<SEC-DOCUMENT>0001157523-17-002358.txt : 20170814
<SEC-HEADER>0001157523-17-002358.hdr.sgml : 20170814
<ACCEPTANCE-DATETIME>20170814065552
ACCESSION NUMBER:		0001157523-17-002358
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170811
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170814
DATE AS OF CHANGE:		20170814

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:		171026809

	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>a51668107.htm
<DESCRIPTION>V.F. CORPORATION 8-K
<TEXT>
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<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">UNITED STATES</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><br style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">
</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt">SECURITIES AND EXCHANGE COMMISSION</font><b><br>
</b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 11pt">Washington, D.C. 20549</font><br>
<br>
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<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 18pt"><b>FORM 8-K</b></font> </p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>CURRENT REPORT </b></font><br>
<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>PURSUANT TO SECTION 13 OR 15(d)&#160;OF </b></font><br>
<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>THE SECURITIES EXCHANGE ACT OF 1934</b></font> </p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported): August 11, 2017</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
</font><br>
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<p style="TEXT-ALIGN: center"><u style="FONT-SIZE: 16pt"><b>V.F. CORPORATION</b></u><br>
<font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact Name of Registrant as Specified in Its Charter)</font><br>
<br>
</p>

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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Pennsylvania</b> </p>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 34%; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>1-5256</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>23-1180120</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(State or Other Jurisdiction </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">of Incorporation) </p>
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<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px; WIDTH: 34%" valign="bottom">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(Commission </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">File Number) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">(IRS. Employer </p>

<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Identification No.) </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>105 Corporate Center Boulevard</b> </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Greensboro, North Carolina 27408</b> </p>
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<tr>
<td style="TEXT-ALIGN: center; PADDING-LEFT: 0px" valign="bottom"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of Principal Executive Offices)</font> </td>
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<p style="TEXT-ALIGN: center"><b>(336) 424-6000</b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><br style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">
</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Registrant&#8217;s telephone number, including area code)</font> </p>

<p></p>

<p></p>

<p><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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><font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font> </p>

<p><font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font> </p>

<p><font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font> </p>

<p><font style="FONT-FAMILY: Arial Unicode MS; FONT-SIZE: 10pt">&#8414;</font> <font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font> </p>

<p>Indicate by check mark whether the registrant is an emerging growth company&#160;as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </p>

<p>Emerging growth company&#160;&#9744; </p>

<p>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. &#9744; </p>

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<p style="FONT-WEIGHT: bold">Item 7.01. &#160;Regulation FD Disclosure. </p>

<p style="TEXT-INDENT: 90px">On August 11, 2017, V. F. Corporation (the &#8220;Company&#8221;) and Williamson-Dickie Holding Co. (&#8220;Williamson-Dickie&#8221;) entered into an Agreement and Plan of Merger (the &#8220;Merger Agreement&#8221;), pursuant to which the Company has agreed to acquire Williamson-Dickie for approximately $820 million in cash. </p>

<p style="TEXT-INDENT: 90px">The consummation of the transaction contemplated by the Merger Agreement is subject to certain specified closing conditions, including the receipt of certain regulatory approvals and other customary closing conditions. Subject to the satisfaction or waiver of the specified closing conditions and the other terms and conditions contained in the Merger Agreement, the transaction is expected to close early in the fourth quarter of 2017. </p>

<p style="TEXT-INDENT: 90px">The Company issued a press release, dated August 14, 2017, announcing the execution of the Merger Agreement and updating its 2017 outlook and long-term financial targets. A copy of this press release is attached hereto as Exhibit 99.1. </p>

<p></p>

<p><b>Item 9.01. &#160;Financial Statements and Exhibits.</b> </p>

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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px; WIDTH: 2%" valign="top">&#160; </td>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Description</b> </p>
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<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top">99.1 </td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 2%" valign="top"></td>
<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 88%" valign="top">Press Release issued by V.F. Corporation, dated August 14, 2017. </td>
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<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><b>SIGNATURES</b></font> </p>

