V.F. Annual Report 2007 | Quarterlytics

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FY2007 Annual Report · V.F.

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VF CORPORATION SUMMARY ANNUAL REPORT 2007

VF CORPORATION 2007 FINANCIAl HIgHlIgHTs

Dollars in thousands, except per share amounts

2007

2006

2005

summARy OF OPeRATIONs
Total revenues
Operating income
Operating margin
Income from continuing operations
Discontinued operations
Cumulative effect of a change in accounting policy
Net income*
Return on invested capital

FINANCIAl POsITION
Working capital
Current ratio
Cash flow from continuing operations
Debt to capital ratio
Common stockholders’ equity

PeR COmmON sHARe
Income from continuing operations—diluted
Net income—diluted*
Dividends
Book value

(

7,219,359
965,441

6,215,794
826,144

5,654,155
767,951

13.4%

13.3%

613,246
21,625)
—
591,621

535,051
(1,535)
—
533,516

14.8%

14.7%

13.6%

482,629
35,906
(11,833)
506,702

14.2%

1,510,742
2.3
833,629

1,563,162
2.5
454,128

26.4%

19.5%

3,576,829

3,265,172

1,213,233
2.1
533,654

22.6%

2,808,213

5.41
5.22
2.23
32.58

4.73
4.72
1.94
29.11

4.23
4.44
1.10
25.50

* Net income and related per share amounts include operating results of discontinued operations in each year and the cumulative effect of a change in accounting policy for stock-
based compensation in 2005. See details in our 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.vfc.com.

3-yeAR COAlITION ReVeNues ANd PROFITs (DOLLARS IN MILLIONS)

revenues

Profits

lifestyle Coalitions

Heritage Coalitions

7
8
3
,
2

8
6
8
,
1

5
5
4
,
1

3
9
3

9
9
2

3
3
2

7
9
6
,
2

0
8
7
,
2

7
9
8
,
2

5
8
6

4
8
6

1
5
6

2
5
4

0
3
4

9
7
4

*
2
4
1

*
5
2

0
0
1

1
9

6
6

8
8
9

6
0
8

8
2
8

6
2
1

4
3
1

2
4
1

‘05

‘06

‘07

‘05

‘06

‘07

‘05

‘06

‘07

‘05

‘06

‘07

‘05

‘06

‘07

OuTdOOR

CONTemPORARy

sPORTsweAR

jeANsweAR

ImAgeweAR

33% OF ReVeNue

2% OF ReVeNue
*PARTIAL YEAR

9% OF ReVeNue

40% OF ReVeNue

14% OF ReVeNue

If you want to really know the
quality of a garment, you can’t
just look at it on the rack. You need
to turn it inside out. Examine its
design. Check out the fabric and
the fit. Tug on the seam to see how
it is made—and what it is made of.

N
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F
V

The same is true of a company, of
course. You have to go behind the
numbers to find out what really
makes its business tick and its
people perform. And that’s what
this year’s annual report is all about.
Take a closer look at VF—inside/out.

N
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A
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P
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C
F
V

On the surface, VF’s portfolio of
brands may appear very different.
But deep within, they are joined by
countless “threads of excellence”—
from the authenticity of our products
to the responsiveness of our people.

OUTDOOR | 4

CONTEMPORARY | 12

SPORTSWEAR | 18

We’d like to share five of those
stories with you this year, one for
each of our business coalitions.
Together, they demonstrate the
strength of a business model that’s
anything but fickle or faddish.
VF is designed to perform in any
environment.

JEANSWEAR | 24

IMAGEWEAR | 32

R
O
O
d
T
u
O

From the very earliest age, we are wired to go
outside and play. The brands of our Outdoor
coalition feed this urge, providing the innovative
products that top athletes and aspiring
enthusiasts need to live life to the limit.

VF pulses to the heartbeat of our consumers,
helping them push the boundaries of their
sports with functional and fashionable
products for skiing, surfing, skateboarding,
climbing, trekking and other adventurous
pursuits. The deep connection our brands have
with our consumers—and their distinctive
lifestyles—has helped make Outdoor our
fastest-growing business worldwide.

OuTdOOR BRANds

the north face
Jansport
eastpak
Vans

reef
napapijri
Kipling
eagle Creek

R
O
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d
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In tune with its surf heritage,
the Reef ® brand launched a full
girls’ swim, sportswear and
footwear line in late 2007.

Sold primarily in Europe, our outdoor-
inspired Napapijri ® brand continues
to grow rapidly and extend into new
product categories and markets.

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1

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Following the successful Paris debut
of Eastpak® bags on the Raf Simons
catwalk for Spring/Summer 2008, a
collaboration line from the brand
and the edgy Belgian designer will
hit stores worldwide in late 2008.

A popular fashion staple in Europe,
the Kipling® brand has successfully
expanded into accessories and
leather products with its Club, City
and Vintage Leather collections.

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1

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The North Face® brand has stepped
up and out with new footwear
for 2008, offering technically
advanced products as authentic
as the athletes who wear them.

y Athletes don’t just wear VF’s
T
Outdoor brands. They are our
I
brands—and the ambassadors of
C
our businesses. The biggest names
I
T
in skiing, climbing, skateboarding,
N
surfing and other sports join our
e
teams because they know we are
H
dedicated to pushing the limits of
T
our products so they can achieve
u
new heights of performance.
A
Whether it’s on the slopes, the
street or the surf, VF’s Outdoor
brands have become synonymous
with the sports and athletes
we support, and the lifestyles
they represent. You can’t buy
that kind of authenticity. We
work tirelessly to earn it.

E
D
I
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VF’s OutdOOr brands giVe athletes
an edge—and Vice Versa

y aLiGninG With
t
the StaRS
i
c
i
t
n
e
h
t
u
a

In partnership with our athletes, we work hard
to protect the authenticity of our products and
the integrity of our brands. Consumers know
when they choose The North Face® products,
they are buying the ultimate in performance—
whether they are true adventurers or
adventurers at heart.

Other brands in VF’s Outdoor coalition—
including Vans® and Reef ®—have emulated
this strategy with equal success. Our athletes
are the heroes of their sports, and the face
of our brands, to millions of fans and
consumers worldwide.

For more than three decades, The North Face®
brand has teamed with professional
adventurers and explorers who continuously
push the boundaries of what’s humanly possible.

These world-class athletes work closely with
the brand’s research, design and development
group to create new technologies and
products that provide the ultimate fusion of
function and fashion—often putting them to
the test in the harshest conditions on earth.
In turn, we support their expeditions and
endeavors, creating a platform for promoting
the superior performance of our products to
consumers across the globe.

The strategy couldn’t be more synergistic—
or successful. The North Face® team members
and our cutting-edge products are the
stars of millions of media impressions each
year, driving demand for our apparel and
equipment, and generating buzz for our brand.

e
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“ Nothing looks as
great—or is as
technically bomber.”

