Has Supreme Hit a Ceiling?

VF Corp. hasn’t talked much about Supreme’s performance since it acquired the brand for $2.1 billion in 2020. A note deep inside its annual report released this week explains why.

The streetwear brand logged revenue of $523.1 million in the year ending in March, a 7 percent drop from $561.5 million the year before. Net income also decreased to $64.8 million, from $82.4 million.

Falling sales are a bad sign for any brand, but especially one…