<SEC-DOCUMENT>0001157523-16-005332.txt : 20160429
<SEC-HEADER>0001157523-16-005332.hdr.sgml : 20160429
<ACCEPTANCE-DATETIME>20160429065526
ACCESSION NUMBER:		0001157523-16-005332
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160429
DATE AS OF CHANGE:		20160429

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			V F CORP
		CENTRAL INDEX KEY:			0000103379
		STANDARD INDUSTRIAL CLASSIFICATION:	MEN'S & BOYS' FURNISHINGS, WORK CLOTHING, AND ALLIED GARMENTS [2320]
		IRS NUMBER:				231180120
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05256
		FILM NUMBER:		161602424

	BUSINESS ADDRESS:	
		STREET 1:		105 CORPORATE CENTER BOULEVARD
		CITY:			GREENSBORO
		STATE:			NC
		ZIP:			27408
		BUSINESS PHONE:		(336)424-6000

	MAIL ADDRESS:	
		STREET 1:		P. O. BOX 21488
		CITY:			GREENSBORO
		STATE:			NC
		ZIP:			27420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VF CORPORATION
		DATE OF NAME CHANGE:	19900621

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VANITY FAIR MILLS INC
		DATE OF NAME CHANGE:	19690520
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51331253.htm
<DESCRIPTION>V.F. CORPORATION 8-K
<TEXT>
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    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-size: 10pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="margin-left: 30.0px; text-align: left">
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>PURSUANT
      TO SECTION 13 OR 15(d) OF</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>THE
      SECURITIES EXCHANGE ACT OF 1934</b></font><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>Date of Report (Date of earliest</b></font><b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">event
            reported):</font></b>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 60%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>April 29, 2016</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <br>

    </p>
    <p style="text-align: left">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>V.F.
      Corporation</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>(Exact
      Name of Registrant as Specified in Charter)</b></font><br><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Pennsylvania</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1-5256</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>23-1180120</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(State or Other Jurisdiction</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>of Incorporation)</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Commission</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>File Number)</b>
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(IRS Employer</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 36%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>105 Corporate Center Boulevard</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Greensboro, North Carolina</b>
          </p>
        </td>
        <td style="width: 31%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>27408</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 36%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of Principal Executive</b></font>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>Offices)</b></font>
          </p>
        </td>
        <td style="width: 31%">

        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 40%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Registrant&#8217;s telephone number,<br>including area code
          </p>
        </td>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 60%">
          336-424-6000
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">
      <br>
      <br>

    </p>
    <p style="font-size: 10pt; margin-left: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p style="font-size: 10pt; margin-left: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="font-size: 10pt; margin-left: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="font-size: 10pt; margin-left: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="font-size: 10pt; margin-left: 30.0px; font-family: Times New Roman">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="font-size: 10pt; margin-left: 30.0px; font-family: Times New Roman">

    </p>
    <hr style="text-align: center; color: #000000; height: 1.5 pt; width: 100%">
    <hr style="text-align: center; color: #000000; height: 1.5 pt; width: 100%">
    <hr style="text-align: center; color: #000000; height: 1.5 pt; width: 100%">


    <p style="text-align: left">

    </p>
    <p style="text-align: left">

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>
      <b>Item 7.01. &#160;Regulation FD Disclosure.</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      The following information is furnished pursuant to Item 2.02, &#8220;Results
      of Operations and Financial Condition,&#8221; and Item 7.01, &#8220;Regulation FD
      Disclosure.&#8221;
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      On April 29, 2016, V.F. Corporation issued a press release setting forth
      its first quarter 2016 earnings.&#160;&#160;A copy of the press release is
      attached hereto as Exhibit 99 and hereby incorporated by reference.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt; font-family: Times New Roman">
      In accordance with General Instruction B.2 of Form 8-K, the information
      in this Current Report on Form 8-K, including Exhibit 99, shall not be
      deemed to be &#8220;filed&#8221; for purposes of Section 18 of the Securities
      Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise
      subject to the liability of that section, and shall not be incorporated
      by reference into any registration statement or other document filed
      under the Securities Act of 1933, as amended, or the Exchange Act,
      except as shall be expressly set forth by specific reference in such
      filing.
    </p>
    <p>
      <b>Item 9.01. &#160;Financial Statements and Exhibits.</b>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%">
          (d)
        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          Exhibits.
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 92%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 92%">
          The following is furnished as an exhibit to this report:
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="middle" style="text-align: left; padding-left: 0.0px; width: 92%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 4%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 92%">
          V.F. Corporation press release dated April 29, 2016.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <hr style="text-align: center; color: #000000; height: 1.5 pt; width: 100%">