— Ingrid Backstrom, Premier Female Freeskier

(The North Face® team since 2004)

As fearless as she is fashionable, Ingrid Backstrom is one
of the top big-mountain freeskiers in the world. She’s won
countless competitions and starred in numerous ski flicks,
including the award-winning Sony Pictures movie Steep. A fan
favorite, Ingrid worked with The North Face® development team
to design the one-piece Shugga ski suit, which will launch in
the fall of 2008. “I love the Shugga,” says Ingrid. “It looks cool,
but it sure keeps me warm and cozy on stormy days.”

“ Reef doesn’t just understand surfing—they
live the lifestyle.”
— Bobby Martinez, Surfing Icon

(Reef ® team since 2005)

The Association of Surfing Professionals Rookie of the Year in 2006, Bobby
Martinez is one of the hottest surfers on the circuit—and the sport’s leading
ambassador to the Latino community worldwide. As a member of the Reef ®
team, Bobby is on a quest to break down stereotypes and become the next
world champion. The Reef ® brand’s association with the world’s top surfers has
helped it become a top name in the sport. That includes hosting the prestigious
Reef ® Hawaiian Pro, first stop on the Vans® Triple Crown of Surfing tour.

“ Vans are the original skateboarding shoe.
They are the soul of this sport.”
— Geoff Rowley, Skateboarding Legend

(Vans® team since 1999)

Superstar skateboarder Geoff Rowley is a leading member of the Vans® skating
team. Working with Geoff, the Vans® brand has developed a new “boardfeel”
philosophy of shoe design, giving consumers a skateable product right out of
the box. Geoff is intimately involved in the entire product design process, from
mock-ups to the marketplace. His seventh signature design—Rowley Squares—
is one of the lightest and slimmest profiles for skate shoes ever produced, and
one of the most successful. There’s even a vegan version, just like Geoff.

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VF’s brands are distinguished by the passionate
loyalty that consumers have for our products.
By acquiring the 7 For All Mankind® and lucy®
brands in 2007, we’ve expanded our portfolio
and created a new and powerful growth
platform—our Contemporary Brands coalition.

Inspired by modern design, these dynamic
brands market contemporary apparel and
accessories to consumers who appreciate
sophisticated products and high quality
fabrication. It’s confident fashion designed to
“fit” the lives of today’s consumers—and reflect
the cultivated lifestyles to which they aspire.

CONTemPORARy BRANds

7 for all Mankind
lucy

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The lucy® brand knows that one
size fits no one. With an array of
styles, colors and fabrications in
pants designed for real women,
the lucy® brand offers consumers
more of what they love—the
best fitting pants available.

VF acquired the fast-growing
lucy® brand in 2007 with 50
retail stores. The brand’s unique
appeal to women provides us
with the opportunity to grow that
number to 300 stores over time.

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The 7 For All Mankind ® brand
continues to grow in its core
denim business as well as new
categories such as sportswear and
accessories. Owned retail stores and
international expansion provide
additional avenues for growth.

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T The 7 For All Mankind ® brand burst
I
F

onto the fashion scene in fall 2000,
quickly earning critical acclaim
and a devoted following for its
innovative use of fits, fabrics and
finishes in denim. The L.A.-based
brand has become an instant
favorite with Hollywood stars and
a “must have” staple for legions
of loyal consumers worldwide.
Now the centerpiece of VF’s new
Contemporary Brands coalition,
the 7 For All Mankind ® brand’s
reputation as the premium denim
leader is stronger than ever, due
to its team’s fanatical dedication
to providing consumers with
fashion-forward products with a
one-of-a-kind fit.

t BRinGinG
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SuBStance
to StyLe

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FOrget the Flash
the 7 For All MAnkind® brand is all abOut the Fit

At Seven For All Mankind, styles are always
changing. But its dedication to fit is constant.
Season after season, loyal consumers know
that every new pair of jeans they try on will
fit as well—and look as sensational—as the
favorite pair they already have on.

This consistency is no accident. It’s the result
of a painstaking and passionate process
that distinguishes both the brand’s clothing
and its culture. Sure, it’s hard work. But
every time a consumer smiles in the mirror,
it makes every ounce of effort worth it.

Be conSiStent
All of the brand’s jeans styles
are derived from 10 basic fit
blocks—five of which the
brand has used from day one.

KeeP it ReaL
Our fit model is a real woman—
not a runway model—just like
our real-world consumers.

Get it RiGht
fRoM the StaRt
Who can tell anything from
sketches and swatches? We
fit—and refit—prototypes so
every design starts out perfect.

“ Seven For All Mankind consistently
develops denim in touch with the ever-
changing seasons so well that they
become staples of the wardrobe. I think
I have a pair in every cut that I couldn’t
live without from past to present.”

—Valerie Boster, Market Editor, Vogue magazine

SWeat eVeRy
DetaiL
From the pitch of a waistband
to the break at the knee, our
designers evaluate every detail
to make sure it delivers the
sexy, sophisticated look our
consumers are looking for.

thRoW aWay the
MeaSuRinG taPe
One size does not fit all.
We even adjust our garment
patterns for different fabrics
and washes, so each looks great
and feels sensational to wear.

Be ReLentLeSS
Once we obtain fabric, we
refit every garment one more
time before manufacturing,
making nuanced adjustments
before a final pattern is cut.

hoLD the Line
We don’t phone anything
in. Our quality control team
monitors every aspect of
production in person.

tRuSt But
VeRify
Before a new style leaves our
warehouse, our fit model tries
it on one last time. If it doesn’t
live up to our standards, it
doesn’t get shipped. Period.

LiSten anD
LeaRn
We stay tuned in to the feedback
from our consumers and
customers, channelling those
ideas into even better designs.

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The brands of our Sportswear coalition stand out
by combining contemporary style with a sense
of casual elegance. They understand that today’s
consumer wants to both look good and feel
good. And they don’t want to work hard trying.

With its nautical heritage and classic American
design, the Nautica® brand has become iconic,
marketing men’s and women’s sportswear
and a growing line of licensed products.
Our Sportswear coalition also includes the
eclectic and uncompromising John Varvatos®
luxury collection, as well as the hip and
adventurous Kipling® brand in North America.

sPORTsweAR BRANds

nautica
John Varvatos
Kipling (n. america)

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John Varvatos was named
GQ magazine’s “Designer
of the Year” in 2007.

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2

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The Kipling® brand launched its
first celebrity-designed collection
in the U.S. with pop star Fergie in
2007. A second Fergie for Kipling™
collection will debut in Spring 2008.

2
2

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With the success of the solid-color
Nautica® Deck Shirt in 2007, the
brand will expand its signature knit
power product line to include striped
options and a women’s shirt in 2008.

e VF is far more than an apparel
l
company. We market lifestyle
y
brands that capture the hearts
T
and imaginations of consumers
s
across a broad range of product
e
categories. Licensing plays a
F
crucial role in this strategy,
I
l
strengthening the bond we have
with consumers by increasing
the ways that our brands
touch their lives. Leveraging
this discipline has enabled our
Nautica® brand to deepen the
relationships it has with loyal
consumers around the world.