<p style="TEXT-INDENT: 30px; FONT-SIZE: 10pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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.</font> </p>

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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">V.F. CORPORATION </p>
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<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top" colspan="2">(Registrant) </td>
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<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px" valign="top" colspan="2">&#160; </td>
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<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 45%" valign="top">&#160; </td>
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<td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; PADDING-LEFT: 0px; WIDTH: 5%" valign="top">By: </td>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">/s/ Scott A. Roe </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Scott A. Roe </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Vice President and Chief Financial Officer </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Date: </p>
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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">August 14, 2017 </p>
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<p style="TEXT-ALIGN: center"><b>EXHIBIT INDEX</b> </p>

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<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><b>Description</b> </p>
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<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 10%; PADDING-RIGHT: 0px; WHITE-SPACE: nowrap" valign="top">99.1 </td>
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<td style="TEXT-ALIGN: left; PADDING-LEFT: 0px; WIDTH: 88%" valign="top">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px">Press Release issued by V.F. Corporation, dated August 14, 2017. </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51668107ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
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<p style="TEXT-ALIGN: right"><b>Exhibit 99.1</b> </p>

<p style="TEXT-ALIGN: center"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>VF Announces Definitive Agreement to Acquire Williamson-Dickie Mfg. Co.; Raises 2017 Outlook and 2021 Financial Targets</b></font> </p>

<ul>
<li style="MARGIN-BOTTOM: 10px"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Acquisition creates a global leader in workwear;</b></i> </li>

<li style="MARGIN-BOTTOM: 10px"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>2021* revenue and earnings per share (EPS) now expected to exceed $15 billion and $5.00, respectively;</b></i> </li>

<li style="MARGIN-BOTTOM: 10px"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Williamson-Dickie expected to add more than $1 billion of revenue by 2021*;</b></i> </li>

<li style="MARGIN-BOTTOM: 10px"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Acquisition provides immediate accretion to EPS* and free cash flow in 2017; and,</b></i> </li>

<li style="MARGIN-BOTTOM: 10px"><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><b>Acquisition is consistent with VF&#8217;s commitment to active portfolio management and expanding its growing Workwear platform.</b></i><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><br style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">
</font><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt"><br style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">
</font><i style="FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt">* Excludes transaction and deal-related expenses; 2021 references in this release are based on VF&#8217;s new fiscal year end.</i></b> </li>
</ul>

<p>GREENSBORO, N.C.--(BUSINESS WIRE)--August 14, 2017--VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, and Williamson-Dickie Mfg. Co., a family-owned, private global workwear company, today jointly announced that they have signed a definitive merger agreement. </p>

<p>The transaction is expected to be completed early in the fourth quarter of this year and VF will pay Williamson-Dickie shareholders approximately $820 million in cash. On a trailing 12-month basis, Williamson-Dickie generated approximately $875 million of revenue. Additional details regarding the transaction and the strategic rationale supporting it will be reviewed during a VF conference call held at 8:30 a.m. Eastern Time today. The conference call will be broadcast live via the internet, accessible at <b>ir.vfc.com</b>. An investor presentation is also available for download at the same location. </p>

<p>Well-known Williamson-Dickie brands include: <i>Dickies<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Workrite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Kodiak<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Terra<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, </i>and<i> Walls<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>. These brands will join VF&#8217;s current workwear offerings including: <i>Wrangler<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup> RIGGS Workwear<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>, <i>Timberland PRO<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>, <i>Red Kap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>, <i>Bulwark<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>, <i>and Horace Small<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>. Upon closing, Williamson-Dickie will become part of VF&#8217;s Imagewear coalition. Philip Williamson, Chief Executive Officer of Williamson-Dickie will remain with the company, headquartered in Fort Worth, Texas. </p>

<p>&#8220;When we introduced our 2021 global business strategy earlier this year, reshaping our portfolio to accelerate growth was our highest priority,&#8221; said Steve Rendle, President and Chief Executive Officer of VF. &#8220;The acquisition of Williamson-Dickie is another meaningful step that delivers on that commitment and further demonstrates our focus on being an active portfolio manager to drive transformative growth for VF and value creation for our shareholders.&#8221; </p>

