CROX vs VFC

CROX Core

Annual filing released 2025-02-13 · GPT 6 Luna

Item 13. Certain Relationships and Related Transactions and Director Independence 53 Item 14. Principal Accountant Fees and Services 54 PART IV Item 15. Exhibits, Financial Statement Schedule 55 Item 16. Form 10-K Summary 60 Signatures 61 1 Table of Contents PART I ITEM 1. Business The Company Crocs, Inc. and our consolidated subsidiaries (collectively, the “Company,” “we,” “us,” or “our”) are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the world leader in innovative casual footwear, combining comfort and style with a value that consumers want.

Since we first introduced a single-style clog in six colors in 2002, we have grown to be a world leader of innovative, casual footwear for all. We offer a broad portfolio of all-season products, while remaining true to our core casual footwear heritage. Crocs Brand Recognized globally for our unmistakable iconic molded clog silhouette, we have taken the successful formula of a simple design aesthetic, paired it with modern comfort, and expanded into a wide variety of casual footwear products including sandals—wedges, flips, and slides—that meet the needs of the whole family. Our mission of “everyone comfortable in their own shoes” continued in 2024 as we repeatedly brought our consumers new silhouettes, compelling collaborations, trend-right colors and graphics, and increased personalization through our Jibbitz™ charms accessories.

VFC Core

Annual filing released 2025-05-22 · GPT 6 Luna

VF Corporation Fiscal 2025 Form 10-K F-11 Table of Contents VF CORPORATION Notes to Consolidated Financial Statements March 2025 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a global apparel, footwear and accessories company headquartered in the United States. VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage and accessories for consumers of all ages. Products are marketed under VF-owned brand names. Basis of Presentation The consolidated financial statements and related disclosures are presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”).

As such, the Supreme® brand business that was sold on October 1, 2024 has been excluded. Business Model VF is diversified across brands, product categories, channels of distribution, geographies and consumer demographics. We own a broad portfolio of brands in the apparel, footwear and accessories categories. Our largest brands are The North Face®, Vans®, Timberland® and Dickies®. Our products are marketed to consumers through our wholesale channel, primarily in specialty stores, national chains, mass merchants, department stores, independently-operated partnership stores and with strategic digital partners. Our products are also marketed to consumers through our own direct-to-consumer operations, which include VF-operated stores, concession retail stores, brand e-commerce sites and other digital platforms.

CROX Core

Annual filing released 2025-02-13 · GPT 6 Luna

Item 13. Certain Relationships and Related Transactions and Director Independence 53 Item 14. Principal Accountant Fees and Services 54 PART IV Item 15. Exhibits, Financial Statement Schedule 55 Item 16. Form 10-K Summary 60 Signatures 61 1 Table of Contents PART I ITEM 1. Business The Company Crocs, Inc. and our consolidated subsidiaries (collectively, the “Company,” “we,” “us,” or “our”) are engaged in the design, development, worldwide marketing, distribution, and sale of casual lifestyle footwear and accessories for all. We strive to be the world leader in innovative casual footwear, combining comfort and style with a value that consumers want.

Since we first introduced a single-style clog in six colors in 2002, we have grown to be a world leader of innovative, casual footwear for all. We offer a broad portfolio of all-season products, while remaining true to our core casual footwear heritage. Crocs Brand Recognized globally for our unmistakable iconic molded clog silhouette, we have taken the successful formula of a simple design aesthetic, paired it with modern comfort, and expanded into a wide variety of casual footwear products including sandals—wedges, flips, and slides—that meet the needs of the whole family. Our mission of “everyone comfortable in their own shoes” continued in 2024 as we repeatedly brought our consumers new silhouettes, compelling collaborations, trend-right colors and graphics, and increased personalization through our Jibbitz™ charms accessories.

VFC Core

Annual filing released 2025-05-22 · GPT 6 Luna

VF Corporation Fiscal 2025 Form 10-K F-11 Table of Contents VF CORPORATION Notes to Consolidated Financial Statements March 2025 NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business VF Corporation (together with its subsidiaries, collectively known as “VF” or the "Company”) is a global apparel, footwear and accessories company headquartered in the United States. VF designs, procures, markets and distributes a variety of branded products, including apparel, footwear, backpacks, luggage and accessories for consumers of all ages. Products are marketed under VF-owned brand names. Basis of Presentation The consolidated financial statements and related disclosures are presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”).

REPORTABLE SEGMENT BRANDS PRIMARY PRODUCTS Outdoor The North Face® Performance and performance-inspired outdoor apparel, footwear, equipment, accessories Timberland® Style-forward and weather-ready footwear, apparel, accessories Altra® Performance-based footwear Smartwool® Performance merino wool and other natural fibers-based apparel and accessories Icebreaker® High performance apparel and accessories based on natural fibers Active Vans® Youth culture/action sports-inspired footwear, apparel, accessories Kipling® Handbags, luggage, backpacks, totes, accessories Napapijri® Premium outdoor-inspired apparel, footwear, accessories Eastpak® Backpacks, luggage JanSport® Backpacks, luggage Work Dickies® Performance and lifestyle workwear apparel and footwear Timberland PRO® Protective work footwear, work and work-inspired lifestyle apparel

CROX Material

Annual filing released 2025-02-13 · GPT 6 Luna

Outside the U.S., we use distributors when we believe such arrangements are economically preferable to direct sales. Distributors purchase products pursuant to a price list and are granted the right to resell those products in a defined territory, usually a country or group of countries. Our typical distribution agreements have terms of one to five years and can be terminated or renegotiated if minimum requirements or other terms are not met. Direct-to-Consumer Channel Our DTC channel includes company-operated e-commerce sites, third-party marketplaces, company-operated full-price retail stores, outlet stores, and kiosks/store-in-store locations. During the years ended December 31, 2024, 2023, and 2022, 49.7%, 48.0%, and 45.1%, respectively, of our consolidated revenues were derived through our DTC channel. E-commerce