E
D
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N
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LiVinG
PoWeRfuLLy
fRee

the nAuticA® brand casts a bigger
net thrOugh glObal licensing

e
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e
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All of our lives we are drawn to the water. It’s
where we came from. It’s who we are. Water
provides a boundless sense of possibility that
our Nautica® brand calls “powerfully free.”

This brand essence doesn’t just apply to the Nautica®
brand’s core apparel business. Increasingly, it’s
a platform for a growing number of licensed
products that are helping the brand increase
its profile and profits around the world.

The Nautica® team chooses its licensing
partners carefully, selecting industry leaders
who share VF’s vision and values, and who
have proven track records in their categories.
The brand’s licensing team actively manages
these relationships, working closely with its
partners to ensure that every product we
license lives up to the same high standards as
those we manufacture and market ourselves.

Key to this effort: staying uncompromisingly
true to the Nautica® brand—in both substance
and style. If a potential product doesn’t match
our DNA, we quickly reject it. Potential new
products must clear significant hurdles to
make sure that they fit the look and feel we
seek—from their persona to their packaging.

The diligence has paid off, helping to deliver
a consistent brand experience to consumers
wherever its licensed products touch their lives.
This vibrant product portfolio now spans 47
categories, including bedding, towels, fragrances,
watches, eyewear, women’s swimwear, children’s
wear, leather goods and accessories.

Nautica® licensed products are marketed in 60
countries around the world, including the U.S.
Beginning in 2008, many of these products will
also be available on www.nautica.com, the brand’s
new e-commerce site.

the SWeet
SMeLL
of SucceSS

The Nautica® Voyage™ prestige
fragrance for men was among the
industry’s top new brands in 2007,
and far exceeded our own sales
projections. It will be followed by
the introduction of My Voyage™ for
women in early 2008. Developed
with and licensed by Coty, the new
line epitomizes Nautica’s licensing
strategy, as every aspect of the
product—from its invigorating
fragrance to its free-spirited
marketing campaign—embodies the
characteristics of the brand. So do its
brand face celebrities: Katherine Heigl
and Carter Oosterhouse.

R
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Jeans just may be the most popular apparel on
earth. And VF sells more pairs of jeans—across
more brands, styles, price points and geographic
markets—than any other company in the world.

Our Jeanswear coalition continues to build on this
success by extending into additional categories,
including shirts, shorts, accessories and other
casual apparel products. We also continue to
expand our global “boot print” by pursuing
growing markets such as India, China and Russia.

jeANsweAR BRANds

Wrangler
lee
Wrangler Hero
Hero by Wrangler
Wrangler 47
20X

timber Creek by Wrangler
Wrangler rugged Wear
Wrangler Jeans Co.
riggs Workwear by Wrangler
aura from the Women at Wrangler
riders

rustler
old axe
Maverick
Chic
gitano
Brittania

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In 2007, the Wrangler ® WANTED
campaign took Europe by storm,
reaching consumers with live music
performances and digital art displays
in uniquely constructed “Wrangler
monuments” in three major cities.

Wrangler ® jeans are endorsed
by legendary country music
star George Strait and worn by
other noted country music
artists, including Trace Adkins,
Craig Morgan and Blake Shelton.

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National Football League player
and Green Bay Packers’ quarterback
Brett Favre was signed as a Wrangler ®
endorsee in 2007. Wrangler also
continues as the official jeans of
NASCAR driver Dale Earnhardt, Jr.
and the No. 88 racing team.

The Wrangler ® National Finals
Rodeo will celebrate its 50th
Anniversary in 2008.

The Lee ® brand was voted “Best
Denim Brand of the Year” by
musikexpress readers, and was
also cited by Vogue magazine in
Europe for its innovative “Make
History” media campaign.

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VF operates 11 Wrangler ® brand
stores in Argentina and Chile.

g The Wrangler ® jeans brand turned
N
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g

60 years old in 2007. And the
brand has never looked better—
or enjoyed such a broad and
devoted following. Since acquiring
the Wrangler ® brand more than
two decades ago, VF has carefully
expanded the appeal of the
iconic brand across markets,
demographics, distribution
channels and geographies. Today,
Wrangler ® jeans sell from $15 to
$200 in retail outlets in most
countries around the world.
And every pair, regardless of
style or price, is an American
original. That’s the power of
global branding—VF-style.

E
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StanDinG
taLL in the
SaDDLe

the WrAngler® brand’s appeal
transcends bOrders and bOundaries.

From the ranch to the runway, the universal
appeal of Wrangler ® jeans has helped
transform VF’s top-selling brand from a
wardrobe staple into a global icon. In 2007,
men’s fashion authority DNR magazine
ranked the Wrangler® brand No. 3 in its annual
“Mega Brand” list, topping names like Nike,
Adidas, Polo Ralph Lauren and Calvin Klein.

The Wrangler ® brand has succeeded in
a crowded jeanswear market by staying
steadfastly true to its roots. Launched
in 1947, the original Cowboy Cut ® jean
was designed “by cowboys for cowboys.”
Worn and promoted by champion rodeo

athletes, the product quickly caught on,
becoming the American cowboy jean and
an enduring part of Western culture.

That proud tradition holds true today.
Wrangler ® Western Wear products are integral
to today’s Western lifestyle, delivering the
performance and style that our brand has
made famous for more than 60 years. The
Wrangler ® management team has extended
this rich heritage to products across
many consumer segments and markets,
dialing up different qualities of the brand’s
authentic personality to respond to the
needs and desires of different consumers.

G
n
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B
L
a
B
o
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G

e
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coMfoRtaBLe

The Wrangler Hero® and Wrangler Jeans Co.® lines are heartland favorites and
top performers with mass market retailers. Down-to-earth and comfortable,
they provide durability and the right style at a great price. Sports superstars
Brett Favre and Dale Earnhardt, Jr. are the faces of these Wrangler ® lines,
reinforcing the brand’s strength, character and all-American values.

RuGGeD

Consumers know that the Wrangler ® brand is rugged by nature. Capitalizing
on this quality, we market Riggs Workwear™ by Wrangler ®, Wrangler Rugged
Wear ® casual outdoor gear, and Wrangler ® ProGear™ professional hunting
apparel through a variety of channels, including specialty and sporting
goods stores.

aDVentuRouS

Through both its history and lore, the West conjures images of wide open
spaces and unlimited opportunity. Tapping into that spirit, the Wrangler ®
brand in South America is positioned as a brand for adventure seekers who
continuously explore new ground and live every day to its fullest.

inDePenDent

In Europe and Asia, the Wrangler ® brand is a symbol of a free and independent
lifestyle. Young consumers identify with the brand because it offers classic
values with contemporary style. In addition to distributing the brand
in department stores, we’re also expanding our base of Wrangler ® retail
stores in these regions. In India, for example, there are approximately
30 Wrangler ® stores, including the largest in the world in Bangalore.

tRue

Wrangler 47® premium jeans are the ultimate blend of authentic heritage and
contemporary design. The collection combines modern fits and vintage styling
to create a distinctive spin on the authentic jeans that define the true spirit of
the West. Wrangler 47® products are available at upscale specialty stores and
boutiques, as well as upper-tier department stores.