    <p style="text-align: left">

    </p>
    <p style="text-align: left">

    </p>
    <p style="text-align: left">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: left">
      <br>
      <br>
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p>

    </p>
    <p style="text-align: left">
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td colspan="3" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>V.F. CORPORATION</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant)
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 28%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 28%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px; width: 2%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="text-align: left; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black; width: 28%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Scott A. Roe
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Scott A. Roe
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President &amp; Chief Financial Officer<br>(Chief Financial
            Officer)
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 50%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 28%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 50%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 29, 2016
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 28%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      EXHIBIT&#160;INDEX
    </p>
    <p style="text-align: center">
      <br>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 13%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit No.</u>
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 87%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 13%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 87%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px; width: 13%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;&#160;&#160;&#160;&#160;&#160;&#160;99
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 87%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            V.F. Corporation press release dated April 29, 2016.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">

    </p>
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<TYPE>EX-99
<SEQUENCE>2
<FILENAME>a51331253ex99.htm
<DESCRIPTION>EXHIBIT 99
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>VF
      Reports First Quarter 2016 Results</b></font>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>First
        quarter revenue in line with last year at $2.8 billion (up 2 percent
        currency neutral).</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Top
        five brands&#8217; revenue up 2 percent (up 4 percent currency neutral).</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Outdoor
        &amp; Action Sports and Jeanswear revenue both up 2 percent (up 4 percent
        currency neutral).</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>Direct-to-consumer
        revenue up 7 percent (up 8 percent currency neutral).</b></font>
      </li>
      <li style="margin-bottom: 10.0px">
        <font style="font-size: 12pt; font-family: Times New Roman"><b>International
        revenue up 1 percent (up 4 percent currency neutral).</b></font>
      </li>
    </ul>
    <p>
      GREENSBORO, N.C.--(BUSINESS WIRE)--April 29, 2016--VF Corporation (NYSE:
      VFC) today reported financial results for its first quarter ended April
      2, 2016. All per share amounts are presented on a diluted basis. This
      release refers to &#8220;currency neutral&#8221; and &#8220;reported&#8221; amounts, terms that
      are described under the &#8220;Currency Neutral &#8211; Excluding the Impact of
      Foreign Currency&#8221; paragraph. Reconciliations of GAAP measures to
      currency neutral amounts are presented in the supplemental financial
      information included with this release, which identifies and quantifies
      all excluded items. Unless otherwise noted, currency neutral and
      reported amounts are the same.
    </p>
    <p>
      &#8220;Our first quarter results demonstrate the ability of our diversified
      business model to perform as expected in an inconsistent environment,&#8221;
      said Eric Wiseman, VF Chairman and Chief Executive Officer. &#8220;By
      leveraging our strengths &#8211; driving innovation into the marketplace,
      connecting with consumers and operating with financial discipline &#8211; we
      are on track to deliver results consistent with our 2016 outlook, while
      also delivering on our commitment to shareholders.&#8221;
    </p>
    <p>
      <i><b>Income Statement Review</b></i>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Revenue</b> was in line with last year at $2.8 billion (up 2
        percent currency neutral) driven by strength in our Outdoor &amp; Action
        Sports and Jeanswear coalitions and our direct-to-consumer and
        international businesses.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Gross margin </b>was 48.2 percent on a reported basis, down 80
        basis points compared with the same quarter last year as benefits from
        lower product costs, pricing and the continued mix shift to higher
        margin businesses were offset by 100 basis points from changes in
        foreign currency and proactive inventory management efforts.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Operating income</b> on a reported basis was down 15 percent to
        $336 million compared with the same period of 2015. Operating margin
        on a reported basis declined 220 basis points to 11.8 percent. As a
        reminder, in the first quarter of 2015, we recognized a one-time gain
        on the sale of a <i>VF Outlet<sup>&#174;</sup></i> location. Excluding
        this transaction and a 90 basis point headwind from changes in foreign
        currency rates, operating margin declined 70 basis points.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Earnings per share</b> was $0.61 per share compared with $0.67 per
        share during the same period last year. Excluding the negative impact
        of foreign currency, first quarter earnings per share was flat.
      </li>
    </ul>
    <p>
      <i><b>Coalition Review</b></i>
    </p>
    <p>
      First quarter revenue for <b>Outdoor &amp; Action Sports</b> was up 2
      percent (up 4 percent currency neutral) to $1.6 billion.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenue for <i>The North Face<sup>&#174;</sup></i> brand was up 6
        percent (up 8 percent currency neutral) driven by a low single-digit
        percentage rate increase in the Americas; a high-teen percentage rate
        increase in Europe; and, a mid-single-digit percentage rate increase
        in Asia-Pacific (up high single-digit currency neutral).
      </li>
      <li style="margin-bottom: 10.0px">
        In line with expectations, <i>Vans<sup>&#174;</sup></i> brand revenue
        was down 1 percent (up 2 percent currency neutral) including a
        mid-single-digit increase in the Americas business (up high
        single-digit currency neutral); a high single-digit increase in
        Asia-Pacific (up low double-digit currency neutral); and a mid-teen
        percentage rate decrease in Europe where the brand continues to manage
        through elevated inventories related to its Classics collection.
      </li>
      <li style="margin-bottom: 10.0px">
        <i>Timberland<sup>&#174;</sup> </i>brand revenue was up 2 percent (up
        3 percent currency neutral) in the first quarter including a low