<p>&#8220;For nearly a century we&#8217;ve worked hard to judiciously grow our company and portfolio of strong brands to maintain our leadership in the global workwear marketplace,&#8221; said Philip Williamson. &#8220;Today&#8217;s announcement is an authentic and natural next step as we look to combine the strengths of our two companies to create significant opportunities for our employees, vendors, retail partners and ultimately our customers. We expect that under VF&#8217;s leadership, we&#8217;ll be able to experience the next wave of growth and better meet the needs of workers everywhere.&#8221; </p>

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<p>&#8220;This acquisition combines two great companies and a group of iconic brands to create a global leader in workwear with approximately $1.7 billion in annual revenue,&#8221; Rendle continued. &#8220;Williamson-Dickie has a proud history and heritage, and has served a loyal consumer base for nearly 100 years. VF is the ideal steward to honor that heritage while providing a platform for growth that ensures continued success for another century. We look forward to welcoming Williamson-Dickie and its 7,000 dedicated employees to the VF family.&#8221; </p>

<p><i><b>2017 Outlook Raised</b></i> </p>

<p>The following outlook for 2017 has been updated to include the impact of the Williamson-Dickie acquisition, excluding transaction and other deal-related expenses, and now includes the following: </p>

<ul>
<li style="MARGIN-BOTTOM: 10px"><b>Revenue</b> is now expected to reach $11.85 billion, up 3.5 percent on a reported basis (up 4.5 percent currency neutral), and includes about a $200 million contribution from Williamson-Dickie. This compares to the previous expectation of $11.65 billion, a 2 percent increase on a reported basis (up 3 percent currency neutral). </li>

<li style="MARGIN-BOTTOM: 10px"><b>Gross margin</b> is now expected to reach 49.5 percent, versus the previous expectation of 49.8 percent, and includes the impact of Williamson-Dickie. Excluding the impact of Williamson-Dickie, gross margin is still expected to be 49.8 percent and includes about a 70 basis point negative impact from changes in foreign currency. </li>

<li style="MARGIN-BOTTOM: 10px"><b>Operating margin</b> is now expected to approximate 13.7 percent, versus the previous expectation of about 14 percent, and includes the impact of Williamson-Dickie. Excluding the impact of Williamson-Dickie, operating margin is still expected to be about 14 percent and includes about a 60 basis point negative impact from changes in foreign currency. </li>

<li style="MARGIN-BOTTOM: 10px"><b>Earnings per share</b> is now expected to be $2.96, versus the previous expectation of $2.94, and includes about a $0.02 contribution from Williamson-Dickie. Accordingly, EPS is expected to decline approximately 1 percent on a reported basis (up at a mid-single-digit percentage rate currency neutral) compared to 2016 adjusted EPS of $2.98. A reconciliation of 2016 GAAP earnings per share to adjusted earnings per share is presented in the supplemental financial information included with the press release dated February 17, 2017. </li>

<li style="MARGIN-BOTTOM: 10px">Transaction and deal-related expenses are estimated to approximate $0.04 per share. </li>
</ul>

<p><i><b>2021 Financial Targets Increased</b></i> </p>

<p>The following outlook for 2021 has been updated to include the impact of the Williamson-Dickie acquisition, excluding transaction and other deal-related expenses, and includes the following: </p>

<ul>
<li style="MARGIN-BOTTOM: 10px"><b>Revenue</b> through 2021 is now expected to grow at a five-year compounded annual growth rate (CAGR) between 5 percent and 7 percent to more than $15 billion, versus the previous expectation of a 4 percent to 6 percent five-year CAGR. Williamson-Dickie is expected to contribute more than $1 billion of revenue by 2021. </li>