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VF’s Imagewear coalition combines size, scale
and responsiveness to stand out in a variety of
commercial and government markets. Every day,
our Image apparel business dresses 6 million
people for work, providing uniforms for virtually
all occupations across the country and service
professionals around the world. Our Activewear
business provides apparel to the biggest names
in sports, including Major League Baseball, the
National Football League, the National Basketball
Asssociation, the National Hockey League and
many major U.S. colleges and universities.

ImAgeweAR BRANds

red Kap
Bulwark
the force
Chef Designs

linden grey
litefX
Harley-Davidson*
Majestic

Csa
Chase authentics*
nfl red*
nfl White*

*Licensed

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VF Imagewear’s “Customer First”
strategy ensures that each garment
is constructed with the specific
needs of the end-user in mind.

VF Imagewear’s Hospitality initiative
will launch in 2008, and will
leverage our uniform expertise
to meet the demands of the
hospitality industry worldwide.

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The addition of the Majestic ®
brand brings a powerful new
asset to VF Imagewear, opening
up additional opportunities in
new channels and markets.

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VF Imagewear operates more than
70 unique websites to fulfill the
image apparel demands of 720,000
uniformed employees worldwide.

s To make it in the big leagues—
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whatever your trade—you have
to have a lot more than talent.
It takes dedication, tenacity and
drive. You have to be able to
pivot on a dime, and respond to
whatever gets thrown at you in less
than a heartbeat. The businesses
of VF’s Imagewear coalition
understand the formula well, with
the ability to respond rapidly and
efficiently to the needs of the
world’s most demanding corporate,
government, industrial and sports
customers. For us, responsiveness
is far more than a service; it’s
a skill that we’ve honed into a
distinct competitive advantage.

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Majestic athletic knOws what it takes
tO cOMpete and win in any league.

S RunninG
S
With the
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Like all of VF’s brands, the Majestic® brand
is known for its commitment to quality,
performance and style. But it’s the company’s
uncanny speed and responsiveness that
keep it two steps ahead of the competition.

In 2005, the venerable athletic team apparel
company beat out big-name rivals to win
one of professional sports’ most valuable
contracts to become the official provider
of uniforms and official fan apparel for all
30 Major League Baseball (MLB) teams.

The Majestic® brand has met the challenge
with the fervor of a fan and the poise of a pro.
At spring training each year, the company
meticulously measures every MLB player,
coach and top prospect. Within weeks, it
manufactures and delivers more than 15,000
custom-fitted game jerseys and pants before
the first pitch is hurled on Opening Day.

And that’s just for warmups. Whenever
a player is traded or free agent signed,
Majestic Athletic is among the first to get the
call. The company’s world-class manufacturing

Whenever a player
changes teams,
Majestic Athletic
makes sure a new
uniform beats him
to the ballpark.

team cuts, sews, decorates and delivers an
impeccable custom-tailored uniform, personalized
with the player’s name and number, in as little as 24
hours. (Yes, that’s the real deal they hold up at the
press conference, and Majestic Athletic made it.)

The company makes that exact same high quality
jersey available to fans in a matter of days—online,
at stadiums and in stores—so teams can capitalize
on the buzz of a major transaction when fans
are most engaged. Majestic Athletic also supplies
personalized jerseys, numbered t-shirts, jackets,
fleece and other apparel products for every MLB
team—and every fan—through long-term contracts.

By implementing new analytic systems pioneered
by VF’s other businesses, Majestic Athletic is
bringing this same “culture of urgency” to the retail
marketplace. By providing customers that sell MLB
apparel with detailed replenishment information
each week, they know precisely which apparel
to stock—by market, store, player and team.

Who’S that
WeaRinG
no. 42?

Acquired in February 2007, Majestic Athletic
expands the capabilities of VF’s Imagewear
business, which has long been recognized for
its ability to produce fanwear within hours
of the conclusion of major sporting events
such as the World Series and Super Bowl.

Just weeks before “Jackie Robinson
Day” in April 2007, Cincinnati Reds’
All-Star Ken Griffey, Jr. called MLB
Commissioner Bud Selig to ask if
he could pay tribute to Robinson
by wearing his long-retired No.
42. Selig not only liked the idea,
he encouraged other players
and coaches to do the same.

Majestic Athletic stepped up to
the plate, altering its production
schedules to meet the deadline. In
all, the company manufactured
approximately 500 custom No. 42
jerseys, fitted to each player and
coach’s measurements, before
the commemorative game.

“Our involvement in Jackie Robinson
Day highlights the privileged place
we hold in the game,” said Faust
Capobianco, IV, Vice President and
General Manager of Major League
Baseball for Majestic Athletic.
“Our team has what it takes to
make extraordinary things happen.
That’s what our brand is all about.”

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VF Corporation achieved its fifth straight
year of record performance in 2007, as
revenues rose 16% to over $7 billion—
a new milestone—and earnings per share
increased 14% to $5.41. President and
Chief Executive Officer Eric Wiseman and
Chairman Mackey McDonald provide an
“inside” look at VF’s 2007 results and their
strategy for continuing the company’s
momentum over the coming years.

What drove VF’s strong performance in 2007?

Eric Wiseman: Organic growth for starters. It was 10%
in 2007, balanced across many brands and businesses.
In fact, four out of our five coalitions grew their top
lines—driven by new product innovations and line
extensions in some cases; international growth and
retail store expansion in others. Acquisitions were
also key to our 2007 performance. During the year we
acquired the 7 For All Mankind®, Majestic®, Eagle Creek®
and lucy® brands. We also reacquired rights from a
licensee to sell The North Face® products in China.

What were the company’s most important
achievements during the year?

EW: There were many, but three stand out. By acquiring
the 7 For All Mankind® and lucy® brands, we created an
exciting new growth platform—our Contemporary
Brands coalition. We sold our intimate apparel business,
strengthening our portfolio’s top- and bottom-line

growth potential. Outdoor also came up big. In addition
to delivering outstanding performance, the coalition
implemented VF’s suite of common systems to help
support its future growth.

How do the 7 For All Mankind® and lucy® brands fit into
VF’s long-term strategy?

Mackey McDonald: Both are terrific brands with
tremendous long-term growth prospects and a very
strong following among women. The 7 For All Mankind®
brand is the established leader in the premium jeans
market in the U.S., and lucy® is a small, but rapidly
growing, women’s activewear brand. The 7 For All
Mankind® brand has multiple avenues for growth, not
only in its core denim products, but also in sportswear
and accessories, the opening of owned retail stores and
international expansion. The lucy® brand is exciting for
us, as it marks VF’s first “pure play” retail acquisition.
When we acquired the lucy® brand, it had 50 stores
and we see the potential for 300 stores over time.

TO OuR sHAReHOldeRs

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“ Consumers continue to seek distinctive
brands that enhance their lives and make a
statement about who they are—or who they
aspire to be. That’s what VF is all about.”