        single-digit increase (up mid-single-digit currency neutral) in the
        Americas region; a mid-single-digit increase in Europe; and a
        mid-single-digit decline in Asia-Pacific (down low single-digit
        currency neutral).
      </li>
    </ul>
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    <p>
      First quarter operating income for Outdoor &amp; Action Sports declined 13
      percent to $228 million (flat currency neutral). Operating margin was
      13.9 percent compared to 16.2 percent in the same period last year. More
      than half of this decrease was due to foreign currency fluctuations.
    </p>
    <p>
      <b>Jeanswear</b> first quarter revenue was up 2 percent (up 4 percent
      currency neutral) to $711 million.
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        First quarter revenue for the <i>Wrangler<sup>&#174;</sup></i> brand
        was up 2 percent (up 4 percent currency neutral) with low single-digit
        growth in the Americas business (up mid-single-digit currency
        neutral); a mid-single-digit decline in Europe (down low single-digit
        currency neutral); and a low single-digit decline (up mid-single-digit
        currency neutral) in the Asia-Pacific region.
      </li>
      <li style="margin-bottom: 10.0px">
        Revenue for the <i>Lee<sup>&#174;</sup></i><sup> </sup>brand was up 1
        percent (up 4 percent currency neutral) including low single-digit
        growth in the Americas region (up mid-single-digit currency neutral);
        mid-single-digit growth in Europe (up high single-digit currency
        neutral); and a low single-digit decline (up mid-single-digit currency
        neutral) in the Asia-Pacific region.
      </li>
    </ul>
    <p>
      Operating income for Jeanswear in the first quarter was up 4 percent to
      $137 million, with a 40 basis point increase in operating margin to 19.3
      percent.
    </p>
    <p>
      <b>Imagewear</b> first quarter revenue was down 5 percent to $269
      million (down 4 percent currency neutral) with the Licensed Sports Group
      business remaining flat and a high single-digit decline in the workwear
      business, which continues to be impacted by considerably less oil and
      gas exploration. First quarter operating income for Imagewear was flat
      at $42 million, with an 80 basis point increase in operating margin to
      15.4 percent, driven by pricing and changes in foreign currency rates
      related to our manufacturing operations.
    </p>
    <p>
      <b>Sportswear</b> first quarter revenue declined 13 percent to $118
      million including a 14 percent decrease in <i>Nautica<sup>&#174; </sup></i>brand
      revenues and an 8 percent decrease in the <i>Kipling<sup>&#174;</sup></i>
      brand&#8217;s North American business compared with the same period last year,
      reflecting ongoing challenges in demand for the sector. Additionally,
      the strategic decision to license the women&#8217;s sleepwear and men&#8217;s
      underwear businesses negatively impacted <i>Nautica<sup>&#174;</sup></i>
      brand revenue by about 6 percentage points in the quarter. Operating
      income for Sportswear decreased 63 percent to $5 million with a 550
      basis point decrease in operating margin to 4.0 percent.
    </p>
    <p>
      <b>Contemporary Brands&#8217;</b> first quarter revenue was down 15
      percent to $74 million, including a 53 percent decline in operating
      income.
    </p>
    <p>
      <i><b>International Review</b></i>
    </p>
    <p>
      International revenue in the first quarter was up 1 percent (up 4
      percent currency neutral). Revenue in Europe was up 1 percent (up 2
      percent currency neutral) and in the Asia-Pacific region was up 2
      percent (up 6 percent currency neutral). Revenue in the Americas
      (non-U.S.) region was down 1 percent (up 12 percent currency neutral).
      The international business represented 41 percent of total VF first
      quarter sales, compared with 40 percent in last year&#8217;s same period.
    </p>
    <p>
      <i><b>Direct-to-Consumer Review</b></i>
    </p>
    <p>
      Direct-to-consumer revenue was up 7 percent (up 8 percent currency
      neutral) in the first quarter driven by low double-digit growth in the
      Outdoor &amp; Action Sports business, which was offset by a mid-teen
      percentage rate decline in Sportswear and a high single-digit decline in
      the Contemporary Brands coalition. There were 1,541 VF-owned retail
      stores at the end of the quarter. Direct-to-consumer revenue reached 26
      percent of total revenue in the first quarter compared with 24 percent
      in the 2015 period.
    </p>
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    </div>
    <p>
      <i><b>Balance Sheet Review</b></i>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Inventories </b>were up 9 percent compared with the same period of
        2015. As noted in February, about half of this amount is related
        specifically to core styles of cold-weather product positioned to fill
        demand in the second half of 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        During the first quarter, the company purchased 11.3 million of its
        shares for $714 million at an average price of $63.13 under a program
        authorized by its Board of Directors. There are approximately 19
        million remaining shares authorized for purchase.
      </li>
    </ul>
    <p>
      <i><b>2016 Outlook Highlights</b></i>
    </p>
    <p>
      There are no changes to management&#8217;s full-year outlook given on February
      19, 2016:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        <b>Revenue</b> is expected to increase at a mid-single-digit
        percentage rate, including about one percentage point of negative
        impact from changes in foreign currency.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Gross margin</b> is expected to improve by about 50 basis points to
        48.8 percent, which includes about 70 basis points of headwind from
        changes in foreign currency.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Operating margin</b> is expected to reach 14.4 percent, including
        about 70 basis points from the anticipated negative impact of changes
        in foreign currency.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Earnings per share</b>, on a currency neutral basis, is expected to
        increase 11 percent (up 5 percent reported) compared to an adjusted
        EPS of $3.08 in 2015. As a reminder, 2015 adjusted earnings per share
        excluded the negative impact of a $0.23 per share noncash impairment
        charge recorded in the fourth quarter of 2015 to reduce the carrying
        value of intangible assets related to our <i>7 For All Mankind<sup>&#174;</sup></i>,
        <i>Ella Moss<sup>&#174;</sup> </i>and <i>Splendid<sup>&#174;</sup></i>
        brands. On a reported basis, 2015 earnings per share was $2.85.
      </li>
      <li style="margin-bottom: 10.0px">
        <b>Cash flow from operations</b> is expected to reach $1.3 billion.
      </li>
    </ul>
    <p>
      Revenue in the first half is expected to be flat on a reported basis, up
      at a low single-digit percentage rate currency neutral. First half
      earnings per share should be down at a low double-digit percentage rate
      on a reported basis, down low single-digit currency neutral. As a
      reminder, the second quarter of 2015 benefitted by $0.02 in earnings per