<li style="MARGIN-BOTTOM: 10px"><b>Earnings per share</b> is now expected to grow at a five-year CAGR between 11 percent and 13 percent to more than $5.00, versus the previous expectation of a five-year CAGR between 10 percent and 12 percent. Williamson-Dickie is expected to contribute more than $0.25 by 2021. </li>
</ul>

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<p>Barclays is acting as financial advisor to VF Corporation and Davis Polk and Wardwell LLP is acting as legal advisor. </p>

<p><i><b>Currency Neutral &#8211; Excluding the Impact of Foreign Currency</b></i> </p>

<p>This release 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. This release also 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. </p>

<p><i><b>Webcast Information</b></i> </p>

<p>VF will host a conference call to discuss the transaction at approximately 8:30 a.m. Eastern Time today. The conference call will be broadcast live via the internet, accessible at ir.vfc.com. An investor presentation is also available for download on VF&#8217;s Investor Relations website. For those unable to listen to the live broadcast, an archived version will be available at the same location. </p>

<p><i><b>About VF</b></i> </p>

<p>VF Corporation (NYSE: VFC) outfits consumers around the world with its diverse portfolio of iconic lifestyle brands, including <i>Vans<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, The North Face<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>,&#160;<i>Timberland<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Wrangler<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup> </i>and<i> Lee<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i>. Founded in 1899, VF is one of the world&#8217;s largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels. VF is committed to delivering innovative products to consumers and creating long-term value for its customers and shareholders. For more information, visit&#160;<u>www.vfc.com</u>. </p>

<p><i><b>About Williamson-Dickie Mfg. Co.</b></i> </p>

<p>Williamson-Dickie Mfg. Co. is the world&#8217;s leading provider of professional grade performance workwear - designing, manufacturing and delivering innovative work apparel for generations. Based in Fort Worth, Texas, the company&#8217;s collection of brands offers superior quality products at an unmatched value across an assortment of apparel, footwear and accessories in more than 100 countries, spanning six continents. Williamson-Dickie employs over 7,000 individuals worldwide and its products are sold through a network of owned retail stores, franchisees, volume retailers, department stores, independent stores and online sites under the <i>Dickies<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Workrite<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Kodiak<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Terra<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Walls<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Big Smith<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup>, Liberty<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup> and Duxbak<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">&#174;</sup></i> brands. For more information, visit&#160;WilliamsonDickie.com. </p>

<p><i><b>Forward-looking Statements</b></i> </p>

<p>Certain statements included in this release and attachments are &#8220;forward-looking statements&#8221; 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 several 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&#8217;s reliance on a small number of large customers; the financial strength of VF&#8217;s customers; fluctuations in the price, availability and quality of raw materials and contracted products; disruption and volatility in the global capital and credit markets; VF&#8217;s response to changing fashion trends, evolving consumer preferences and changing patterns of consumer behavior, intense competition from online retailers, manufacturing and product innovation; increasing pressure on margins; VF&#8217;s ability to implement its business strategy; VF&#8217;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&#8217;s manufacturing facilities and foreign suppliers; continued use by VF&#8217;s suppliers of ethical business practices; VF&#8217;s ability to accurately forecast demand for products; continuity of members of VF&#8217;s management; VF&#8217;s ability to protect trademarks and other intellectual property rights; possible goodwill and other asset impairment; maintenance by VF&#8217;s licensees and distributors of the value of VF&#8217;s brands; 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&#8217;s financial results is included from time to time in VF&#8217;s public reports filed with the Securities and Exchange Commission, including VF&#8217;s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. </p>

<p>CONTACT:<br>
VF Corporation<br>
Joe Alkire, 336-424-7711<br>
VP, Investor Relations and Financial Planning &amp; Analysis<br>
<u>joe_alkire@vfc.com</u><br>
or<br>
Vanessa McCutchen, 336-424-7776<br>
Director, Corporate Communications<br>
<u>vanessa_mccutchen@vfc.com</u><br>
or<br>
Williamson-Dickie Mfg. Co.<br>
Rachel Courts, 817-810-4461<br>
Director, Public Relations<br>
<u>rcourts@dickies.com</u> </p>
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