expected. Our team is loaded with talent. Our business is simply not performing at the level equal to those, but it's because of things in our control. I feel a strong sense of urgency with respect to the challenge that we face and will collectively work with the team to get BF back on track through disciplined and thoughtful actions. I'm looking forward to speaking with all of you again at our Q2 earnings results to share my perspectives on my first few months in the role. This company has what it takes, and I'm excited about the future of BF and its ability to return to delivering strong shareholder returns. I'll now turn it over to Matt to talk you through the quarter.