      share from a lower tax rate primarily due to the settlement of prior
      years&#8217; tax audits. We continue to expect currency neutral revenue growth
      in the second half of 2016 to increase at a high single-digit percentage
      rate, with the strongest performance coming in the fourth quarter. We
      expect second half reported earnings per share to increase at a mid-teen
      percentage rate, or up at a high-teen percentage rate currency neutral.
    </p>
    <p>
      <i><b>Dividend Declared</b></i>
    </p>
    <p>
      VF&#8217;s Board of Directors declared a quarterly dividend of $0.37 per
      share, payable on June 20, 2016, to shareholders of record on June 10,
      2016.
    </p>
    <p>
      <i><b>Currency Neutral &#8211; Excluding the Impact of Foreign Currency</b></i>
    </p>
    <p>
      This release refers to &#8220;currency neutral&#8221; amounts, which <u>exclude</u>
      both the impact of translating foreign currencies into U.S. dollars and
      the impact of currency rate changes on foreign currency denominated
      transactions. This release also refers to &#8220;reported&#8221; amounts in
      accordance with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;),
      which <u>include</u> translation and transactional impacts from foreign
      currency exchange rates. Reconciliations of GAAP measures to currency
      neutral amounts for the first quarter of 2016 are presented in the
      supplemental financial information included with this release, which
      identify and quantify all excluded items.
    </p>
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    </div>
    <p>
      <i><b>Webcast Information</b></i>
    </p>
    <p>
      VF will hold its 2016 first quarter conference call and webcast today at
      8:30 a.m. Eastern Time. Interested parties should call (888) 204-4610
      (U.S.) or (913) 981-5590 (international) to access the call. The
      conference call will be broadcast live and accessible at <u>www.vfc.com</u>.
      A replay of the conference call will be available through May 6, 2016 at
      the same location or via telephone at 877-870-5176 (access code:
      4650569).
    </p>
    <p>
      <i><b>About VF</b></i>
    </p>
    <p>
      VF Corporation (NYSE: VFC) is a global leader in the design,
      manufacture, marketing and distribution of branded lifestyle apparel,
      footwear and accessories. The company&#8217;s highly diversified portfolio of
      30 powerful brands spans numerous geographies, product categories,
      consumer demographics and sales channels, giving VF a unique industry
      position and the ability to create sustainable, long-term growth for our
      customers and shareholders. The company&#8217;s largest brands are&#160;<i>The
      North Face<sup>&#174;</sup></i>,&#160;<i>Vans<sup>&#174;</sup>,
      Timberland<sup>&#174;</sup>, Wrangler<sup>&#174;</sup>, Lee<sup>&#174;</sup>
      </i>and<i> Nautica<sup>&#174;</sup>. </i>For more information, visit&#160;<u>www.vfc.com</u>.
    </p>
    <p>
      <i><b>Forward-looking Statements</b></i>
    </p>
    <p>
      Certain statements included in this release and the attachments are
      &quot;forward-looking statements&quot; within the meaning of the federal
      securities laws. Forward-looking statements are made based on our
      expectations and beliefs concerning future events impacting VF and
      therefore involve a number of risks and uncertainties. You can identify
      these statements by the fact that they use words such as &#8220;will,&#8221;
      &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;should,&#8221; and &#8220;may&#8221; and other words
      and terms of similar meaning or use of future dates. We caution that
      forward-looking statements are not guarantees and that actual results
      could differ materially from those expressed or implied in the
      forward-looking statements. Potential risks and uncertainties that could
      cause the actual results of operations or financial condition of VF to
      differ materially from those expressed or implied by forward-looking
      statements in this release include, but are not limited to: foreign
      currency fluctuations; the level of consumer demand for apparel,
      footwear and accessories; disruption to VF&#8217;s distribution system; VF's
      reliance on a small number of large customers; the financial strength of
      VF's customers; VF's ability to implement its business strategy; VF's
      ability to grow its international and direct-to-consumer businesses;
      VF&#8217;s and its customers&#8217; and vendors&#8217; ability to maintain the strength
      and security of information technology systems; stability of VF's
      manufacturing facilities and foreign suppliers; continued use by VF's
      suppliers of ethical business practices; VF&#8217;s ability to accurately
      forecast demand for products; VF's ability to protect trademarks and
      other intellectual property rights; possible goodwill and other asset
      impairment; changes in tax liabilities; legal, regulatory, political and
      economic risks; and adverse or unexpected weather conditions. More
      information on potential factors that could affect VF's financial
      results is included from time to time in VF's public reports filed with
      the Securities and Exchange Commission, including VF's Annual Report on
      Form 10-K and Quarterly Reports on Form 10-Q.
    </p>
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      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="12" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>VF CORPORATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Condensed Consolidated Statements of Income</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(In thousands, except per share amounts</b>)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Three Months Ended March</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            %
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2016*</b>
        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Change</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Net sales</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,809,124
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,803,302
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Royalty income</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          30,176
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          33,999
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          (11
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Total revenues</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          2,839,300
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          2,837,301
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          0
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Costs and operating expenses</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cost of goods sold
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,472,006
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,446,547
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Selling, general and administrative expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          1,031,042
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          992,919
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Total costs and operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          2,503,048
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          2,439,466
