VF anticipates 2009 revenues to decline slightly versus 2008

17 Jan '09

4 min read

Despite these challenges, earnings per share in 2009 are expected to be relatively stable compared with 2008 levels. Excluding the approximately $.70 per share combined impact from the above two items, earnings per share in 2009 should exceed our 10 to 11% long-term earnings growth target, as we benefit from the continued change in our mix of business and a lowered cost structure. Revenues in 2009 are expected to be down slightly, with a 2% negative impact from foreign currency translation compared with 2008. In addition, 2009 should be another year of strong cash generation, which is expected to exceed the $650 million currently anticipated for 2008.

Recognizing that the outlook for the global economy remains very uncertain, this guidance assumes no improvement - or further deterioration - in economic conditions. Guidance for both 2008 and 2009 is preliminary and subject to change.

"We are ready to face the challenges of 2009," said Mr. Wiseman. "VF is known for its performance-driven culture and excellence in execution. We are driving initiatives and investing prudently to support long-term growth, expand margins and generate cash. We'll approach our retail store opening and capital spending plans cautiously and conservatively while we continue to aggressively manage expenses. At the same time, our dividend remains a high priority for us in providing strong shareholder returns."

Additional detail and commentary regarding our outlook for 2009 will be provided in our year-end earnings announcement, which will be released at the close of the market on Tuesday, February 10.

VF Corporation

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