— Eric Wiseman

9
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REvENUES
(DOLLARS IN MILLIONS)

OPERATINg
MARgIN
(PERCENT TO REvENUES)

DEBT TO CAPITAL
RATIO
(PERCENT)

CASh PROvIDED
BY OPERATIONS
(DOLLARS IN MILLIONS)

RETURN ON
CAPITAL
(PERCENT)

DIvIDENDS
PER ShARE
(DOLLARS)

‘05

‘06

‘07

What are VF’s greatest opportunities for growth in 2008?

Given those economic conditions, can VF continue
to grow?

You announced a new five-year growth plan in early
January. What kind of company will VF be in 2012?

What makes you so confident that VF can achieve its
five-year goals?

MM: Our international and direct-to-consumer businesses
should continue to drive growth in 2008. In terms of our
coalitions, Outdoor and Contemporary Brands will be
particularly strong contributors to growth this year.

EW: Absolutely. In Outdoor, we’re expecting growth across
our brands. The North Face® brand is making great strides in
many product categories and will launch an array of new
products in early 2008. Our Vans® brand should achieve
double-digit growth in its apparel business, and both the
Kipling® and Napapijri® brands are benefiting from expanded
product lines along with growth in Europe and other
international markets. In addition, our 7 For All Mankind®
and lucy® brands should both continue their momentum.
Jeanswear’s international business continues to look strong,
and we expect Majestic Athletic to lead the growth of our
Imagewear coalition.

What are the key trends—both positive and negative—
impacting your business today?

EW: Consumers continue to seek distinctive brands that
enhance their lives and make a statement about who they
are—or who they aspire to be. That’s what VF is all about.
Our brands are rich in history, heritage and authenticity.
They speak the language of their consumers’ lifestyles,
giving us a big edge in the markets where we compete.

But there are economic headwinds, too—higher energy
prices, falling consumer confidence and tightening credit
among them. These factors have depressed the stock
values of most companies in the apparel sector, including
ours, despite our outstanding performance. We can’t
control that, of course. So we’re putting our energies into
what we know best—building leading lifestyle brands that
excite consumers around the world, and executing on
clearly defined goals and strategies.

EW: We definitely think so. In fact, we’re forecasting
9% revenue growth in 2008, split about evenly between
organic growth and the revenue contributions from
companies we acquired in 2007. Because of VF’s balance
and diversity, we’re not dependent on any one customer,
geography, channel of distribution or product category for
growth. Rather, we have a wide array of initiatives across
our businesses—and across the globe—that should provide
solid opportunities for growth in 2008 and beyond.

Mackey, VF has never been stronger. Why did you
step down as CEO at the end of the year?

MM: My plan was always to hand over the reins when I felt
that the best times were still ahead for VF—and I certainly
believe that is the case today. I believe the plan we’ve put
together for the next five years is even stronger than the
one we launched back in 2004. I also have great confidence
in the leadership team and believe they have the talent and
expertise required to take VF to the next level.

Is the management transition now complete?
What will be your role going forward?

MM: Eric has absolutely hit the ground running as
president and CEO, and the transition has been extremely
smooth. I will continue to be closely involved in Board
activities, leadership development, acquisitions and
business development.

Eric, how will VF’s vision or business strategy change
under your leadership?

EW: We’re on the right course and we intend to stay on it.
Mackey and I have been—and still are—very aligned on
both our vision for the future of VF and the core growth
drivers that bring that vision to life. We have a proven
business model that has led to success far exceeding our
original goals. And what excites me most is the potential
our team sees for VF as we continue to execute this model
over the coming years.

EW: Bigger and more profitable. We’re targeting $11
billion in revenues by 2012—that’s $4 billion in growth
over the next five years. And we’re targeting a 15%
operating margin, a full point higher than our previous
target. By 2012, we expect that 60% of VF’s revenues
will be generated by our lifestyle coalitions—Outdoor,
Contemporary Brands and Sportswear—compared to 44%
at the end of 2007. The remaining 40% will come from our
heritage businesses, Jeanswear and Imagewear.

MM: International revenues will also account for an
increasingly bigger piece of the pie. We see a third of
revenues coming from international markets by 2012,
up from 28% in 2007. Our direct-to-consumer business,
composed of owned retail stores and e-commerce, will also
be much bigger, growing from approximately $1 billion in
revenues today to $2.4 billion by 2012.

Which is more important to your plan: Organic growth
or acquisitions?

EW: We’re planning 8 to 10% annual growth in revenues
over the next five years—6 to 7% from organic growth and
2 to 3% from acquisitions. The fact that we expect more
growth organically than from acquisitions underscores the
confidence we have in our current portfolio of brands.

Why is retail growth such an important part of your plan?

EW: Managing our own retail stores allows us to showcase
the lifestyle, power and full range of products of our
strongest brands. We’re able to surround consumers with a
complete brand experience—from the design and layout of
the store to the assortment of products they contain. We’re
fortunate that we’ve acquired brands with retail talent and
expertise, and we’re using that expertise to aggressively
grow our base of owned stores. At the end of 2007, we had
more than 630 stores around the world, and that number
could double over the next five years. We take a disciplined
approach to opening new stores to ensure they contribute
positively to both the top and bottom lines.

EW: A number of reasons, really. First, we have truly
great people who are passionate about their businesses
and perpetually driven to succeed. Our corporate culture
is both inclusive and collaborative because we respect
and value diverse opinions. Second, we have the strongest
portfolio of brands in the industry, so we have many
opportunities for future growth. Third, we have established
operations in many different parts of the world, which can
be leveraged as our brands achieve scale and as we add
new brands. Finally, we’ve proven that we’re really good
at making smart acquisitions—and making them work.
I’m confident that we can build on that track record.

Mackey, what are the most important lessons from
VF’s past that can help Eric and his team build on that
success in the future?

MM: VF has been successful because we’ve learned how to
focus the assets of a very large corporation on the needs of
individual consumers. That’s the key, in my opinion—it’s
what we’re all about. To keep that up, you need to continue
building a team of leaders who are really dedicated to our
brands and to the needs of consumers and retailers. You
need to empower them to make their own decisions—and
support those decisions with tools and resources that only
a company like VF can provide. That goes way beyond
mere logistics. It’s all about building on the “culture of
collaboration” that makes VF unique. That’s how we’ve
achieved our success. And I think that’s how VF will
continue to grow.

Eric, what do think about that advice?

EW: That’s an easy one. I’ll take it.

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OuR FIVe-yeAR
VIsION FOR suCCess

VF’s outlook for growth and
profitability is stronger than ever. In
January 2008, we announced a new
five-year growth plan, highlighted
by the following targets.

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2007

2012

$7 BIllION

$11 BIllION

15%
OPeRATINg mARgIN

$11 BIllION IN ReVeNues
We raised our long-term revenue growth target to 8 to 10% annually, which
would increase VF’s revenues from over $7 billion today to $11 billion in 2012.