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          3
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Operating income</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          336,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          397,835
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (15
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Interest, net</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (20,155
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (19,751
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Other income (expense), net</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          1,290
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          828
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          56
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          317,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          378,912
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (16
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Income taxes</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          57,118
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          90,203
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          (37
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Net income</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          260,269
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          288,709
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          (10
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Earnings per common share</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.62
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.68
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (9
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.61
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.67
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (9
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Weighted average shares outstanding</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Basic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          421,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          426,255
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Diluted
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          429,133
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          434,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Cash dividends per common share</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.37
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          16
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="12" valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Basis of presentation of condensed consolidated financial
            statements: </b>VF operates and reports using a 52/53
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            week fiscal year ending on the Saturday closest to December 31 of
            each year. For presentation purposes herein,
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            all references to periods ended March 2016, December 2015 and
            March 2015 relate to the 13-week fiscal period
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            ended April 2, 2016, the 52-week fiscal period ended January 2,
            2016 and the 13-week fiscal period ended April
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            4, 2015, respectively.
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>* </b>Reflects the impact of adopting the new accounting
            guidance on stock compensation as of the beginning of the
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            first quarter of 2016, which resulted in a $15.8 million tax
            benefit in the consolidated statement of income
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            for the three months ended March 2016.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="10" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>VF CORPORATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Condensed Consolidated Balance Sheets</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(In thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>March</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>December</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2016</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2015</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2015*</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Current assets</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cash and equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          585,835
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          945,605
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          655,483
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Accounts receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,293,275
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,319,558
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,283,216
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,762,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,611,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,624,234
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          331,196
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          285,979
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          365,169
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,972,874
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,163,136
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,928,102
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Property, plant and equipment</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          986,162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          988,159
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          911,478
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Intangible assets</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,170,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,112,619
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,291,505
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Goodwill</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,804,094
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,788,407
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,795,359
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Other assets</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          898,316
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          587,221
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          672,261
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Total assets</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9,832,263
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9,639,542
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9,598,705
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>LIABILITIES AND STOCKHOLDERS' EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Current liabilities</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Short-term borrowings
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,137,205
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          449,590
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,067,961
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,384
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          429,694
