North Face 2004 Annual Report Download - page 15

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27
M A C K E Y J M C D O N A L D Chairman, President and Chief Executive Officer
“Be open to
change — it’s
another word for
innovation.”
VF C O R P O R A T I O N 2004 Annual Report
T O O U R ST O C KH O LD E R S
Last year at this time, we talked
about our expectations for another
record year in 2004, and projected
a 5% increase in both sales and
earnings. I’m pleased to report that
we had a banner year, substantially
exceeding those projections. In
2004 sales jumped 16%, topping the
$6 billion mark for the first time in
VF’s history. Earnings increased 17%
to a record $4.21 per share. Sales
benefited from growth across most
of our core businesses, plus the
addition of three terrific new
brands: Vans®
,Napapijri®and Kipling®
.