Benno, you, afternoon, Thank good and everyone.
guidance, aspects in And are have to fiscal potential by characterized to particularly the line year of do our all an still results to areas. have the of priorities, importantly, in ongoing portfolio. delivered continued near-term The to our pleased the end underperforming. against progress but excel the in fulfill The challenged business QX seeing we with business full much macro we U.S. of still environment, the are are We acknowledge was certain
both saw up constant direct-to-consumer. softer in the fiscal exceptional the in both region. saw strong business, sequential year recovery in which wholesale the Face X% and steady was emerging year, and revenue international dollars, North Despite results Europe we in growth by in and brands, XX%, with the quarter in and Outdoor Americas, and the the results APAC The of in During growth growth highlighted in
Adjusted gross declined fiscal to points, XXX led year which XXX adjusted basis share compared earnings and ‘XX. margin per in margin points, adjusted $X.XX down by was of $X.XX, operating to basis
billion significant benefiting during above QX, impacted end inventory by slightly lower our was earnings of and $X build. liquidity the anticipated, from but year at Eurobond As offering, the a
in I was also $XXX impairment the the fiscal in of want recorded business performance Supreme The ‘XX. quarter. mention uneven million to clearly
in benefiting current remain in in markets, confident benefit We modest to long-term from before through with ‘XX geographic now in consumers. extension brand quicken will more the fall. which growth brand's pace expansion, which accelerating current We from fiscal begin both growth product planning of the potential, fiscal this category are geographic ‘XX, along to with penetration the access and expansion opportunities will increasing further starting
our performed that Now the diving into The remiss with constant quarter the across mention by the up basis not on X% in I'd Revenue grew double-digits led in fourth in channels and in and Where dollars, performance to a global all expectations, flat international by all outstanding fiscal Face. results. ‘XX. brand be business, North line regions year
to strong continued results and brands to Supreme and emerging deliver relative Outdoor had quarter. improving the Dickies performance third Our
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down Americas during was impacted As was XX%. distribution the at were where the quarter. revenue Americas particularly soft down results price X% regular with expected, region wholesale,
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XXX down points. Further margin gross basis operating performance, QX was unpacking
expected, of As by transactional international mix due product offset than XXX partially growth primarily of to and points, by more quarter business. This impact rate, the promotional by business down more basis strategic of remained the a a margin in was our costs, the contributor points, higher driven pricing positive to FX basis offset environment, actions. XX
investments quarter as higher than comparison which in quarter, basis points FX. negatively fourth gains and adjusted slightly down XX was the XXX partially SG&A Also basis lower leverage. gross basis lower of the of administrative offset distribution the reflecting with costs in along assets. Moving of on with were general impact on operating impacting and advertising costs, by declined SG&A margin, in XX more to sales of the by realized the points offset margin, points
the QX. we've of visible since this Benno to in stabilization return since And seen our area. action hallmark to taking Now some excellence on in aggressive initial are the to environment share an as environment, supply chain earlier operating some of call, mentioned signs standard improvement in update the
As returning to progress operations, planning we we and and inventory February, forecast sales brand to outlined we a our management seasons. and as is in finance rigorous future which benefiting between accuracy leaders, are through more coordination approach
continuing times consistently and manufacturing calendar down still impact and buying the with year, times now on trending business our the of contributing improve performance are and arrival lead today planning higher with the service product. we're to While Spring from and on-time customer better last freight affecting
continue collectively, we've trends below still we and although back-to-school are move to toward to logistics, these they remain And expected rates Further fall levels. as on historical the important continue holiday seen reliability seasons. improve,
rates by on the service returning achieving fiscal outlined well are of performance quarter year. and to to first-half track last We our goal targeted of the levels our on-time
costs. now year ocean coming normalized. The rates fiscal but freight At ‘XX. both increases. additional Houston the that FOB benefits these inflation The materials ‘XX actions are raw into more for air it and in labor and same a cost has we'll pricing see an be moderated of rate fiscal to to continue to is a factor, moving down, planned lower strategic will remains offset time,
during the Now on which inventory, million forecasted of core inventory February higher of at inventory. signaled carryover $XXX a We QX. the in XX% Face and amount of last the net year, reflects reduction words was replenishment The particularly few quarter, At continued versus achieved up end the North Dickies.
