North Face 2009 Annual Report Download - page 14

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26
ER IC C . WI SE MA N
Chairman, President & Chief Executive Officer
VF Corporation
27
TO O UR S HA RE HO LD ER S:
2009 was the kind of year that tests business
models and management teams. The recessionary
conditions around the world presented extraordinary
challenges. And the strength of VF’s diverse
business model and management team was evident
in our results. Our long history of disciplined
execution continued to serve us well, allowing us to
strengthen our financial position and advance our
long-term strategies for growth.
Looking back, I believe we struck the appropriate
balance between cautiousness and assertiveness.
We carefully managed costs and inventories,
achieving significant reductions in both. At the
same time, we continued to invest in our strongest
brands and businesses to drive growth and gains
in market share.