We’ve established a new operating margin target of 15%, which we expect to
achieve by leveraging our revenue growth, enhancing our business mix and
continuing to focus relentlessly on cost reduction.

33%

28%

2007
$7 Billion

2012
$11 Billion

33% OF ReVeNues FROm INTeRNATIONAl mARkeTs
We will be a bigger force globally in five years, boosting our percentage
of international revenues from 28% in 2007 to 33% in 2012.

10–11% ePs gROwTH

By expanding our margins, we aim to increase earnings faster than revenues,
to deliver 10 to 11% annual earnings per share growth over the next five years.

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22%

14%

2007
$7 Billion

2012
$11 Billion

22% OF ReVeNues FROm dIReCT-TO-CONsumeR BusINesses
We aim to grow our direct-to-consumer business by about 18% annually,
totaling 22% of our revenues by 2012.

Wrangler, London

7 for all Mankind, Los Angeles

Wrangler Europe

the north face

lucy

nautica, Dubai

eastpak, Milan

the north face, Seattle

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A PROVeN seT OF
gROwTH dRIVeRs

Our five-year plan is supported by a
consistent set of six growth drivers
that have been the foundation for
VF’s growth and success since 2004.

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BuIld mORe
glOBAl, gROwINg
lIFesTyle BRANds

exPANd OuR sHARe
wITH wINNINg
CusTOmeRs

sTReTCH OuR
BRANds TO New
geOgRAPHIes

exPANd OuR dIReCT-
TO-CONsumeR
BusINess

Fuel THe gROwTH5

BuIld New gROwTH
eNABleRs

VF has a proven track record for
building powerful global lifestyle
brands that resonate with
consumers and deliver healthy,
long-term growth. We will
continue to strengthen that
portfolio—both by investing in
our existing lifestyle and heritage
businesses and by acquiring
complementary brands with
unique products, passionate
consumers and the potential
for solid growth.

We’ve built our business by
creating truly successful
partnerships. Our customers
know that our global scale,
unparalleled consumer
knowledge and extensive brand
expertise make us a tremendous
resource to support their vision
with cross-coalition planning,
coordination and execution.
By building on these strengths—
and aligning ourselves closely to
the goals and strategies of our
customers—we aim to increase
our share of business with the
strongest leaders in the industry.

VF’s global infrastructure is a
significant competitive advantage,
enabling us to efficiently expand
the distribution of newly
acquired brands into Europe,
Mexico, Canada and South
America. We are also focusing
resources to support our rapid
growth in such dynamic
markets as China, India and
Russia. By continuing the global
expansion of key brands—
including The North Face®, Vans®,
Kipling®, Wrangler® and 7 For All
Mankind®—we intend to generate
one-third of our revenues from
international markets by 2012.

With more than 630 retail stores,
we understand the importance
of creating a unique environment
that allows us to directly
communicate the excitement
of our brands to consumers.
In the coming years, we will
accelerate the opening of new
retail stores—and expand the
e-commerce capabilities of our
brands—to provide consumers
with even greater access to our
products. We are investing in both
the infrastructure and people to
manage our direct-to-consumer
business, strengthening this
important platform for growth.

Making the most of every dollar
ensures that we have the capital we
need to fuel our growth strategies.
Our flexible, global sourcing
operation is designed to procure
the highest quality products
at the most competitive prices
from around the world. We are
experts at managing complexity,
and we continue to expand our
supply chain capabilities and
internal management systems
to execute our five-year plan and
meet the changing needs of our
businesses. At the same time,
we maintain a relentless focus
on cost reduction to fuel the
continued growth of our brands.

Taking our company to new
heights requires new capabilities
and skills in areas as diverse
as strategy, consumer insight,
technology, retail expertise,
human resources and mergers
and acquisitions. Throughout VF,
we are making these investments,
giving our employees the tools
they need to succeed, while
developing a new generation of
leaders to guide our future.

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FINANCIAl summARy

CONsOlIdATed BAlANCe sHeeTs

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Dollars in thousands, except per share amounts

2007

2006

2005

2004

2003

summary of Operations
Total revenues from continuing operations
Operating income from continuing operations
Income from continuing operations
Discontinued operations(1)
Cumulative effect of a change in accounting policy(2)
Net income

Earnings per common share—basic

Income from continuing operations
Discontinued operations(1)
Cumulative effect of a change in accounting policy(2)
Net income

Earnings per common share—diluted

Income from continuing operations
Discontinued operations(1)
Cumulative effect of a change in accounting policy(2)
Net income

Dividends per share
Dividend payout ratio(3)
Average number of common shares outstanding
Financial Position
Working capital
Current ratio
Total assets
Long-term debt
Redeemable preferred stock
Common stockholders’ equity
Debt to total capital ratio(4)
Book value per common share

Other statistics(5)
Operating margin
Return on invested capital(6) (7)
Return on average common stockholders’ equity(7)
Return on average total assets(7)
Cash dividends paid

$ 6,215,794
826,144
535,051
(1,535)

533,516

$ 5,654,155
767,951
482,629
35,906
(11,833)
506,702

7,219,359

965,441

613,246

(21,625)

591,621

5.55

(0.20)

5.36

5.41

(0.19)

—

5.22

2.23
42.7%

4.83
(0.01)

4.82

4.73
(0.01)

4.72
1.94
41.1%

$ 5,218,066
664,357
398,879
75,823

$ 4,413,354
552,523
343,261
54,672

—

4.33
0.32
(0.11)
4.54

—

4.23
0.31
(0.10)
4.44
1.10
24.2%

474,702

3.61
0.69

4.30

3.54
0.67

—

4.21
1.05
24.9%

397,933

3.17
0.51

3.67

3.11
0.50

3.61
1.01
28.0%

110,443

110,560

111,192

109,872

107,713

—

1,510,742

2.3

6,446,685

1,144,810

$ 1,563,162
2.5
$ 5,465,693
635,359

—

3,576,829

3,265,172

$ 1,213,233
2.1
$ 5,171,071
647,728
23,326
2,808,213

$ 1,006,354
1.7
$ 5,004,278
556,639
26,053
2,513,241

1,419,281
2.8
$ 4,245,552
955,393
29,987
1,951,307

26.4%

19.5%

22.6%

28.5%

32.58

29.11

25.50

22.56

13.4%
14.8%
18.4%
10.4%

13.3%
14.7%
18.0%
10.0%

13.6%
14.2%
18.0%
9.4%

12.7%
13.4%
17.8%
8.5%

33.7%

18.04

12.5%
14.4%
19.3%
9.1%

246,634

216,529

124,116

117,731

111,258

In thousands

Assets

Current assets

Cash and equivalents
Accounts receivable
Inventories
Deferred income taxes
Other current assets
Current assets of discontinued operations

Total current assets

Property, Plant and equipment
intangible assets
goodwill
other assets
noncurrent assets of Discontinued operations

liabilities and stockholders’ equity

Current liabilities

Short-term borrowings
Current portion of long-term debt
Accounts payable
Accrued liabilities
Current liabilities of discontinued operations

