V.F. Annual Report 2010 | Quarterlytics

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FY2010 Annual Report · V.F.

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VF CORPORATION
105 Corporate Center Blvd.
Greensboro, NC 27408

336.424.6000
vfc.com

For additional content visit:

RePORTINg.VFC.COm

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Best-of-breed social media

Direct-to-consumer touch points

i e n c e s

D e e p e r b r a n d e x p e r
Beyond the
numbers

VF CORPORATION ANNuAl RePORT 2010

Financial Highlights

$7,643

$7,703

$7,220

$6.46**

$5.42*

$5.16**

$5.18

$4.13

$2.33

$2.37

$2.43

*Includes $.30 per share in
expenses to reduce costs
**Excludes impairment charges

46.7%

43.9%

44.3%

$1,001

$973

25.2%

23.7%

20.2%

$678

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Revenues
(Millions)

Earnings Per Share

Dividends Per Share

Cash Flow from Operations
(Millions)

Debt to Total Capital Ratio

Gross Margins

To our Shareholders:
Early in 2010 we made the decision to intensify our
brand investments to drive revenues in our highest
growth, highest profit markets and opportunities.
The result was $100 million in additional brand
marketing over 2009 levels. Our investments
were designed to build stronger connections with
consumers, heighten brand awareness in key
markets, and grow market share. While over half
the increase in spending was behind The North Face®
and Vans® brands, where brand investments
doubled during the year, nearly every brand in our
portfolio received additional marketing support
in 2010. We also made significant investments to
support our rapidly growing and highly profitable
businesses in China.

Those investments paid off handsomely. In 2010 revenues rose
7% to $7.7 billion and gross margins reached an all-time high
of 46.7%. Earnings per share were $6.46 (excluding a noncash
impairment charge for goodwill and intangible assets), up 25%
from 2009. During the year we generated $1 billion in cash
from operations —another record—and our financial position is
stronger than ever. We enter 2011 with great momentum, con-
fident in our brands’ ability to generate substantial growth, and
well-positioned to deliver another year of outstanding results
to our shareholders.

Key Growth Enablers:
International and
Direct-to-Consumer

Extending the reach of our brands internationally is one of our
core growth strategies, and in 2010 international revenues grew
8% in constant dollars. Asia is a tremendous growth market for
our brands, and 2010 revenues in Asia grew by 31%. We now
have four primary platforms established in Asia to support
growth: jeanswear, primarily with our Lee® brand; outdoor with
The North Face® brand; action sports with the Vans® brand;
and handbags and accessories with the Kipling® brand. Each of
these businesses is growing rapidly, giving us confidence in our
ability to achieve our target of $1.3 billion in revenues from Asia
within the next five years.

Another core growth strategy is expanding our direct-to-
consumer businesses, through our brands’ retail stores and
e-commerce. In 2010 our direct-to-consumer revenues grew
by 13%. At year-end we had 786 stores across our portfolio of
brands, and expect to open about 100 new stores in 2011.

Strong Brands Fueling
Strong Performance

With revenues rising 14% in 2010, our Outdoor & Action Sports
businesses continue to fuel both our top and bottom lines. Our
focus on expanding our Outdoor & Action Sports businesses,
The North Face® and Vans® brands in particular, has resulted in
exceptionally strong growth. In 2010 Outdoor & Action Sports
accounted for 42% of total revenues, up from only 22% five
years ago. By 2015, Outdoor & Action Sports should account
for at least half of VF’s revenues.

Jeanswear coalition revenues were up slightly in 2010, with
growth accelerating as the year progressed. The key brands in
our Jeanswear coalition —Wrangler® and Lee®—are as strong as
they have ever been. Our brands’ use of consumer research
and new processes to drive innovation has greatly strength-
ened our product pipeline and is resulting in market share gains
and positive momentum for both brands within their respec-
tive channels of distribution.

Revenues and margins of our Imagewear coalition, comprised
of our Image (or uniform) and Licensed Sports Group busi-
nesses, rebounded strongly in 2010. While they serve different
consumers, these businesses share outstanding service and
inventory replenishment capabilities, providing them with a
competitive advantage to expand their market shares.

Results of our Sportswear coalition, which consists of our
Nautica® brand and our Kipling® business in the U.S., were sta-
ble in 2010. Through extensive consumer research conducted
during the year, the Nautica® brand has clarified and strength-
ened its brand position, bringing to life its heritage as a brand
that takes its inspiration from the water. This cohesive message
has been activated globally across all facets of the business,
including product design, marketing and e-commerce, within
our stores and with our licensees.

Our Contemporary Brands coalition grew revenues by 5% in
2010, but soft market conditions in the premium denim market
affected our 7 For All Mankind® brand, resulting in lower profit-
ability for this coalition in 2010.

We’re excited about the opportunities that lie ahead. Strong
platforms are in place to support our growth plans, as is a
passionate and talented team that is committed to delivering
superior results to our shareholders.

Eric C. Wiseman
Chairman, President and Chief Executive Officer

Lead in innovation

We have declared innovation as VF’s newest Growth Driver.
Innovation, which we define as “something new that creates
value,” will require every functional area across VF to think dif-
ferently about how to enhance success. It’s also about going
outside for new ideas in terms of what we provide to consum-
ers and how we make, create and deliver it.

Enable our future

A crucial part of our success is to continue investing in our
people through a variety of strategically aligned training and
development opportunities. Another aspect of enabling our
future is investing in supply chain capabilities that reduce cost
and provide speed, flexibility and value.

Win with winning
customers

At VF, we have a long history of creating successful retail
partnerships, in part because of our extensive knowledge of
consumer needs and global brand expertise. We’ll build on
these capabilities to expand our market share and bring exclu-
sive new brands to our top customers.

Looking forward:
The next $5 billion

Over the past few years, we’ve significantly strengthened our
portfolio of global lifestyle brands. The result is an opportunity
for top-and-bottom line growth at rates beyond those we have
previously envisioned. In short: over the next five years we
aim to add $5 billion to revenues and $5 to earnings per share
over 2010 levels. The VF of 2015 will be more innovative, more
international, more diversified and more profitable. Success
will be fueled by our six Growth Drivers:

Build lifestyle brands

We will continue to build powerful brands both globally and
regionally. Our focus will be on activity-based brands that
speak authentically to their consumers’ lifestyles, particularly
in the outdoor and action sports categories.

