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VF ANNOUNCES RECORD SECOND QUARTER SALES AND EARNINGS; RAISES FULL YEAR EARNINGS GROWTH TARGET AND DECLARES DIVIDEND

 VF ANNOUNCES RECORD SECOND QUARTER SALES AND EARNINGS;
 RAISES FULL YEAR EARNINGS GROWTH TARGET AND DECLARES DIVIDEND
 WYOMISSING, Pa., July 22 /PRNewswire/ -- VF Corporation (NYSE: VFC) today announced record results for the second quarter and six months ended July 4, 1992. Net income jumped 51 percent to $46.2 million or 77 cents per share in the second quarter from $30.7 million or 52 cents per share in last year's quarter. Sales for the second quarter rose 30 percent to $853 million, compared with $654 million in the 1991 period.
 For the first six months of 1992, net income advanced 52 percent to $89.9 million or $1.50 per share, compared with $59.2 million or $1.00 per share in the prior year. Sales increased 32 percent to $1,670 million from $1,267 million in the prior year period.
 "The momentum created during the past several months is continuing," said Lawrence R. Pugh, chairman, president and chief executive officer. He noted that the corporation's jeanswear business is driving the positive comparisons, with sales and operating profit up 37 percent and 55 percent, respectively. Significant gains were also made in the activewear category.
 "Our businesses are strong due to four primary factors," Pugh continued. "First, the jeans and denim market continues to be healthy, benefiting Lee, Wrangler, Girbaud and our other jeans brands. Second, the specific product values VF is offering to consumers fit perfectly with the demographics and more casual lifestyles of the '90s. Third and perhaps most importantly, VF can couple these product values with leading brand names that consumers know and trust. Finally, the flow replenishment systems we have instituted with many retailers across the country are enabling us to get the right product on the shelf when the consumer wants it." Pugh also noted that $98 million of sales in the first half of 1992 came from companies acquired during the past year, including Valero, Health-tex, Barbizon and WorkWear.
 Commenting on VF's prospects for the full year, Pugh said, "Based on these positive results, we are increasing our full year earnings growth target to 25-30 percent from an earlier estimate of 10-15 percent." VF reported earnings per share of $2.75 in 1991.
 The board of directors declared a regular quarterly cash dividend of 27 cents per share payable Sept. 18, 1992, to shareholders of record as of the close of business on Sept. 8, 1992.
 VF CORPORATION
 Consolidated Income
 (In thousands except per share amounts)
 Three Months Six Months
 7/4/92 6/29/91 7/4/92 6/29/91
 Net sales $852,544 $654,010 $1,670,136 $1,267,318
 Costs and expenses 777,213 603,695 1,523,178 1,169,692
 Income before
 income taxes 75,331 50,315 146,958 97,626
 Income taxes 29,129 19,664 57,064 38,446
 Net income $ 46,202 $ 30,651 $ 89,894 $ 59,180
 Earnings per common share:
 Primary $.77 $.52 $1.50 $1.00
 Fully diluted $.75 $.50 $1.45 $ .97
 Average number of common
 shares outstanding 58,494 57,058 58,306 57,038
 VF CORPORATION
 Consolidated Balance Sheets
 (In thousands)
 7/4/92 6/29/91
 ASSETS
 Cash $ 6,824 $ 31,787
 Accounts receivable 516,432 375,142
 Inventories 726,005 531,302
 Property, plant and equipment 615,588 537,504
 Intangible assets 468,183 428,210
 Other assets 120,067 82,488
 Total $2,453,099 $1,986,433
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current liabilities $ 747,603 $ 420,612
 Long-term debt 587,308 634,072
 Other liabilities 90,661 90,254
 Redeemable preferred stock, net 9,678 5,668
 Common shareholders' equity 1,017,849 835,827
 Total $2,453,099 $1,986,433
 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, Red Kap, WorkWear and Health-tex. In 1991, VF ranked 152nd in Fortune's "500 Largest U.S. Industrial Corporations."
 -0- 7/22/92
 /CONTACT: Gerard G. Johnson, vice president and chief financial officer of VF, 215-378-1151/
 (VFC) CO: VF Corporation ST: Pennsylvania IN: TEX SU: ERN DIV


GK-SM -- NY024 -- 1802 07/22/92 10:55 EDT
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Date:Jul 22, 1992
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