DECEMBER

2007

2006

—

321,863

970,951

1,138,752

104,489

109,074

2,645,129

651,858

1,435,269

1,278,163

436,266

—

343,224
809,594
958,262
84,519
120,485
261,926

2,578,010

593,058
755,693
1,030,925
348,862
159,145

6,446,685

$ 5,465,693

131,545

3,803

509,879

488,089

1,071

88,467
68,876
385,700
392,815
78,990

Total current liabilities

1,134,387

1,014,848

long-term Debt
other liabilities
noncurrent liabilities of Discontinued operations

Commitments and Contingencies

Common stockholders’ equity

Common Stock
Additional paid-in capital
Accumulated other comprehensive income (loss)
Retained earnings

Total common stockholders’ equity

1,144,810

590,659

—

109,798

1,619,320

61,495

1,786,216

3,576,829

635,359
536,728
13,586

112,185
1,469,764
(123,652)
1,806,875

3,265,172

6,446,685

$ 5,465,693

(1) Women’s intimate apparel business sold in April 2007.
(2) After tax effect of change in accounting policy in 2005 to adopt FASB Statement 123(R), Share-Based Payment.
(3) Dividends per share divided by the total of income from continuing and discontinued operations per diluted share.
(4) Total capital is defined as common stockholders’ equity plus short-term and long-term debt.
(5) Operating statistics and market data are based on continuing operations.
(6) Invested capital is defined as average common stockholders’ equity plus average short-term and long-term debt.
(7) Return is defined as income from continuing operations before net interest expense, after income taxes.

Audited financial statements and notes, along with management’s discussion and analysis of results of operations and financial condition, are
available in our 2007 Annual Report on Form 10-K filed with the Securities and Exchange Commission, accessible on our website, www.vfc.com.

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CONsOlIdATed sTATemeNTs OF INCOme

CONsOlIdATed sTATemeNTs OF CAsH FlOws

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In thousands, except per share amounts

2007

2006

2005

YEAR ENDED DECEMBER

net sales
royalty income

total revenues

Costs and operating expenses

Cost of goods sold
Marketing, administrative and general expenses

operating income

other income (expense)

Interest income
Interest expense
Miscellaneous, net

income from Continuing operations

Before income taxes

income taxes

income from Continuing operations
Discontinued operations
Cumulative effect of a Change in accounting Policy

net income

earnings Per Common share—Basic
Income from continuing operations
Discontinued operations
Cumulative effect of a change in accounting policy

Net income

earnings Per Common share—Diluted
Income from continuing operations
Discontinued operations
Cumulative effect of a change in accounting policy

Net income

Cash Dividends Per Common share

7,140,811

78,548

7,219,359

4,080,022

2,173,896

6,253,918

965,441

9,310

(72,122)

2,941

(59,871)

905,570

292,324

613,246

(21,625)

591,621

5.55

(0.20)

5.36

5.41

(0.19)

5.22

2.23

—

$ 6,138,087
77,707

$ 5,582,075
72,080

6,215,794

5,654,155

3,515,624
1,874,026

5,389,650

826,144

5,994
(57,259)
2,359

(48,906)

777,238

242,187

535,051
(1,535)

3,209,312
1,676,892

4,886,204

767,951

8,217
(70,596)
6,121

(56,258)

711,693

229,064

482,629
35,906
(11,833)

533,516

506,702

4.83
(0.01)

4.82

4.73
(0.01)

4.72

1.94

4.33
0.32
(0.11)

4.54

4.23
0.31
(0.10)

4.44

1.10

In thousands

Operating Activities
Net income
Adjustments to reconcile net income to cash provided
by operating activities of continuing operations:
(Income) loss from discontinued operations
Cumulative effect of a change in accounting policy
Depreciation
Amortization of intangible assets
Other amortization
Stock-based compensation
Provision for doubtful accounts
Pension funding under(over) expense
Deferred income taxes
Other, net
Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable
Inventories
Other current assets
Accounts payable
Accrued compensation
Accrued income taxes
Accrued liabilities
Other assets and liabilities

Cash provided by operating activities of continuing operations
Cash provided (used) by discontinued operations, net

Cash provided by operating activities

Investing Activities
Capital expenditures
Business acquisitions, net of cash acquired
Software purchases
Sale of intimate apparel business
Sale of other businesses
Sale of property, plant and equipment
Other, net

Cash used by investing activities of continuing operations

Discontinued operations, net

Cash used by investing activities

Financing Activities
Increase (decrease) in short-term borrowings
Proceeds from long-term debt
Payments on long-term debt
Purchase of Common Stock
Cash dividends paid
Proceeds from issuance of Common Stock
Tax benefits of stock option exercises
Other, net

Cash used by financing activities of continuing operations

Effect of Foreign Currency Rate Changes on Cash

Net Change in Cash and Equivalents

Cash and Equivalents—Beginning of Year

Cash and Equivalents—End of Year

YEAR ENDED DECEMBER

2007

2006

2005

591,621

533,516

506,702

—

21,625

94,540

27,106

19,581

62,413

13,859

7,094

(3,748)

3,763

(49,673)

(24,113)

15,644

77,212

(1,932)

(7,541)

31,986

(45,808)

833,629

(13,053)

820,576

(113,863)

(1,060,636)

(6,367)

348,714

12,368

14,085

(120)

(805,819)

(243)

(806,062)

36,785

592,758

(168,671)

(350,000)

(246,634)

69,539

15,571

—

1,535

90,374
18,003
20,469
46,427
6,693
(31,277)
(24,463)
(6,509)

(113,363)
(33,193)
6,322
(19,043)
(23,592)
(51,111)
22,485
10,855

454,128
36,625

490,753

(127,195)
(39,301)
(8,939)

—

4,667
3,327
(323)

(167,764)

1,017

(166,747)

(60,533)

(33,520)
(118,582)
(216,529)
119,675
24,064

(285,425)

8,086

46,667

296,557

(35,906)
11,833
88,047
16,684
16,703
40,512
7,831
(14,857)
(12,133)
17,938

(11,106)
(80,428)
(44,608)
80,166
(7,168)
21,343
(52,797)
(15,102)

533,654
27,692

561,346

(102,976)
(211,838)
(17,494)

6,667
11,974
798

(312,869)

(1,674)

(314,543)

95,673
117,792
(401,253)
(229,003)
(124,116)
99,974
17,741
(301)

(423,493)

(12,260)

(188,950)

485,507

—

(50,652)

14,777

(21,361)

343,224

321,863

343,224

296,557

OPeRATINg COmmITTee

2
5

N
O
I
T
A
R
O
P
R
O
C
F
V

BOARd OF dIReCTORs

TOP ROw, leFT TO RIgHT
Eric C. Wiseman, President & Chief Executive Officer
Mackey J. McDonald, Chairman of the Board
Frank C. Pickard III, vice President—Treasurer
Candace S. Cummings, vice President—Administration,
general Counsel & Secretary
Michael T. gannaway, vice President—
vF Direct / Customer Teams
Stephen F. Dull, vice President—Strategy