Go global

Our goal is to generate 40% of revenues from international
markets by 2015, with growth concentrated in Europe, China,
India, Brazil and Mexico.

Serve consumers directly

We need to be where our consumers are – both in-store and
online. Growth in our retail stores and in e-commerce will pro-
vide more opportunities for our brands to tell their compelling
stories directly to consumers. Our goal is to generate 22%
of revenues through branded retail stores and e-commerce
by 2015, while increasing our focus on building stronger rela-
tionships with consumers through our brands’ websites and
social media.

R 3

Coalition
Revenues

As % of VF Total Revenues

Other 1%

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C O n T e M p O R a R y B R a n D S 6 %

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Channels of
Distribution

As % of VF Total Revenues

ROyalTy/OTheR 11%

S p e Cia lT y ST O R e S 19 %

*Includes International Retail

Coalitions at a glance

(Millions)

$3,205

$2,807

$2,806

$2,765

$2,522

$2,538

$642

$443

$493

$379

$371

$432

$991

$909

$865

$571

$498

$386

$418

$439

$132

$87

$111

$52

$63

$51

$14

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Revenues

profits

Outdoor & action Sports

Jeanswear

imagewear

Sportswear

Contemporary Brands

Investing for growth
In 2010, we invested an additional $100 million
to drive top-line growth across our portfolio.
With the opportunity to scale their innovative
marketing efforts like never before, our brands
did more with more, driving solid organic growth.
Our investments were guided by an approach
to brand building that allows our brands to
remain authentic, independent and nimble while
giving them the support of VF’s global reach,
supply chain expertise and deep resources.

Strengthen
direct-to-consumer
touch points

Today’s fragmented media environment has made building
direct relationships with consumers more challenging—and
more critical. That’s why we’re investing heavily to “own” our
relationship with every consumer, particularly in our retail
stores, online and with events. Every touch point is an impor-
tant opportunity. We make the most of every one.

Design innovative
products that delight
consumers

Whether it’s athlete-inspired The North Face® products,
Wrangler people working with real cowboys, or Vans® brand
collaborations with young designers and pop culture creators,
VF’s brands listen to their core constituencies. It’s the only
way to create new products that consumers will embrace
as authentic.

Our investments were
designed to:

Create deeper
brand experiences

Our brands are more than just a label and a back story. They
have a life of their own that our customers can feel. This au-
thenticity is no accident. It’s a growth strategy that comes from
a company-wide commitment to create brands that have real
meaning in the lives of our consumers. We create emotional
bonds with consumers based on shared passions.

Maximize international
opportunities

In the last five years, we have seen significant growth in our
international businesses, where revenues have grown at a rate
of 10% annually. Yet many of our brands still have relatively low
penetration in key international markets. Given their strength,
heritage and authenticity, our brands have substantial runway
for growth not only in Europe, but in fast growing markets such
as China, India and Brazil.

Build best-of-breed
social media capabilities

Social media encompasses an ever-growing ecosystem of
video sharing, pictures, reviews and blogs that is fast becoming
the world’s favorite media channel. Over the next five years,
our consumers will spend more time using social media to
interact with the content and brands they care about most. In
2010, we made strategic investments to make sure that we are
where consumers are today and will be tomorrow.

Birmingham, AL / Boston, MA / Chicago, IL

Denver, CO / hartford, Ct / Billings, Mt / New York, NY
Portland, Or / raleigh-Durham, NC / Seattle, WA

St. Louis, MO / Washington, D.C.

Focused on
12 markets
where passion
runs deep

DEEpER bRAnD ExpERIEncEs

aCTiviTy BaSeD MeDia MODel
The north Face® brand’s Activity based Model is
fueling growth through products tailored for specific
categories: outdoor, action sports, performance and
youth. In 2010, the brand applied the same philoso-
phy to its marketing spending with an approach to
traditional marketing that’s anything but traditional.
With targeted investments in 12 key markets, consum-
ers saw The north Face® brand messages customized
for their city, their favorite activity, and even their local
dealer. The result was higher traffic to the specialty
stores that support the brand experience—and drive
higher revenues.

13
13

Experience life
well-lived at the
water’s edge

The new OCean TO OCean CaMpaiGn
In 2010, the nautica® brand team traveled to American
coastal communities to find the authentic people,
places and values that exemplify life at the water’s
edge. From these visits to san Francisco, the pacific
northwest, chesapeake bay, and the coasts of Maine
and Florida came Ocean to Ocean, a new platform
for product development and brand communica-
tion. Living on the water is more than just a lifestyle.
It’s a tradition passed on by generations of coastal
families. With video and journal content that cre-
ates an emotional connection to the nautica® brand,
Ocean to Ocean tells the true stories of real people
whose everyday passion and deep connection to
the water is an inspiration to millions of consumers.

DEEpER bRAnD ExpERIEncEs

Brand. Building.
A 25,000 sq. ft.
mecca for art,
skateboarding,
music and
street culture.

hOUSe OF vanS, BROOklyn 11222
To bring to life the iconic southern california Vans®
brand on the East coast, a multifaceted event
space named The House of Vans opened last fall in
Williamsburg, brooklyn. This invitation-only space
is not a pop-up store, and no products are sold there.
In fact, the only way into The House of Vans is via an
invitation from Vans, through a local skate shop or at
events sponsored by the brand’s media partners.
The House of Vans features an indoor concrete bowl
and skatepark and outdoor street course; a perma-
nent, professional stage for concerts, and custom art
by Mike Giant and Dennis Mcnett. The House of Vans is
a blank canvas to bring the brand’s stories to life, and
allows the brand to create deeper relationships with its
consumers and retailers.

Lights.
Camera.
Vans.

