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VF ANNOUNCES RECORD RESULTS FOR 1991; DECLARES DIVIDEND

 VF ANNOUNCES RECORD RESULTS FOR 1991; DECLARES DIVIDEND
 WYOMISSING, Pa., Feb. 18 /PRNewswire/ -- VF Corporation (NYSE: VFC)


today announced record sales and earnings for its fiscal year ended Jan. 4, 1992.
 For the year 1991, VF reported sales of $2,952 million, a 13 percent increase from $2,613 million in 1990. Net income nearly doubled to $161.3 million, or $2.75 per share, from $81.1 million, or $1.35 per share, in the prior year. Last year's earnings included charges of $42 million ($.43 per share) for restructuring costs, as well as other provisions for excess inventories and production inefficiencies.
 For the fourth quarter of 1991, sales rose 24 percent to $850.3 million from $687.6 million in the same period of 1990. Net income improved to $48.4 million, or $.83 per share, from a loss of $9.9 million, or $.19 per share, in the fourth quarter of 1990.
 "We're back on track," said Lawrence R. Pugh, chairman, president and chief executive officer. "This record performance results from the strategies implemented in late 1990 to improve profitability, increase responsiveness to our customers and consumers, and broaden our product offerings."
 Pugh noted that all four of VF's product categories -- jeanswear, casual/sportswear, intimate apparel and other apparel -- reported increased sales in 1991. "Turnarounds at Lee and Jantzen were big contributors to the earnings increase, as were the outstanding results posted by our Wrangler and Girbaud jeanswear divisions. Our International Division also recorded solid increases. Sales were strong in the intimate apparel category, although the explosive growth in recent years has pressured margins."
 "We are committed to being the premier resource for basic and basic fashion apparel for our retail partners; our Market Response System continues to provide major benefits to us and them. During 1991, we expanded our flow replenishment efforts and have worked with our customers to develop ways to better present our products on the retail floor. And, our reduced cycle times allow us to produce closer to consumer demand. We have also actively sought to broaden our product offerings, both through our current, well-established brands and through selected acquisitions," said Pugh. In 1991, VF added Health-tax, Barbizon and WorkWear to its family of brands. Recently, VF announced the acquisition of Valero, a Paris-based manufacturer and marketer of intimate apparel and Green Cotton Environment, Inc., a USA manufacturer and marketer of 100 percent certified organic cotton clothing. Pugh concluded, "Looking ahead, we are encouraged and are anticipating another year of solid growth."
 At its meeting today, the board of directors declared a regular quarterly cash dividend of $.27 per share payable March 20, 1992 to shareholders of record on March 10, 1992.
 VF CORPORATION
 Consolidated Income
 Quarter Ended 1/4/92 12/29/90 (B)
 (In thousands) (A)
 Net sales 850,271 687,603
 Costs and expenses 772,575 695,912
 Income (loss) before income taxes 77,696 (8,309)
 Income taxes 29,299 1,624
 Net income (loss) 48,397 (9,933)
 Earnings (loss) per common share
 Primary .83 (.19)
 Fully diluted .79 (.19)
 Average number of common
 shares outstanding 57,345 57,013
 Year Ended 1/4/92 12/29/90 (B)
 (In thousands) (A)
 Net sales 2,952,433 2,612,613
 Costs and expenses 2,689,236 2,469,529
 Income before income taxes 263,197 143,084
 Income taxes 101,867 61,960
 Net income 161,330 81,124
 Earnings per common share
 Primary 2.75 1.35
 Fully Diluted 2.62 1.33
 Average number of common
 shares outstanding 57,152 57,122
 (A) Except per share amounts
 (B) Includes restructuring costs of $33.2 million before income taxes ($.34 per share) for the quarter and $42.3 million before income taxes ($.43 per share) for the year.
 VF CORPORATION
 Consolidated Balance Sheets
 1/4/92 12/29/90
 (In thousands)
 ASSETS
 Cash 162,292 62,015
 Accounts receivable 333,073 301,032
 Inventories 537,027 436,657
 Property, plant & equipment 577,019 537,178
 Intangible assets 422,098 427,321
 Other assets 95,404 88,626
 Total 2,126,913 1,852,829
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities 510,776 351,462
 Long-term debt 583,209 585,142
 Other liabilities 87,093 89,616
 Redeemable preferred stock, net 7,757 3,483
 Common shareholders' equity 938,078 823,126
 Total 2,126,913 1,852,829
 VF Corporation is the world's largest publicly owned apparel company and is a leader in the jeanswear, casual/sportswear, intimate apparel and occupational apparel markets. Its principal brands are Lee, Wrangler, Rustler, Girbaud, Bassett-Walker, Jantzen JanSport, Vanity Fair, Vassarette, Barbizon, Lollipop by Modern Globe, Red Kap, WorkWear and Health-tex. In 1990, VF ranked 171st in Fortune's "500 Largest U.S. Industrial Corporations."
 -0- 2/18/92
 /CONTACT: Gerard G. Johnson, vice president and CFO of VF Corporation, 215-378-1151/
 (VFC) CO: VF Corporation ST: Pennsylvania IN: REA SU: ERN


KD-KW -- NY036 -- 9875 02/18/92 11:15 EST
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