VF Corporation
Industry: Apparel/Accessories

VF Corporation is the world's largest apparel company and a leader in jeanswear, intimate apparel, playwear, workwear and daypacks. Its principal brands include Lee(R), Wrangler(R), Riders(R), Rustler(R), Vanity Fair(R), Vassarette(R), Bestform(R), Lily of France(R), Nautica(R), Earl Jean(R), John Varvatos(R), Healthtex(R), JanSport(R), Eastpak(R), The North Face(R), Lee Sport(R) and Red Kap(R).

Business Summary
V.F. Corporation (VF) is engaged in manufacturing and marketing of branded apparel and related products. VF's businesses are organized into five product categories, and by brands within those product categories. These groupings of businesses are called coalitions and consist of Jeanswear, Outdoor Apparel and Equipment, Intimate Apparel, Imagewear and Sportswear. On May 31, 2004, VF acquired the Napapijri (Napapijri) brand of premium casual outdoor apparel. In May 2004, the Company sold its Healthtex Playwear business to Lollytogs, Ltd. In June 2004, the Company acquired Vans, Inc., a designer, marketer and distributor of active-casual footwear, clothing and accessories for the youth market. Also, in June 2004, VF acquired Antwerp-based Kipling Belgium NV, a maker of upscale bags, packs and accessories primarily for women. Kipling brand products include bags, backpacks and stationery. In April 2005, the Company acquired Reef Holdings Corporation, a supplier of surf-inspired footwear.

Financial Summary
For the nine months ended 1 October 2005, V.F. Corporation's revenues rose 7% to $4.80B. Net income before Preferred Dividends rose 16% to $404.7M. Revenues reflect solid sales growth in the Outdoor business, with particular strength for The North Face, Kipling, Napapijri, and Vans brands and the acquisition of the Reef brand. Net income also reflects improved operational efficiencies and the absence of a loss on the sale of the Playwear business.