DEEpER bRAnD ExpERIEncEs

s i n c e i t s n o v e m b e r l a u n c h :

OFFThewall.Tv
In the past 60 days, more content was uploaded to
YouTube than has been created by major broadcasters
in the past 60 years. Offthewall.tv, a new media outlet
developed by Vans, allows the brand to build upon its
rightful place among the leaders and tastemakers
in youth culture by telling its stories directly to con-
sumers. This online platform (available on the web,
on smartphones, and on tablets) functions like a TV
channel and includes compelling video series created
by professional documentary filmmakers and
action sports talent.

DEEpER bRAnD ExpERIEncEs

A storybook
ending to a
“Salute to Dad”

naSCaR FaTheR’S Day pROMOTiOn
On July 2, 2010, Dale Earnhardt Jr. drove to victory
at the Daytona International speedway in a piece of
Wrangler® brand history. His throwback #3 Wrangler
Jean Machine was a special tribute to his legend-
ary father’s posthumous induction into the nAscAR
Hall of Fame. It was all part of a “Wrangler salute to
Dad” marketing program in which more than 3,000
consumers submitted stories about their dads for
a chance to win a trip to see the race and meet Dale
Earnhardt Jr. His win gave the program tens of millions
of consumer impressions and millions of dollars worth
of additional pR value.

InTERnATIOnAL OppORTunITIEs

Flattery will
get you
everywhere

new DiaMOnD CUT JeanS
For years, the Lee® brand in the united states has
been raising the bar on product innovation with
breakthroughs in stretch fabrics and new styles that
are form fitting yet flattering. These lessons helped in
the design of our most innovative jean yet for the Asia
market. The Lee® Diamond cut jeans include key
design features that lift the hip, slim and lengthen the
legs, and make women look and feel fabulous. To
launch the product, a Diamond cut road show set up
pop-up shops in shopping centers in 12 cities. Each
diamond-shaped shop gave consumers a mini-make-
over with an on-site fitting room and photographers
on-hand to take before and after pictures.

Southern
California cool
reaches new
heights around
the world

aGGReSSive inTeRnaTiOnal expanSiOn
With more and more youth consumers around the
world responding to its brand message of originality
and self-expression, the international momentum be-
hind the Vans® brand continues to build. In 2010, Vans
opened more than 149 new stores and shop-in-shops
in china, bringing its retail presence to 260, including
a flagship store in the trendy Joy city Mall in beijing,
and a total of 21 stores throughout the Asia pacific
region. The brand is also expanding into new markets
such as Israel and Eastern Europe, launching aggres-
sive outdoor campaigns and grassroots events to
build awareness for Vans and the brand DnA of action
sports, music and street culture, including holding
“Off the Wall Music nights” with local bands.

InTERnATIOnAL OppORTunITIEs

VAns LOcATIOns

500,000

WeB VISItOrS

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Creating an
outdoor culture
in China

InTERnATIOnAL OppORTunITIEs

haBa MOUnTain expeDiTiOn
In china, there is no strong tradition of outdoor par-
ticipation, so The north Face® brand is creating one. In
2010, over 70% of the brand’s marketing budget there
was invested in events that encouraged consumers
to get outside and experience the spirit of the brand
firsthand. During the year The north Face® brand used
social media and an online contest to recruit for an
expedition to climb china’s legendary Haba Mountain.
From nearly 2,000 entries, an online vote allowed
consumers to help choose three winners to join a team
of the brand’s sponsored chinese athletes as well as
famous bloggers, who documented the entire trip up
the mountain.

Listening to
consumers
online in
real time

USinG SOCial MeDia TO BUilD TRUST
ThaT SpReaDS Online
Every day, consumers around the world give valuable
suggestions via online reviews and comments, but
capitalizing on them means knowing how to listen.
so when the Lee® brand’s social media team noticed
consumers writing online about how to improve the fit
of the premium select jeans line, they were ready. The
brand identified a group of 50 consumers and con-
tacted them to hear their opinions, which were shared
with the product design team. After a new prototype
was developed, the brand went back to this group to
ask for feedback before the jeans were introduced in
retail stores. This close connection between the brand
and its consumers helped make a better product and
built trust with the brand’s most active loyalists.

bEsT-OF-bREED sOcIAL MEDIA

Mike Rowe, launch spokesman
for Lee’s premium select jeans line.

Celebrating
10 years with
loyal fans

e-COMMerCe SALeS
Up 20% in 2010

bEsT-OF-bREED sOcIAL MEDIA

a USeR-GeneRaTeD BiRThDay paRTy
The 7 For All Mankind® brand used its 10th anniversary
as an opportunity to engage with its most devoted
fans, whose word-of-mouth stories of the brand’s
unique fits have made it a household name. The brand
asked its Facebook® fans for stories about their first
pair of 7 For All Mankind® jeans. After an overwhelm-
ing number of responses, the brand used the best
ones on in-store posters to promote a new collection
of 10 special limited edition styles based on its 10 most
iconic fits to be sold exclusively at 7 For All Mankind®
retail stores.

DIREcT-TO-cOnsuMER
TOucH pOInTs

887

thOuSAND

562

MILLION

418

thOuSAND

1.1

MILLION

A wide world
of content
for consumers
to explore
and share

a DiGiTal eCOSySTeM OF BRanDeD MeDia
passionate outdoor consumers are interacting with
The north Face® brand in more ways than ever before.
To integrate all these touch points and give consum-
ers more relevant content, The north Face created a
new technology platform that delivers synchronized
messages, experiences and conversations across the
brand’s entire ecosystem of digital properties. With
the push of a button in the brand’s san Leandro head-
quarters, rich stories, videos, and experiences can be
instantly distributed online, in-store, and to a com-
munity of The north Face® followers on various social
media outlets such as Facebook® and Twitter®.

63 years young

new wayS TO COnneCT wiTh COnSUMeRS
2010 was a year of two important firsts for the Wrangler®
brand. The brand opened its first Wrangler® retail
store, a 5,000-square-foot space in Denver, colorado.
It’s an investment in a deeply immersive brand experi-
ence that lets consumers see, touch, and feel the values
of the Wrangler® brand. Wrangler identified the goal of
developing a lifestyle destination for its core Western
consumer. With raw timber poles, natural wood floor-
ing, custom fixtures and tooled leather wallpaper, the
store uses natural materials to create a truly Western
feel. 2010 was also the first full year of e-commerce at
wrangler.com, a new direct-to-consumer channel for
this 63-year-old brand.

