North Face 2008 Annual Report Download - page 5

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A Solid Foundation for Changing Times
We enter 2009 with the expectation that conditions will remain
difficult. Consumer confidence is at historic lows, unemployment
is rising, and shopping attitudes are changing. While these
dynamics are likely to continue, we’re prepared for the challenge.
We’ve made the hard decisions necessary to lower costs.
We’re moderating the pace of new store openings to reduce capital
spending and focusing on those investments and businesses
with the highest payback. Keeping inventories lean and our
balance sheet healthy will be paramount this year. We’re planning
on another year of strong cash flow, and providing strong
shareholder returns through our dividend remains a high priority.
Most importantly, VF is built upon a solid foundation of
principles and qualities—showcased in this year’s annual report—
that will enable us to expand our competitive advantage during
this extraordinary time. The most important of these strengths is
the VF team, with whom I have the pleasure to work, and whose
passion, talent and creativity make VF’s success possible.
Eric C. Wiseman
Chairman, President & Chief Executive Officer
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