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          689,594
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          457,744
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Accrued liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          959,079
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          789,250
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          743,176
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,529,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,941,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,272,265
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Long-term debt</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,401,233
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,401,820
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,413,333
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Other liabilities</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          1,007,617
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          911,171
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          1,008,842
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Total liabilities</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,938,317
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,254,704
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,694,440
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Stockholders' equity</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          4,893,946
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          5,384,838
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          4,904,265
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Total liabilities and stockholders' equity</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9,832,263
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9,639,542
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9,598,705
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="10" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>* </b>Reflects the impact of adopting the new accounting
            guidance on classification of debt issuance costs and deferred
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            income taxes as of December 2015 on a retrospective basis. The new
            guidance requires classification of debt issuance
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            costs related to a recognized debt liability as a direct reduction
            of that liability, and classification of all
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            deferred taxes as noncurrent.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="9" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>VF CORPORATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Condensed Consolidated Statements of Cash Flows</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(In thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Three Months Ended March</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2016</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2015*</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Operating activities</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          260,269
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          288,709
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          68,030
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          65,880
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other adjustments
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (473,885
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (755,535
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cash used by operating activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (145,586
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (400,946
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Investing activities</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Capital expenditures
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (36,336
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (33,028
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Software purchases
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (6,335
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (36,708
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other, net
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (587
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          10,617
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cash used by investing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (43,258
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (59,119
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Financing activities</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Net increase in short-term borrowings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          685,985
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,047,660
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Payments on long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (10,695
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (1,414
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Purchases of treasury stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (713,767
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (730,811
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cash dividends paid
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (155,584
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (135,912
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Net impact of stock issuance
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          4,102
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (4,107
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Cash (used) provided by financing activities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (189,959
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          175,416
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          <b>Effect of foreign currency rate changes on cash and equivalents</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          19,033
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (31,763
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Net change in cash and equivalents</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (359,770
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (316,412
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          <b>Cash and equivalents - beginning of year</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          945,605
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          971,895
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 5.0px">
          <b>Cash and equivalents - end of period</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          585,835
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          655,483
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="8" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>* </b>Reflects the impact of adopting the new accounting
            guidance on stock compensation as of the beginning of the first
            quarter of
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            2016, which resulted in a $29.7 million reclassification of cash
            flows from financing activities to operating activities in the
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            consolidated statement of cash flows for the three months ended