As of December 31, 2024, we offered our products through 23 company-operated e-commerce sites worldwide and also on third-party marketplaces. Our e-commerce presence facilitates a greater connection with our consumers and provides us with an opportunity to educate them about our products and brands. We continue to leverage increasingly sophisticated digital marketing activities to enhance the consumer experience and drive sales, thereby benefiting from the continued migration of consumers to online shopping. Retail With the continued worldwide consumer shift toward e-commerce, we carefully manage our retail fleet, especially full-priced retail stores. As of December 31, 2024, we had 390 and 52 company-operated stores for the Crocs Brand and HEYDUDE Brand, respectively.

VFC Material

Annual filing released 2025-05-22 · GPT 6 Luna

Our direct-to-consumer business includes VF-operated retail stores, brand e-commerce sites, concession retail locations and other digital platforms. Direct-to-consumer revenues were 44% of total VF revenues in Fiscal 2025. Our full-price retail stores allow us to display a brand’s full line of products with fixtures and imagery that support the brand’s positioning and promise to consumers. These experiences provide high visibility for our brands and products and enable us to stay close to the needs and preferences of our consumers. The complete and impactful presentation of products in our stores also helps to increase sell-through of VF products at our wholesale customers due to increased brand awareness, education and visibility. VF-operated full-price stores generally provide gross margins that are well above other channels.

In addition, VF operates outlet stores in both premium outlet malls and more traditional value-based locations. These outlet stores carry merchandise that is specifically designed for sale in our outlet stores and serve an important role in our overall inventory management and profitability by also allowing VF to sell a significant portion of excess, discontinued and out-of-season products at better prices than otherwise available from outside parties, while maintaining the integrity of our brands. Our global direct-to-consumer operations included 1,127 stores at the end of Fiscal 2025. We operate retail store locations for the following brands: Vans®, The North Face®, Timberland®, Kipling®, Icebreaker®, Napapijri® and Dickies®. Approximately 65% of our stores are located in the Americas (56% in the U.S.), 25% in Europe and 10% in Asia-Pacific.

CROX Not tagged

Annual filing released 2025-02-13 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

VFC Material

Annual filing released 2025-05-22 · GPT 6 Luna

Additionally, we sell certain of our branded products through 794 concession retail stores located principally in Europe and Asia-Pacific. VF Corporation Fiscal 2025 Form 10-K 3 Table of Contents E-commerce represented approximately 40% of our direct-to-consumer business and 18% of total VF revenues in Fiscal 2025. All VF brands are marketed online. We continue to expand our omni-channel approach and integrated marketplace strategies in the Europe and Asia-Pacific regions, in order to engage with consumers at every touch point with innovative assets and by focusing on local relevance. We also continue to increase focus on digital innovation and growth across other third-party digital platforms that are reported within our direct-to-consumer business.

Direct-to-consumer revenues decreased 6% in Fiscal 2025 compared to Fiscal 2024. VF's e-commerce business decreased 6% in Fiscal 2025, including a 1% unfavorable impact from foreign currency. The decrease was primarily driven by declines in the e-commerce business in the Americas region. Revenues from VF-operated retail stores decreased 8% in Fiscal 2025. VF opened 73 stores in Fiscal 2025, bringing the total number of VF-owned retail stores to 1,127 at March 2025, which also reflects 114 store closures during the period. There were 1,168 VF-owned retail stores at March 2024. Direct-to-consumer revenues were 44% of total VF revenues in Fiscal 2025 compared to 45% in Fiscal 2024. Wholesale Wholesale revenues decreased 2% in Fiscal 2025 compared to Fiscal 2024. The results were primarily driven by declines in the wholesale business in the Americas and Europe regions.

CROX Not tagged

Annual filing released 2025-02-13 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

VFC Material

Annual filing released 2025-05-22 · GPT 6 Luna

Financial information regarding VF’s reportable segments is included in Note 21 to the consolidated financial statements. OUTDOOR SEGMENT Our Outdoor segment is a group of authentic outdoor-based lifestyle brands. Product offerings include performance and performance-inspired outdoor apparel, footwear, equipment and accessories. The North Face® is the largest brand in our Outdoor segment. The North Face® brand features performance and performance-inspired apparel, outerwear, sportswear and footwear for men, women and children. Its equipment line includes tents, sleeping bags, backpacks and accessories. Many of The North Face® products are designed for extreme winter sport activities, such as high altitude mountaineering, skiing, snowboarding, and ice climbing. Products are also designed for year-round trail and rock climbing activities.

REPORTABLE SEGMENT BRANDS PRIMARY PRODUCTS Outdoor The North Face® Performance and performance-inspired outdoor apparel, footwear, equipment, accessories Timberland® Style-forward and weather-ready footwear, apparel, accessories Altra® Performance-based footwear Smartwool® Performance merino wool and other natural fibers-based apparel and accessories Icebreaker® High performance apparel and accessories based on natural fibers Active Vans® Youth culture/action sports-inspired footwear, apparel, accessories Kipling® Handbags, luggage, backpacks, totes, accessories Napapijri® Premium outdoor-inspired apparel, footwear, accessories Eastpak® Backpacks, luggage JanSport® Backpacks, luggage Work Dickies® Performance and lifestyle workwear apparel and footwear Timberland PRO® Protective work footwear, work and work-inspired lifestyle apparel