chain to the terms increase QX year-over Excluding XX%, to QX. the support program of the in up financing inventory of increase supply implemented at fiscal a in relating of moderation eco or the the was change end ‘XX, from XX% $XXX million
business Moving fiscal advance a and reflects goals on continue of the supply Revenue the following: in be globally U.S. of expect progress of cautious both in and for achieving behind wholesale environment; effects near-term from and posture last growing we an chain was by macro this year, flat partners year in U.S.; to towards to decline challenges. the business a to we the weaker as a for a direct-to-consumer challenging long-term Americas retail our navigate our a missteps slightly which most up micro fall. the and set a modest outlook to increasingly year the
quarters trend FOB all headwinds. benefits and XXX lower levels more in costs up We and offset by pricing margin to continue. in promotions, in expect FX and transaction continued of anticipate lower beginning freight improvement we macro for considering points, from although to the historical Europe mix, momentum costs We progressive expect at expect pressures, strategic seen year, partially the we recent higher with in basis fall our anticipate we've and gain actions, which growth least view evolved China, gross that some do be season which deceleration reflecting to toward
Face margin higher expand, turnaround. Operating supporting value-creating our North opportunities, and namely the will reflecting margin the largest investments in Vans gross targeted The
careful We light challenged the creation, macro while have in environment. in capabilities portfolio, support demand the in and management momentum key continued and the ongoing innovation to exercising invest within of areas particularly cost of
higher operating foreign I operational which unfavorable Earnings to tax $X.XX interest, the guardrails than incentive in curve of high-single-digits and down with higher say, to affecting share is expectations. expected a currency rate. in impact we $X.XX ‘XX, compensation negative includes from per modestly $X.XX help, be our be further normalized results, more QX want to to February, in the revenue Largely To fiscal line provide QX related some in we to constant dollars. anticipated expect range,
XX%. being time. in Notably, to supply wholesale quarter wholesale exacerbated results QX fiscal as X% QX VF at chain by With ‘XX was its of that quarter, is subject to reported shipment QX our greater are also last volatility. that plus year unpredictability timing due at strongest benefited This of smallest plus
In quarter in U.S. with wholesale continuation a affected as unfavorable event, brand have right a will expect from the season to size bigger to spring sales we mix of we brand's the particularly inventories. an we addition, have as impact disproportionate revenue work a SKU wholesale lower in which the be by
the year our fiscal As impact to U.S., wholesale anticipated, the will wholesale penetration. particularly we which through all with first-half across the brands remain pressure of expect the in meaningful of a year, U.S.
margin year which from similar expected margins. our quarter, be revenue is anticipated This in ‘XX. contemplated SG&A and to will in year-over-year been QX will performance deleverage pressure expectations gross has While decline, the for operating fiscal the within is
Now back moving the full-year. to
in activities levels through about reduction free to expected a flow Our in from migrate driven we right capital, and ‘XX. as further by $XXX size cash working growth inventory is million, year to EBITDA primarily be fiscal
year-over-year XX% interest. offset by at benefits of expect by near year fully normalized of more year-end, two payments levels tax and These will and year calendar to higher be We the by inventory ‘XX. recovered to the than fiscal the be continue end down to fiscal end
includes a million continuously XX will towards of of contemplated, IP anticipated deleverage anticipated and over we've impact by decisive $XXX completed next actions as flow the ensure continue in period. of months. approximately generation relating path cash supported million cash prior our Noteworthy VF's will the to intercompany strong free tax $XXX to the payments take transfers taken already and
year, specific billion pay result year-end. we this through dividend, throughout least ‘XX, and at to ended billion liquidity. which to using continue And and to our flow the $X of we fiscal cash will fiscal cash in anticipate sheet about to expected the debt project year $X.X And at with balance off shareholders evolution free for cash in liquidity return the we
early update the of of the X, the tax on regarding government The brief of court expect and on in a and granted filing will brief have appeal Now this we we'll our response for in this hearing tax government the tax Timberland case, an the filed treatment oral XXXX. the Timberland fall. decision brief which June. U.S. acquisition a be May to We of requested be
Fiscal focus year ‘XX In clearer continue focus summary, the year of ever of execution priorities ahead. be is our we'll consistent plans. progress, road advance our our key to the will on where than strategic we a on as
We strong margins, balance and gross improved will fueled generation, cash our EBITDA path expansion our to sheet. growth financial an which performance in delever results, and and deliver strengthen operating by all supports of
in in But long-term, generate Fiscal VF we and the actions certainly implemented the have to which challenging enable growth a ‘XX of impressed beginning confidence in I'm year fiscal ‘XX. than by our was our and associates, XX,XXX sustainable further more and for our resilience profitable strength year consistently increases my teams. to business year
With that, line the open now to your we'll questions.
