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VF CORPORATION ANNOUNCES RECORD FIRST QUARTER SALES AND EARNINGS, AND DECLARES DIVIDEND

 WYOMISSING, Pa., April 20 /PRNewswire/ -- VF Corporation (NYSE: VFC) today announced record results for the first quarter of 1993, marking the company's seventh consecutive quarter of record sales ad earnings.
 Sales for the quarter rose 24 percent to $1,017 million from $818 million in 1992, while net income during the period increased 21 percent to $52.7 million from $43.7 million. Earnings per share were 83 cents, a 14 percent increase over the 73 cents reported in the first quarter of 1992. Earnings per share comparisons reflect an 8 percent increase in the average number of common shares outstanding, a result of the company's January 1993 secondary offering.
 "The strength of VF's family of brands, and the outstanding value they offer to consumers at all demographic and economic levels, continues to be the driving force behind our performance," said Lawrence R. Pugh, chairman, president and chief executive officer. "We see consumers continuing to express their preference for strong, well- established brands in basic and casual apparel, but particularly those that represent exceptional quality and value."
 Mr. Pugh noted that sales rose in all five of the company's business groups, with particularly strong comparisons in both sales and operating income in the company's Jeanswear and international business groups. In addition to a double-digit increase in international jeans sales, international growth was fueled by contributions from the company's three newest intimate apparel divisions, Valero, Vivesa and JBE. Other solid performers in the quarter include Lee, Wrangler and Girbaud, plus Healthtex and JanSport, smaller divisions enjoying substantial sales and profit increases.
 Looking forward, Mr. Pugh added, "We again expect record results for the second quarter; however, as previously anticipated, we do not expect second quarter results to match the excellent performance of our first quarter. In addition, our full year sales and earnings growth target of 15 percent to 20 percent remains intact, and we are pleased at the prospect of another record year."
 At the company's annual meeting, Mr. Pugh focused on the company's commitment to delivering value to its shareholders, in the form of growth in sales and earnings, a consistent dividend payout, conservative financial policies and long-term strategic planning.
 Also at the meeting, three directors were reelected to serve until the 1996 annual meeting; Barbara S. Feigin, executive vice president of Grey Advertising, Inc.; Robert F. Longbine, former president and chief operating officer of Champion International Corporation; and Lawrence R. Pugh, chairman of the board, president and chief executive officer of the company.
 The board of directors declared a regular quarterly cash dividend of 30 cents per share, payable June 18, 1993 to shareholders of record as of the close of business on June 8, 1993.
 VF CORPORATION
 Consolidated Income
 (In thousands, except per share amounts)
 Quarter ended
 4/3/93 4/4/92
 Net sales $1,016,644 $817,592
 Costs and expenses 930,203 745,965
 Income before income taxes 86,441 71,627
 Income taxes 33,712 27,935
 Net income 52,729 43,692
 Earnings per common share
 Primary $.83 $.73
 Fully diluted .81 .71
 Average number of common
 shares outstanding 62,842 58,119
 Consolidated Balance Sheets
 (In thousands)
 Quarter ended
 4/3/93 4/4/92
 Assets
 Cash $ 37,416 $ 13,935
 Accounts receivable 544,943 422,466
 Inventories 828,417 637,500
 Property, plant and equipment 725,273 592,668
 Intangible assets 550,098 471,850
 Other assets 163,734 120,091
 Total $2,849,881 $2,258,510
 Liabilities and Shareholders' Equity
 Current liabilities $ 665,887 $ 591,909
 Long-term debt 635,821 587,898
 Other liabilities 112,649 89,216
 Redeemable preferred stock, net 12,685 8,810
 Common shareholders' equity 1,422,839 980,677
 Total $2,849,881 $2,258,510
 VF Corporation is an international apparel company headquartered in Wyomissing, and is a leader in the jeanswear, casual/sportswear, intimate apparel, childrenswear and occupational apparel markets. Its principal brands are Lee, Wrangler, Rustler, Marithe & Francois Girbaud, Bassett-Walker, Jantzen, JanSport, Vanity Fair, Vassarette, Barbizon, Variance, Siltex, Bolero, Silhouette, Gemma, Intima Cherry, Lou, Carina, Red Kap, WorkWear and Healthtex. In 1992, VF ranked 127th in Fortune's "500 Largest U.S. Industrial Corporations."
 -0- 4/20/93
 /CONTACT: Gerard G. Johnson, vice president and chief financial officer of VF Corporation, 215-378-1151/
 (VFC)


CO: VF Corporation ST: Pennsylvania IN: TEX SU: ERN

WB-TS -- NY062 -- 8070 04/20/93 12:29 EDT
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Date:Apr 20, 1993
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