BOTTOm ROw, leFT TO RIgHT
Robert K. Shearer, Senior vice President &
Chief Financial Officer
Susan Larson Williams, vice President—human Resources
Boyd A. Rogers, vice President & President—Supply Chain
Franklin L. Terkelsen, vice President—Mergers & Acquisitions
Bradley W. Batten, vice President—Controller &
Chief Accounting Officer
Martin S. Schneider, vice President & Chief Information Officer

VF CORPORATION
HIgH/lOw sTOCk PRICes

(DOLLARS)

3
5

N
O
I
T
A
R
O
P
R
O
C
F
V

‘98

‘99

‘00

‘01

‘02

‘03

‘04

‘05

‘06

‘07

COmmON sTOCk
Listed on the New York Stock Exchange – trading symbol vFC.

sHAReHOldeRs OF ReCORd
As of February 5, 2008, there were 4,884 shareholders of record.

dIVIdeNd POlICy
Quarterly dividends on vF Corporation Common Stock, when declared, are paid
on or about the 20th day of March, June, September and December.

dIVIdeNd ReINVesTmeNT PlAN
The Plan is offered to shareholders by Computershare Trust Company, N.A.
The Plan provides for automatic dividend reinvestment and voluntary cash
contributions for the purchase of additional shares of vF Corporation Common
Stock. Questions concerning general Plan information should be directed to the
Office of the vice President – Administration, general Counsel and Secretary of
vF Corporation.

dIVIdeNd dIReCT dePOsIT
Shareholders may have their dividends deposited into their savings or checking
account at any bank that is a member of the Automated Clearing house (ACh)
system. A brochure describing this service may be obtained by contacting
Computershare.

QuARTeRly COmmON sTOCk PRICe INFORmATION
The high and low sales prices on a calendar quarter basis for the periods
indicated were as follows:

Quarterly Common stock Price

2007

2006

2005

First Quarter

high
$ 83.29

Low
$ 73.59

high
$ 58.67

Low
$ 53.28

high
$ 60.74

Low
$ 52.20

Second Quarter

95.10

82.52

67.97

55.99

59.93

54.60

Third Quarter

96.20

78.27

75.32

62.16

61.61

55.52

Fourth Quarter

87.36

68.15

83.10

73.00

59.47

50.44

Edward E. Crutchfield 2,3,5
Former Chairman &
Chief Executive Officer
First Union Corporation
Charlotte, North Carolina
(Banking)
Director since 1992, age 66

M. Rust Sharp 2,5
Of Counsel
heckscher, Teillon, Terrill & Sager
West Conshohocken, Pennsylvania
(Attorneys)
Director since 1984, age 67

Juan Ernesto de Bedout 1,3
group President
Latin American Operations
Kimberly-Clark Corporation
Roswell, georgia
(Consumer products)
Director since 2000, age 63

sTANdINg, leFT TO RIgHT
Robert J. hurst 2,3,5
Managing Director
Crestview Partners LLC
New York, New York
(Private equity firm)
Director since 1994, age 62

Barbara S. Feigin 1,4
Consultant
New York, New York
(Strategic marketing and branding)
Director since 1987, age 70

W. Alan McCollough 4,5
Former Chairman of the Board
Circuit City Stores, Inc.
Richmond, virginia
(National retailer)
Director since 2000, age 58

george Fellows 1,4
President & Chief Executive Officer
Callaway golf Company
Carlsbad, California
(Sporting goods)
Director since 1997, age 65

Clarence Otis, Jr. 1,4
Chairman & Chief Executive Officer
Darden Restaurants, Inc.
Orlando, Florida
(Casual dining restaurants)
Director since 2004, age 51

Daniel R. hesse 3,5
President & Chief Executive Officer
Sprint Nextel Corporation
Overland Park, Kansas
(Telecommunications)
Director since 1999, age 54

Ursula O. Fairbairn 2,4,5
President & Chief Executive Officer
Fairbairn group LLC
New York, New York
(human resources consultant)
Director since 1994, age 65

Raymond g. viault
Former vice Chairman
general Mills, Inc.
Minneapolis, Minnesota
(Consumer food products)
Director since 2002, age 63

seATed, leFT TO RIgHT
Mackey J. McDonald 2,3*
Chairman of the Board
Director since 1993, age 61

Eric C. Wiseman 3*
President & Chief Executive Officer
Director since 2006, age 52

COmmITTees OF THe BOARd
1 Audit Committee
2 Executive Committee
3 Finance Committee
4 Nominating and governance Committee
5 Compensation Committee
*Ex officio member

Transfer Agent and Registrar
Computershare Trust
Company, N.A.
P.O. Box 43070
Providence, RI 02940
Shareholder Relations
Department 800-662-7232

Independent Accountants
PricewaterhouseCoopers LLP
101 CentrePort Drive
greensboro, NC 27409

Corporate Office
vF World headquarters
105 Corporate Center Blvd.
greensboro, NC 27408
Telephone: (336) 424-6000
Facsimile: (336) 424-7696
Mail Address: P.O. Box 21488
greensboro, NC 27420

Annual meeting
The Annual Meeting of
Shareholders will be held on
Tuesday, April 22, 2008, at
10:30 AM at the O.henry hotel,
Caldwell Room,
624 green valley Road,
greensboro, NC 27408

Investor Relations
Cindy Knoebel, CFA
vice President, Financial &
Corporate Communications
vF Services, Inc.
105 Corporate Center Blvd.
greensboro, NC 27408

Concept/design
And Partners, NY
www.andpartnersny.com

executive Photography
Richard Frank

Photography
John Dickey, p. 4-5
Tony harrington, p. 6
Corey Rich, p. 10
MLB Photos via getty Images,
p. 35

Certifications
vF has filed the certifications
required under Section 302
of the Sarbanes-Oxley Act of
2002 regarding the quality of
the Company’s public disclosure
as exhibits to the Company’s
annual report on Form 10-K for
the fiscal year ended December
29, 2007.

After vF’s 2008 Annual
Meeting of Shareholders, vF
intends to file with the New
York Stock Exchange the
certification regarding vF’s
compliance with the NYSE’s
corporate governance listing
standards as required by NYSE
Rule 303A.12. Last year, the
Company filed this certification
with the NYSE on May 18,
2007.

Other Information
vF’s filings with the SEC,
including its annual report on
Form 10-K, quarterly reports
on Form 10-Q, press releases
and reports on Form 8-K and
other information, are available
and can be accessed free of
charge through the Company’s
website at www.vfc.com.
vF’s Corporate governance
Principles, Code of Business
Conduct, and charters for the
Audit Committee, Compensation
Committee, Nominating and
governance Committee and
Finance Committee are also
available on our website.

These documents will also be
provided to any shareholder free
of charge upon request to the
Secretary of vF at
P.O. Box 21488,
greensboro, NC 27420

vF Corporation
105 Corporate Center Blvd.
greensboro, NC 27408
(336) 424-6000
www.vfc.com