VF Corp to pay 90% more cash dividend

16 May '06
2 min read

VF Corporation, a global leader in branded lifestyle apparel, announced the next step in its transformational growth plan to enhance shareholder value.

The Company's Board of Directors has voted to increase the cash dividend payable to common shareholders by 90 percent. The Company also affirmed its commitment to sustaining strong annual revenue growth of 6 percent to 8 percent.

"Our growth plan is working, as indicated by three straight years of record sales, earnings and very strong returns on invested capital.

This performance, coupled with our robust cash flow, enables VF to deliver higher value directly to our shareholders that is both significant and sustainable, while continuing to invest in our many growth opportunities," said Mackey J. McDonald, chairman and chief executive officer.

"Our dividend increase is an early benefit for shareholders of the success of our ongoing transformation.

Today's announcement is tangible recognition that our strong business performance and financial strength can work in tandem to accomplish our two overarching goals of investing in growth opportunities while providing significant returns to our shareholders. It is a logical complement to our plan to transform VF Corporation."

VF's Board voted to increase the Company's quarterly dividend by 90 percent to $.55 per share from $.29 per share, payable June 19, 2006 to shareholders of record as of June 9, 2006. This increase results in an indicated annual rate of $2.20 per share.

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