DIREcT-TO-cOnsuMER
TOucH pOInTs

When cowboys
speak, we listen

InnOVATIVE pRODucTs

UpDaTinG a 63-yeaR-OlD ClaSSiC
To the cowboys who have relied on it every day for
decades, the Wrangler® 13MWZ jean is a product leg-
end, so a reengineered version was a potentially risky
undertaking. product designers at Wrangler conduct-
ed ethnographic research with 50 working cowboys.
They visited their homes to learn about how they live
and what they wear. They sat at their kitchen tables
and shared barbeque and beers and just listened.
Afterwards, they designed a few prototypes, returned
and listened some more. The result is the 47MWZ: 20%
longer-lasting denim, a more comfortable waist and
deeper, more functional, pockets. since its launch in
the summer of 2010, sales of the 47MWZ have exceed-
ed expectations, gained floor space from competitors
and added a new source of growth to an iconic brand.

Going outside
for new ideas

InnOVATIVE pRODucTs

peTeR pilOTTO FOR kiplinG
For the last three years, the Kipling® brand in Europe
has collaborated with young designers to create new
product collections that keep the brand fashion-forward
and generate buzz in the ever-changing bag and
accessories markets. In 2010, the brand collaborated
with peter pilotto, world-renowned digital print artists
and designers. The peter pilotto for Kipling collection
featured the artists’ signature abstract imagery of
outer space and the inner workings of machinery on
a wide variety of the brand’s backpacks, shoulder
bags, and carryalls. After a successful launch during
London’s Fashion Week, the collection generated
worldwide press mentions, nearly selling out in
Kipling’s retail stores in china within three weeks.
The collaboration will continue with a new spring/
summer collection in 2011.

VF brands at-a-glance

Our portfolio includes more than 30 brands
that fit the lives of a broad variety of the
world’s consumers.

S
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FOUnDeD: 1968
COUnTRieS: 61
TaRGeT:
Outdoor athletes and
enthusiasts

innOvaTive pRODUCTS
The North Face® Single-Track running shoe was awarded
Best Debut by Runner’s World magazine and Gear of the
Year by Outside magazine. The Single-Track, new for 2010,
is a lightweight, everyday training and racing shoe designed
specifically for runners.

Never Stop Exploring®

thenorthface.com

FOUnDeD: 1966
COUnTRieS: 93
TaRGeT:
Youth culture: art, music,
action sports and street/
fashion devotees

Off the Wall ® Since ‘66

vans.com

innOvaTive pRODUCTS
The Vans® brand reaches new audiences by allowing
external collaborators to use Vans shoes as a blank canvas
for their creativity. 2010 collaborations included kids’ TV
series and pop culture phenomenon “Yo Gabba Gabba!,”
downtown New York City fashion brand MadeMe® and
Seattle-based American heritage label Filson®.

FOUnDeD: 1967
COUnTRieS: 65
TaRGeT:
14-28 year-old male
and female consumers

Discover Freedom™

jansport.com

innOvaTive pRODUCTS
JanSport introduced a collection of reversible backpacks
that can be worn two ways: inside or out. Each bag featured
two designs, “Mild” on one side, and “Wild” on the other.
The limited-edition, reversible packs quickly caught the
attention of youth consumers around the world, selling out
within days.

FOUnDeD: 1987
COUnTRieS: 63
TaRGeT:
Active,
fashionable women

DiReCT-TO-COnSUMeR TOUCh pOinTS
In 2010, the Kipling® brand launched a single, global web-
site to create a consistent brand story and e-commerce
storefront. This change will enable the brand to roll out more
global marketing initiatives and products.

Attitude included.

kipling.com

FOUnDeD: 1987
COUnTRieS: 23
TaRGeT:
Premium lifestyle/
casual wear oriented
travelers ages 25-45

napapijri.com

A premium lifestyle
brand with travel and
outdoor heritage.

inTeRnaTiOnal OppORTUniTieS
Napapijri grew at double-digit rates across major European
markets, including France, Germany and Scandinavia.

FOUnDeD: 1976
COUnTRieS: 70
TaRGeT:
Passionate urbanites
ages 18-24

BeST-OF-BReeD SOCial MeDia
The Eastpak® Buddy Pak Facebook® app allowed the brand’s
fans to create a virtual pack with photos of their friends
printed on it. Every day, a new winner was chosen to have
their pack made.

Built to Resist™

eastpak.com

Ridiculously
comfortable™

FOUnDeD: 1984
COUnTRieS: 58
TaRGeT:
Beach enthusiasts
ages 16-24

reef.com

FOUnDeD: 1975
COUnTRieS: 30
TaRGeT:
World travelers

innOvaTive pRODUCTS
The Reef® brand’s Supreme Collection sandals and Coastal
Cruiser “hanging” footwear grew strongly in 2010, continu-
ing the brand’s growth in the men’s footwear category. Both
products feature a molded wax “pebble comfort” footbed, a
textured cushion insole that makes them ridiculously com-
fortable to wear.

FOUnDeD: 1947
COUnTRieS: 76
TaRGeT:
Authentic cowboys
ages 40-60

BeST-OF-BReeD SOCial MeDia
The Wrangler® Western brand’s Facebook® page added
tens of thousands of new fans from its “Wrangler Race
to the Rodeo” and the “Wrangler Rocks Country
Music” promotions.

wrangler western
Long Live Cowboys™

wranglerwestern.com

Inspired by Travel®

eaglecreek.com

wrangler europe
We are Animals®

eu.wrangler.com

inTeRnaTiOnal OppORTUniTieS
In 2010, Eagle Creek entered China, with products now
available there in 80 doors.

