Exhibit 99

VF Announces Record Fourth Quarter and Full Year Revenues and Earnings, Driven by Strong Organic Growth and Timberland Acquisition

  • 4Q revenues reach a record $2.9 billion – including $549 million from Timberland acquisition.
  • 4Q adjusted EPS increases 30% to record $2.32 – including $0.34 accretion from Timberland ($2.28 and $0.30 on a GAAP basis).
  • Organic revenues grow by more than $1 billion in 2011 – or 14% – to $8.7 billion.
  • Full year adjusted EPS increases 27% to $8.20 – including $0.60 accretion from Timberland ($7.98 and $0.38 on a GAAP basis).
  • 2011 cash flow from operations exceeds $1 billion for second consecutive year.
  • 2012 adjusted EPS expected to reach approximately $9.30 ($9.10 on a GAAP basis), net of a negative $0.60 impact from higher pension expense and foreign currency translation.
  • Gross margin expected to expand 70 basis points in 2012.
  • Timberland to account for $1.7 billion of revenues and $1.10 of adjusted EPS in 2012 ($0.90 on a GAAP basis).

Information regarding VF’s fourth quarter conference call webcast today at 8:30 a.m. ET can be found at the end of this release.

GREENSBORO, N.C.--(BUSINESS WIRE)--February 16, 2012--VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, today announced results for the fourth quarter and full year ended December 31, 2011. All per share amounts are presented on a diluted basis. All references to “organic” financial data exclude The Timberland Company (“Timberland”), acquired on September 13, 2011.

“The power of the VF portfolio – diversified, global and growing – has never been more evident,” said Eric Wiseman, Chairman and Chief Executive Officer. “In 2011 we achieved record revenues, record earnings and record cash flow, and we completed the transformational acquisition of Timberland. The successful execution of our key international and direct-to-consumer growth drivers has delivered healthy organic growth, strong profitability and consistent return for our shareholders this year, and we look forward to building on this momentum in 2012 and beyond.”

The discussions in this release refer to adjusted amounts that exclude 2011 costs related to the Timberland acquisition and impairment charges taken in 2010, which are described under the heading “Adjusted Amounts – Excluding Timberland Acquisition-related Expenses and Noncash Impairment Charges.” Reconciliations of GAAP measures to adjusted amounts are presented in the supplemental financial information included with this release and identify and quantify all excluded items.

Fourth Quarter Results Summary

Revenues rose 37% to $2,910 million from $2,126 million in 2010, with the Timberland acquisition adding $549 million to revenues. Organic revenue growth in the quarter was 11%. All VF coalitions achieved higher revenues in the quarter, with the strongest growth in Outdoor & Action Sports, where total revenues rose 81% and organic growth was 19%.

Gross margin continued to reflect the impact of higher product costs, declining to 45.2% from 46.6% in the 2010 period. Operating income was $358 million on an adjusted basis in the fourth quarter. This included earnings from the Timberland acquisition of $50 million, excluding acquisition-related expenses of $6.7 million. On a GAAP basis, fourth quarter operating income was $351 million. Operating margin on an adjusted basis was 12.3% in the fourth quarter of 2011 versus 12.9% in the 2010 period. Excluding Timberland, the fourth quarter operating margin increased 10 basis points to 13.0% compared with 12.9% in the 2010 period. Operating margin on a GAAP basis was 12.1% and 3.5% in the fourth quarters of 2011 and 2010, respectively.


The following information was filed by V F Corp (VFC) on Thursday, February 16, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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