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VF ANNOUNCES RECORD SALES AND EARNINGS FOR 1992 AND DECLARES DIVIDEND

 WYOMISSING, Pa., Feb. 9 /PRNewswire/ -- VF Corporation (NYSE: VFC) today announced record sales and earnings for its fourth quarter and fiscal year ended Jan. 2, 1993.
 Sales for the year reached $3.8 billion, a 30 percent increase over 1991. Net income increased 47 percent to $237 million ($3.97 per share) from $161 million ($2.75 per share) in the prior year.
 Fourth quarter sales in 1992 increased by 21 percent to $1.0 billion from $850 million in the same quarter of 1991. Earnings increased 46 percent to $71 million ($1.18 per share) compared with $48 million ($.83 per share) in the 1991 quarter. Included in the fourth quarter and full year earnings is a $.07 per share charge relating to recognition of postretirement benefits and a $.24 per share benefit due to a tax refund.
 "We are extremely proud of our VF associates who have worked so hard to produce another record year for our shareholders," said Lawrence R. Pugh, chairman, president and chief executive officer. "We are especially pleased that the sales increases were achieved across the board, with double-digit increases in our jeanswear, activewear, international and other business groups. Profitability improved as well, with margins expanding in jeanswear and intimate apparel. The small decrease in full year operating profits in the company's international operations is due primarily to an expanded marketing program for Lee Jeans in Europe," Mr. Pugh said.
 "This past year has been one of tangible accomplishments," Mr. Pugh continued. "In addition to our top and bottom line performance, our strategic acquisition program has yielded us strong new intimate apparel brands in Europe. The recent common stock offering has strengthened our balance sheet, and most VF divisions have made progress in developing internal growth opportunities."
 "In 1993, we will be concentrating on effectively managing the robust growth we have enjoyed over the past two years and realizing the bottom line benefits of this increased rating our latest acquisitions, Vivesa an d JBE, into our operations, expanding further our flow replenishment programs with our retail partners and continuing to fine-tune our brand strategies."
 At its meeting today, the board of directors declared a regular quarterly cash dividend of $.30 per share payable March 19, 1993, to shareholders of record on March 9, 1993.
 VF O?RATION
 Consolidated Income
 (In thousands, except per-share amounts)
 Quarter ended 1/2/93(A) 1/4/92
 Net sales $1,029,019 $850,271
 Costs and expenses 924,514 772,575
 Income before income taxes 104,505 77,696
 Income taxes 33,924 29,299
 Net income 70,581 48,397
 Earnings per common share
 Primary $1.18 $0.83
 Fully diluted 1.14 0.79
 Average number of common
 shares outstanding 59,117 57,345
 Year ended 1/2/93(A) 1/4/92
 Net sales $3,824,449 $2,952,433
 Costs and expenses 3,448,676 2,689,236
 Income before income taxes 375,773 263,197
 Income taxes 138,742 101,867
 Net income 237,031 161,330
 Earnings per common share
 Primary $3.97 $2.75
 Fully diluted 3.85 2.62
 Average number of common
 shares outstanding 58,608 57,152
 (A) -- A refund of prior year's income taxes and related interest income increased net income by $14.4 million ($.24 per share), and recognition of cumulative postretirement benefits reduced net income by $4.1 million ($.07 per share).
 Consolidated Balance Sheets
 (In thousands)
 1/2/93 1/4/92
 Assets
 Cash $86,320 $162,292
 Accounts receivable 493,030 333,073
 Inventories 742,474 537,027
 Property, plant and equipment 711,087 577,019
 Intangible assets 554,703 422,098
 Other assets 124,766 95,404
 Total 2,712,380 2,126,913
 Liabilities and Shareholders' Equity
 Current liabilities $684,002 $510,776
 Long-term debt 767,641 583,209
 Other liabilities 95,248 87,093
 Redeemable preferred stock, net 11,518 7,757
 Common shareholders' equity 1,153,971 938,078
 Total 2,712,380 2,126,913
 VF Corporation is an international apparel company headquartered in Wyomissing and is a leader in the jeanswear, activewear, intimate apparel 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 1991, VF ranked 152nd in Fortune's "500 Largest U.S. Industrial Corporations."
 -0- 2/9/93
 /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

CK-LR -- NY021 -- 4545 02/09/93 10:29 EST
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Date:Feb 9, 1993
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