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VF raises five-year growth plan targets
09
Jan '08
VF Corporation, a global leader in branded lifestyle apparel, is raising its long-term revenue, operating margin and earnings per share growth targets. The new targets reflect the Company's confidence in its vision and strategies, which have been designed to drive superior returns to shareholders.

The Company is also establishing its guidance for 2008 revenues and earnings, confirming its outlook for another record year in both. Details of the new Growth Plan targets are being presented to investors at a meeting and webcast that will commence at 8:30 a.m. ET. Information regarding the webcast can be found at the end of this release.

"We are committed to delivering growth and focused on driving total shareholder return, with confidence that we have the brands, strategies and talent to achieve both on a sustainable, long-term basis," said Eric C. Wiseman, President and Chief Executive Officer. "This is a tremendously exciting day for us, as we share our vision for a VF that is bigger, more international, more diversified and more profitable."

Five-Year Growth Plan Targets:
"Today, we are delighted to announce that our outlook for growth and profitability is stronger than ever, thanks to the foundation built by a leadership team with an unwavering commitment to performance excellence and the ability to execute in the face of changing market and economic conditions," said Wiseman.

Highlights of the Plan include:
• $11 Billion in Revenues. We are raising our long-term revenue growth target from 6-8% to 8-10% annually and establishing a goal of $11 billion in revenues by 2012. We expect strong organic growth of 6-7%, with acquisitions contributing 2-3% to growth. Key growth drivers will be international expansion and continued growth in our direct-to-consumer business. Our international revenues are expected to expand approximately 13% annually and account for a third of our total revenues by 2012. Our direct-to-consumer business should grow at about 18% annually and represent 22% of revenues.


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