TaRGeT:
Sociable style-seekers
ages 21-35

innOvaTive pRODUCTS
The Wrangler® brand in Europe reinvented its best-selling
Texas Fit jean. After gathering direct feedback from con-
sumers, the brand redesigned the jean with less fabric
in the thigh. This new slimmer silhouette has made it the
number one selling item for the Wrangler® brand in Europe.

FOUnDeD: 1999
COUnTRieS: 1
TaRGeT:
Active women

lucy inspires
performance™

lucy.com

innOvaTive pRODUCTS
The lucy® brand introduced the Perfect Core pant, its most
successful pant launch to date. It’s designed with a special
mesh “XBAR” panel that delivers “core awareness,” remind-
ing women to keep their core muscles tight, and side panels
that help make them look slimmer.

R
a
e
w
S
n
a
e
J

FOUnDeD: 1947
COUnTRieS: 76
TaRGeT:
Men ages 25-54

BeST-OF-BReeD SOCial MeDia
The brand’s “My Wrangler Story” promotion asked consum-
ers to submit personal stories of why they’re comfortable in
Wrangler® jeans. The winner got a chance to play football
with legendary quarterback Brett Favre and an amazing
story to tell friends.

Real. Comfortable. Jeans.®

wrangler.com

FOUnDeD: 1965
COUnTRieS: 3
TaRGeT:
Men ages 25-54

innOvaTive pRODUCTS
The brand introduced a new rubberball finish, a process
that washes jeans using rubber balls instead of stones.
The end result is a finish between a rinsed and a stone-
washed look.

Hard Working Jeans…
Guaranteed.®

rustler.wrangler.com

FOUnDeD: 1889
COUnTRieS: 76
TaRGeT:
Women and men
ages 25-50

lee north america
Get What Fits

lee.com

DiReCT-TO-COnSUMeR TOUChpOinTS
To promote its fit solutions that make finding the right pair
of jeans easier than ever, the Lee® brand created a fictional
medical condition called “shopphobia.” This online experi-
ence, hosted by the brand’s new spokesman Mike Rowe,
used humor to engage the men who hate to shop and the
women who love them.

™TaRGeT:
Self-assured men and
women ages 25-35

DeepeR BRanD expeRienCeS
The brand introduced the WHY NOT? campaign, new com-
munications designed to build the Lee® brand and to launch
its 101 iconic jean style.

FOUnDeD: 2001
COUnTRieS: 18
TaRGeT:
Women ages 18-39

DeepeR BRanD expeRienCeS
In 2010, the Ella Moss® brand introduced Butterfly Girls, a
new communications platform that fully aligns its brand
image, marketing, product labeling and product.

lee South america
Night and Day

eu.lee.com

Fresh, flirty and
fashion-forward

ellamoss.com

TaRGeT:
Contemporary
urbanites from all
walks of life

innOvaTive pRODUCTS
In 2010, the Lee® 101 line for men gained momentum
across Europe. This premium denim line made from the
finest Japanese and Italian fabrics is a contemporary col-
lection rooted in the Lee® brand’s heritage.

lee europe
A Lee Don’t Lie

eu.lee.com

FOUnDeD: 1949
COUnTRieS: 5
TaRGeT:
Female traditionalists
ages 25-55

Instantly Slims You®

ridersjeans.com

DeepeR BRanD expeRienCeS
The Riders by Lee® brand worked with celebrity spokesper-
son, style expert Stacy London, the co-host of the TV show
What Not to Wear. Ms. London is known for finding looks
that fit and flatter any figure, making her the perfect fit for
the brand’s message. She is featured in advertising as well
as in-store displays and product labeling.

y
R
a
R
O
p
M
e
T
n
O
C

The world’s premier
brand of premium den-
im lifestyle products.

FOUnDeD: 2000
COUnTRieS: 80
TaRGeT:
Premium fashion
forward consumers

7forallmankind.com

DeepeR BRanD expeRienCeS
The 7 For All Mankind® brand has always been associated
with Southern California’s effortless glamour. In 2010, the
brand hosted a star-studded happy hour to introduce its
wide-leg and trouser-style denim. Within a week, pho-
tographs of celebrities wearing the new styles were on
newsstands across the country.

Colorful, soft and
luxurious fabrics with
a splendid fit.

For those about
to rock.

R
a
e
w
S
T
R
O
p
S

Inspired by the water,
crafted with intention,
and designed to outfit
the life well-lived.

FOUnDeD: 2002
COUnTRieS: 18
TaRGeT:
Men and women
ages 20-50

splendid.com

FOUnDeD: 2000
COUnTRieS: 15
TaRGeT:
Creative men
ages 18-55

johnvarvatos.com

FOUnDeD: 1983
COUnTRieS: 60
TaRGeT:
Men and women
ages 25-44

nautica.com

DiReCT-TO-COnSUMeR TOUCh pOinTS
The Splendid® brand opened two new full-priced stores in
Newport Beach, California, and Aventura, Florida.

inTeRnaTiOnal OppORTUniTieS
John Varvatos opened shop-in-shops at the legendary
Paris flagship store of Galeries Lafayette for John Varvatos
Collection and John Varvatos USA products.

inTeRnaTiOnal OppORTUniTieS
Nautica’s licensed business in China grew more than 20% in
2010, fueled by expanded distribution for men’s sportswear
and the introduction of women’s sportswear.

R
a
e
w
e
G
a
M

FOUnDeD: 1991
COUnTRieS: 28
TaRGeT:
Industrial workers

Life goes on.

bulwark.com

innOvaTive pRODUCTS
The Bulwark® brand’s Cool Touch 2® fabric provides
flame-resistant protection while remaining lightweight and
breathable. This combination of protection and comfort
helped make Bulwark VF’s fastest-growing brand in 2010,
and the world’s largest provider of secondary flame resis-
tant industrial clothing.

