VF Corp., parent company of Vans Inc., reported fiscal first quarter revenue fell 5% to $1.7 billion, with the Costa Mesa-based skate apparel retailer losing ground in wholesale. The results mark a departure from VF’s last four quarters in fiscal 2026, where the retail parent reported flat sales or 1% to 2% growth. Shares of the Denver-based organization dropped 17% to $15.24 apiece with a market cap of $6 billion during midday trading on Wednesday (NYSE: VFC). The retailer was down 9% to $460 million in global revenue for the three-month period ended June 27. VF also promoted Chief Operating Officer Abhishek Dalmia to Chief Financial Officer, succeeding Paul Vogel, who steps down after two years of working on the company’s turnaround strategy.