            March 2015.
          </p>
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="15" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>VF CORPORATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Supplemental Financial Information</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Business Segment Information</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(In thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2" valign="bottom" rowspan="3" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>% Change</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Currency</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Neutral**</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Three Months Ended March</b>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          <b>%</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2016</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>2015</b>
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Change</b>
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Coalition revenues</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Outdoor &amp; Action Sports
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,644,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,606,889
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Jeanswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          710,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          699,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Imagewear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          269,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          282,896
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (4
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Sportswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          118,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          135,657
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (13
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (13
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Contemporary Brands
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          74,356
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          87,537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (15
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (15
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          22,437
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          24,667
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          (9
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          (9
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 5.0px">
          Total coalition revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          2,839,300
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          2,837,301
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          0
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Coalition profit</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Outdoor &amp; Action Sports
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          227,771
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          260,820
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (13
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Jeanswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          137,294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          131,932
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Imagewear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          41,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          41,347
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Sportswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          12,841
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (63
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (63
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Contemporary Brands
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,540
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (53
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (51
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (2,358
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          14,527
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px">
          *
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px">
          *
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Total coalition profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          410,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          465,007
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (12
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (5
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Corporate and other expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (73,125
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (66,344
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          10
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          10
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Interest, net</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (20,155
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (19,751
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          2
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 2.0px; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          317,387
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          378,912
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          (16
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          (8
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-bottom: 4.0px; padding-right: 0.0px; padding-left: 0.0px">
          %)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>*</b> Calculation not meaningful
        </td>
      </tr>
      <tr>
        <td colspan="15" valign="top" style="text-align: left; padding-left: 0.0px">
          <b>** </b>Refer to currency neutral definition on following page
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-left: 0pt; width: 100%; margin-right: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px">
      <tr>
        <td colspan="13" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>VF CORPORATION</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Supplemental Financial Information</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Business Segment Information &#8211; Currency Neutral Basis</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(Unaudited)</b>
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(In thousands)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="11" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Three Months Ended March 2016</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>As Reported</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; padding-left: 0.0px">
          <b>Adjust for Foreign</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>under GAAP</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Currency Exchange</b>
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="text-align: center; border-bottom-style: solid; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          <b>Currency Neutral</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Coalition revenues</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Outdoor &amp; Action Sports
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,644,395
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          23,558