If it happens in
baseball, it happens in
Majestic.®

FOUnDeD: 1976
COUnTRieS: 27
TaRGeT:
Baseball enthusiasts

innOvaTive pRODUCTS
Unveiled during the 2010 Major League Baseball Postseason,
the Majestic® brand’s Authentic Collection Premier Jacket
uses the brand’s Therma Base™ technology to provide light-
weight insulation and water resistance.

majesticathletic.com

FOUnDeD: 1923
COUnTRieS: 37
TaRGeT:
Industrial and
service workers

innOvaTive pRODUCTS
The commercial laundry process is much more rigorous
than home washing. Clothes must be designed to survive
repeated high temperature washings and still look great.
Red Kap introduced the first soft-shell jacket capable of
enduring the rigors of industrial laundering while delivering
superior water repellency and comfort.

Done right.™

redkap.com

FOUnDeD: 1937
COUnTRieS: 12
TaRGeT:
Public safety officers

DeepeR BRanD expeRienCeS
In 2010, VF Imagewear rebranded its public safety uniform
business under the Horace Small® brand. An American
legacy brand that began making military uniforms, it later
retooled to become one of the country’s leading suppliers
of uniforms for police and emergency workers.

Made for Heroes®

horacesmall.com

VF in 2010:

naMeD “One OF The wORlD’S MOST aDMiReD
COMpanieS” By FortunE MaGazine.
VF ranked second overall among apparel companies, the
highest level that VF has achieved on the annual corporate
reputation list.

hOnOReD aS a “TOp COMpany FOR leaDeRS in
nORTh aMeRiCa” By FortunE MaGazine.

RankeD #12 On a liST OF The “50 COMpanieS
MOST aDMiReD FOR hR” By Human rEsourCE
ExECutivE MaGazine.

RankeD #89Th On The inFORMaTiOnweek 500,
a liST OF TOp TeChnOlOGy innOvaTORS in The U.S.
This is VF’s highest-ever ranking.

COMMenDeD By The CDp (CaRBOn DiSClOSURe
pROJeCT) FOR iTS CliMaTe ChanGe DiSClOSURe.

Operating Committee

eRiC C. wiSeMan
Chairman, President &
Chief Executive Officer

ROBeRT k. SheaReR
Senior Vice President &
Chief Financial Officer

CanDaCe S. CUMMinGS
Vice President — Administration,
General Counsel & Secretary

BOyD a. ROGeRS
Vice President & President —
Supply Chain

FRanklin l. TeRkelSen
Vice President — Mergers
& Acquisitions

STephen F. DUll
Vice President — Strategy
& Innovation

kaRl heinz SalzBURGeR
Vice President & Group President —
International

BRaDley w. BaTTen
Vice President — Controller &
Chief Accounting Officer

MiChael T. Gannaway
Vice President —
VF Direct / Customer Teams

MaRTin S. SChneiDeR
Vice President &
Chief Information Officer

FRank C. piCkaRD iii
Vice President — Treasurer (Retired)

Board of Directors

SUSan laRSOn williaMS
Vice President — Human Resources

SCOTT h. BaxTeR
Vice President & Group President —
Jeanswear Americas & Imagewear

STeven e. RenDle
Vice President & Group President —
Outdoor & Action Sports Americas

Top, left to right: Eric C. Wiseman, Robert K. Shearer, Bradley W. Batten, Candace S. Cummings, Stephen F. Dull,
Michael T. Gannaway. Bottom, left to right: Frank C. Pickard III, Boyd A. Rogers, Karl Heinz Salzburger,
Martin S. Schneider, Franklin L. Terkelsen, Susan Larson Williams

eRiC C. wiSeMan 2,3*
Chairman, President &
Chief Executive Officer
Director since 2006, age 55

ChaRleS v. BeRGh 3,5
Group President
Global Grooming
Procter & Gamble Company
Boston, Massachusetts
(Consumer products)
Director since 2008, age 53

RiChaRD T. CaRUCCi 1,3
Chief Financial Officer
Yum! Brands, Inc.
Louisville, Kentucky
(Casual dining restaurants)
Director since 2009, age 53

JUliana l. ChUGG 1,4
Senior Vice President
General Mills, Inc.
Minneapolis, Minnesota
(Consumer food products)
Director since 2009, age 43

JUan eRneSTO De BeDOUT 1,3
Group President
Latin American Operations
Kimberly-Clark Corporation
Roswell, Georgia
(Consumer products)
Director since 2000, age 66

ROBeRT J. hURST 2,3,4
Managing Director
Crestview Partners LLC
New York, New York
(Private equity firm)
Director since 1994, age 65

M. RUST ShaRp 2,5
Of Counsel
Heckscher, Teillon, Terrill & Sager
West Conshohocken, Pennsylvania
(Attorneys)
Director since 1984, age 70

URSUla O. FaiRBaiRn 2,4,5
President &
Chief Executive Officer
Fairbairn Group LLC
New York, New York
(Human resources consultant)
Director since 1994, age 68

GeORGe FellOwS 1,4
President & Chief Executive Officer
Callaway Golf Company
Carlsbad, California
(Sporting goods)
Director since 1997, age 68

w. alan MCCOllOUGh 4,5
Former Chairman of the Board
Circuit City Stores, Inc.
Richmond, Virginia
(National retailer)
Director since 2000, age 61

RayMOnD G. viaUlT 3,5
Former Vice Chairman
General Mills, Inc.
Minneapolis, Minnesota
(Consumer food products)
Director since 2002, age 66

ClaRenCe OTiS JR. 1,4
Chairman & Chief Executive Officer
Darden Restaurants, Inc.
Orlando, Florida
(Casual dining restaurants)
Director since 2004, age 54

Committees of the Board
1 Audit Committee
2 Executive Committee
3 Finance Committee
4 Nominating and Governance Committee
5 Compensation Committee
* Ex officio member

From left to right: Raymond G. Viault, M. Rust Sharp, Juliana L. Chugg, Robert J. Hurst, Eric C. Wiseman, Clarence Otis Jr.,
Juan Ernesto de Bedout, George Fellows, Charles V. Bergh, Ursula O. Fairbairn, W. Alan McCollough, Richard T. Carucci

Financial Summary

Consolidated Balance Sheets

Dollars and shares in thousands, except per share amounts
Summary of Operations(1)
Total revenues
Operating income
Income from continuing operations attributable to

VF Corporation

Discontinued operations attributable to VF
Corporation
Net income attributable to VF Corporation

