V.F. Corp VFC reported second-quarter financial results after the market close on Monday. Here’s a rundown of the report.

Q2 Earnings: VF Corp, the parent company of Vans and The North Face, reported second-quarter revenue of $2.8 billion, beating the consensus estimate of $2.7 billion, according to Benzinga Pro. The company reported second-quarter earnings of 60 cents per share, beating analyst estimates of 37 cents per share.

Total revenues were down 6% year-over-year. The North Face revenues were down 3% in the second quarter and Vans’ revenues fell 11%. Americas revenues were down 10% in the quarter and international revenues fell 2%.

Inventories were down 13% compared to the prior year’s quarter. The company noted that it lowered its debt by $446 million in the quarter, bringing net debt down to $5.7 billion at quarter’s end.

“Our results in the quarter met our expectations and reflect a sequential and broad-based improvement in year-on-year trends. At the same time, we made further progress on our four Reinvent priorities and we are on track to reach our previously announced $300 million savings target by the end of FY25,” said Bracken Darrell, president and CEO of VF Corp.

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Looking Ahead: VF Corp expects third-quarter revenue to be in the range of $2.7 billion to $2.75 billion versus estimates of $2.96 billion, according to Benzinga Pro. The company anticipates third-quarter adjusted operating income of $170 million to $200 million.

VF Corp anticipates full-year free cash flow from continuing operations of approximately $425 million. The company noted that core fundamentals remain in line with previous guidance.

The company’s board declared a dividend of 9 cents per share, payable on Dec. 18 to shareholders of record as of Dec. 10. VF Corp’s management team is currently discussing the quarter on a conference call that started at 4:30 p.m. ET.

VFC Price Action: VF Corp shares were up 16.85% in after-hours, trading at $19.90 at the time of publication Monday, per Benzinga Pro.

Photo: Shutterstock.