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,667,953
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Jeanswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          710,590
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          17,324
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          727,914
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Imagewear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          269,125
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,065
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          270,190
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Sportswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          118,397
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          118,397
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Contemporary Brands
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          74,356
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          78
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          74,434
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          22,437
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          22,437
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 5.0px">
          Total coalition revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          2,839,300
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          42,025
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          2,881,325
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          <b>Coalition profit</b>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Outdoor &amp; Action Sports
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          227,771
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          32,162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          259,933
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Jeanswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          137,294
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (289
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          137,005
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Imagewear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          41,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (2,189
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          39,326
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Sportswear
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,776
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,776
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Contemporary Brands
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,669
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          73
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,742
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (2,358
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (2,358
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 5.0px">
          Total coalition profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          410,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          29,757
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          440,424
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <b>Corporate and other expenses</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (73,125
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (6
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (73,131
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Interest, net</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (20,155
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          -
        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-style: solid; border-bottom-width: 1.0pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          (20,155
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: solid; padding-right: 0.0px; border-bottom-width: 1.0pt; padding-left: 0.0px; border-bottom-color: black">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Income before income taxes</b>
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          317,387
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          29,751
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          347,138
        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          <b>Diluted earnings per share growth</b>
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          (9
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          %)
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          9
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom-style: double; border-bottom-width: 2.25pt; border-bottom-color: black">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          0
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; border-bottom-style: double; padding-right: 0.0px; border-bottom-width: 2.25pt; padding-left: 0.0px; border-bottom-color: black">
          %
        </td>
      </tr>
      <tr>
        <td colspan="5" valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td colspan="13" valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <b>Currency Neutral Financial Information</b>
    </p>
    <p>
      VF is a global company that reports financial information in U.S.
      dollars in accordance with GAAP. Foreign currency exchange rate
      fluctuations affect the amounts reported by VF from translating its
      foreign revenues and expenses into U.S. dollars, and from entering
      foreign currency transactions. These rate fluctuations can have a
      significant effect on reported operating results. As a supplement to our
      reported operating results, we present currency neutral financial
      information, which is a non-GAAP financial measure that excludes the
      incremental current year impact of foreign currency exchange. We use
      currency neutral information to provide a framework to assess how our
      business performed excluding the effects of changes in the rates used to
      calculate foreign currency translation and transaction gains and losses.
      Management believes this information is useful to investors to
      facilitate comparison of operating results and better identify trends in
      our businesses.
    </p>
    <p>
      To calculate foreign currency translation on a currency neutral basis,
      operating results for the current year period for entities reporting in
      currencies other than the U.S. dollar are translated into U.S. dollars
      at the average exchange rates in effect during the comparable period of
      the prior year (rather than the actual exchange rates in effect during
      the current year period). Similarly, transaction gains and losses on a
      currency neutral basis are calculated using exchange rates from the
      comparable period of the prior year.
    </p>
    <p>
      These currency neutral performance measures should be viewed in addition
      to, and not in lieu of or superior to, our operating performance
      measures calculated in accordance with GAAP. The currency neutral
      information presented may not be comparable to similarly titled measures
      reported by other companies.
    </p>
    <p>
      CONTACT:<br><b>VF Corporation</b><br>Lance Allega, 336-424-6082<br>Vice
      President, Investor Relations<br>or<br>Craig Hodges, 336-424-5636<br>Senior
      Director, Corporate Communications<br>
    </p>
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</SEC-DOCUMENT>
