VF Corp's Vans brand shows early signs of recovery amid macroeconomic uncertainty, says Jefferies.

VF Corp is showing early stabilization in key areas, particularly with its Vans brand, which saw positive US foot traffic and e-commerce growth for the first time since 2023. While the North Face and Timberland brands continue to provide steady growth, VF Corp faces challenges from tariffs, rising freight costs, and higher input prices. The company aims to reach a 10% operating margin by late 2028, supported by cost-saving initiatives, but near-term visibility remains uncertain. Investors are focused on sustained Vans improvement and clearer margin and earnings trends in upcoming quarters.