Earnings (loss) per common share attributable to

VF Corporation common stockholders - basic
Income from continuing operations
Discontinued operations
Net income

Earnings (loss) per common share attributable to

VF Corporation common stockholders - diluted
Income from continuing operations
Discontinued operations
Net income
Dividends per share
Dividend payout ratio (2) (7)

Financial Position
Working capital
Current ratio
Total assets
Long-term debt
Stockholders’ equity
Debt to total capital ratio (3)
Average number of common shares outstanding
Book value per common share

Other Statistics (4)
Operating margin (7)
Return on invested capital (5) (6) (7)
Return on average stockholders’ equity (6) (7)
Return on average total assets (6) (7)
Cash provided by operations
Cash dividends paid

2010

2009

2008

2007

2006

$ 7,702,589
820,860

$ 7,220,286
736,817

$ 7,642,600
938,995

$ 7,219,359
965,441

$ 6,215,794
826,144

571,362

461,271

602,748

613,246

535,051

-
571,362

-
461,271

-
602,748

(21,625)
591,621

(1,535)
533,516

5.25
-
5.25

5.18
-
5.18
2.43
37.6%

4.18
-
4.18

4.13
-
4.13
2.37
46.0%

5.52
-
5.52

5.42
-
5.42
2.33
43.0%

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%

$ 1,716,585
2.5
$ 6,457,556
935,882
3,861,319
20.2%
108,764
35.77

$ 1,536,773
2.4
$ 6,473,863
938,494
3,813,285
23.7%
110,389
34.58

$ 1,640,828
2.6
$ 6,433,868
1,141,546
3,557,245
25.2%
109,234
32.37

$ 1,510,742
2.3
$ 6,446,685
1,144,810
3,578,555
26.4%
110,443
32.58

$ 1,563,162
2.5
$ 5,465,693
635,359
3,271,849
19.5%
110,560
29.11

13.3%
15.6%
20.1%
11.8%
$ 1,001,282
264,281

11.9%
12.6%
17.2%
9.6%
$ 973,485
261,682

12.3%
13.5%
18.2%
10.0%
$ 679,472
255,235

13.4%
14.8%
19.7%
11.1%
$ 833,629
246,634

13.3%
14.7%
19.2%
10.6%
$ 454,128
216,529

In thousands

ASSetS
Current Assets

Cash and equivalents
Accounts receivable, net
Inventories
Deferred income taxes
Other current assets

Total current assets

Property, Plant and equipment

Less accumulated depreciation

Intangible Assets
Goodwill
Other Assets

LIAbILItIeS And StOCkhOLderS’ equIty
Current Liabilities

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

Total current liabilities

Long-term debt
Other Liabilities

Commitments and Contingencies

Stockholders’ equity

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

Total stockholders’ equity

(1) Operating results for 2010 include a noncash charge for impairment of goodwill and intangible

assets – $201.7 million (pretax) in operating income and $141.8 million (aftertax) in income from
continuing operations and net income attributable to VF Corporation, $1.30 basic earnings per
share and $1.29 diluted earnings per share. Operating results for 2009 include a noncash charge
for impairment of goodwill and intangible assets – $122.0 million (pretax) in operating income and
$114.4 million (aftertax) in income from continuing operations and net income attributable to VF
Corporation, $1.04 basic earnings per share and $1.03 diluted earnings per share.

(2) Dividends per share divided by the total of income from continuing and discontinued operations
per diluted share (excluding the effect of the charges for impairment of goodwill and intangible
assets in 2010 and 2009).

(3) Total capital is defined as stockholders’ equity plus short-term and long-term debt.
(4) Operating statistics are based on continuing operations (excluding the effect of the charge for

impairment of goodwill and intangible assets in 2010 and 2009).

(5) Invested capital is defined as average stockholders’ equity plus average short-term and

(6) Return is defined as income from continuing operations before net interest expense, after

(7) Information presented for 2010 and 2009 excludes the impairment charges for goodwill and

long-term debt.

income taxes.

intangible assets.

2010

2009

$ 792,239
773,083
1,070,694
68,220
121,824
2,826,060

1,663,299
1,060,391
602,908

1,490,925
1,166,638
371,025
$ 6,457,556

36,576
2,737
510,998
559,164
1,109,475

935,882
550,880

$ 731,549
776,140
958,639
64,959
101,275
2,632,562

1,601,608
987,430
614,178

1,535,121
1,367,680
324,322
$ 6,473,863

45,453
203,179
373,186
473,971
1,095,789

938,494
626,295

107,938
2,081,367
(268,594)
1,940,508
100

110,285
1,864,499
(209,742)
2,050,109
(1,866)

3,861,319
$ 6,457,556

3,813,285
$ 6,473,863

Consolidated Statements of Income

Consolidated Statements of Cash Flows

In thousands except per share amounts

net Sales
royalty Income
total revenues

Costs and Operating expenses

Cost of goods sold
Marketing, administrative and general expenses
Impairment of goodwill and intangible assets

Operating Income

Other Income (expense)
Interest income
Interest expense
Miscellaneous, net

Income before Income taxes

Income taxes

net Income

net (Income) Loss Attributable to noncontrolling

Interests in Subsidiaries

Year Ended December

2010
$ 7,624,599
77,990
7,702,589

2009
$ 7,143,074
77,212
7,220,286

2008
$ 7,561,621
80,979
7,642,600

4,105,201
2,574,790
201,738
6,881,729

4,025,122
2,336,394
121,953
6,483,469

4,283,680
2,419,925
-
6,703,605

820,860

736,817

938,995

2,336
(77,738)
4,754
(70,648)

750,212

176,700

2,230
(85,902)

1,528
(82,144)

6,115
(94,050)
(2,969)
(90,904)

654,673

848,091

196,215

245,244

573,512

458,458

602,847

(2,150)

2,813

(99)

net Income Attributable to VF Corporation

$ 571,362

$ 461,271

$ 602,748

earnings Per Common Share Attributable to

VF Corporation Common Stockholders - basic

earnings Per Common Share Attributable to

VF Corporation Common Stockholders - diluted

Cash dividends Per Common Share

5.25

5.18

2.43

4.18

4.13

2.37

5.52

5.42

2.33

In thousands

Operating Activities
Net income

Adjustments to reconcile net income to cash provided

by operating activities:

Impairment of goodwill and intangible assets

Depreciation
Amortization of intangible assets
Other amortization

Stock-based compensation
Provision for doubtful accounts
Pension funding 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

Investing Activities

Capital expenditures
Business acquisitions, net of cash acquired
Software purchases
Other, net
Cash used by investing activities

Financing Activities

Net decrease in short-term borrowings
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

Year Ended December

2010

2009

2008

$ 573,512

$ 458,458

$ 602,847

201,738
116,837
39,373
17,186
63,538
7,441
(45,850)
(92,068)
29,179

(12,954)
(114,334)
(7,689)
140,470
27,817
(14,649)
50,889
20,846
1,001,282

(111,640)
(38,290)
(13,610)
(16,940)
(180,480)

(9,741)
(203,063)
(411,838)
(264,281)
137,732
8,599
(240)
(742,832)

121,953
113,207
40,500
16,745
36,038
24,836
(114,149)
54,674
(6,923)

75,449
209,439
77,173
(69,560)
(11,714)
14,763
(25,182)
(42,222)
973,485

(85,859)
(212,339)
(9,735)
(8,943)
(316,876)

(11,019)
(3,242)
(111,974)
(261,682)
62,590
6,464
(480)
(319,343)

-
105,059
39,427
21,685
31,592
22,062
(4,787)
23,654
(11,477)

52,679
(38,275)
(66,866)
(67,214)
471
24,118
(22,438)
(34,136)
678,401

(124,207)
(93,377)
(10,601)
12,399
(215,786)

(67,736)
(3,632)
(149,729)
(255,235)
64,972
22,504
(905)
(389,761)

effect of Foreign Currency rate Changes on Cash and equivalents
net Change in Cash and equivalents
Cash and equivalents – beginning of year
Cash and equivalents – end of year

(17,280)
60,690
731,549
$ 792,239

12,439
349,705
381,844
$ 731,549

(12,873)
59,981
321,863
$ 381,844

VF Corporation High/Low Stock Prices

Corporate Information

COMMOn STOCk
Listed on the New York Stock Exchange —trading symbol VFC.

ShaRehOlDeRS OF ReCORD
As of January 30, 2011, there were 4,319 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 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. Questions concern-
ing this service should be directed to Computershare Trust
Company, N.A. at www.computershare.com/investor.

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

First QuartEr
sECond QuartEr
tHird QuartEr
FourtH QuartEr

DiviDenD ReinveSTMenT plan
The Plan is offered to shareholders by Computershare Trust
Company, N.A. The Plan provides for automatic dividend rein-
vestment 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.

2010
low

high

2009
Low

2008
Low

High

$ 80.99 $ 70.25
71.04
69.24
78.21

89.23
82.11
89.74

$ 59.98 $ 46.06
53.27
53.53
68.60

69.72
73.81
79.79

$ 83.29 $ 63.68
69.44
65.50
38.22

79.87
84.60
77.69

CORpORaTe OFFiCe
VF World Headquarters
105 Corporate Center Blvd.
Greensboro, NC 27408
Telephone: 336.424.6000
Facsimile: 336.424.7696
Mailing Address:
P.O. Box 21488
Greensboro, NC 27420

annUal MeeTinG
The Annual Meeting of Shareholders
will be held on Tuesday, April 26, 2011
at 10:30 a.m. at the O.Henry Hotel,
Caldwell Room, 624 Green Valley Road,
Greensboro, NC 27408

inveSTOR RelaTiOnS
Cindy Knoebel, CFA
Vice President, Corporate Relations
VF Services, Inc.
105 Corporate Center Blvd.
Greensboro, NC 27408

TRanSFeR aGenT anD ReGiSTRaR
Computershare Trust
Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Shareholder Relations
Department 800.446.2617

inDepenDenT aCCOUnTanTS
PricewaterhouseCoopers LLP
800 Green Valley Road, Suite 500
Greensboro, NC 27408

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
January 1, 2011.

After VF’s 2011 Annual Meeting of Shareholders, VF intends to
file with the New York Stock Exchange (NYSE) the certification
regarding VF’s compliance with the NYSE’s corporate gover-
nance listing standards as required by NYSE Rule 303A.12. Last
year, VF filed this certification with the NYSE on April 30, 2010.

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 web-
site at 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

The following trademarks owned by VF Corporation affiliates appear in
this report:

REGiSTERED TRaDEMaRkS
Lee, The North Face, Vans, Kipling, Reef, Wrangler, Nautica, 7 For All Mankind,
Off the Wall, JanSport, Inspired by Travel, Eagle Creek, Eastpak, Napapijri,
lucy, Real.Comfortable.Jeans., Rustler, Hard Working Jeans…Guaranteed.,
Ella Moss, Splendid, John Varvatos, Bulwark, Majestic, Red Kap, Horace Small,
Cool Touch 2, If it happens in baseball, it happens in Majestic, Made for Heroes,
We are Animals, Instantly Slims You, Riders by Lee, Never Stop Exploring

TRaDEMaRkS
Discover Freedom, Built to Resist, Ridiculously Comfortable, lucy inspires
performance, Long Live Cowboys, Done Right, Therma Base, House of Vans

The following trademarks owned by other companies also appear in this
report: NASCAR, Facebook, Twitter, YouTube, Yo Gabba Gabba!, MadeMe,
Filson, Fortune, Human Resource Executive, Informationweek, Outside,
Runner’s World

COnCEPT/DESiGn
And Partners, NY
andpartnersny.com

VF CORPORATION
105 Corporate Center Blvd.
Greensboro, NC 27408

336.424.6000
vfc.com

For additional content visit:

RePORTINg.VFC.COm

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Best-of-breed social media

Direct-to-consumer touch points

i e n c e s

D e e p e r b r a n d e x p e r
Beyond the
numbers

VF CORPORATION ANNuAl RePORT 2010