North Face 2004 Annual Report Download - page 25

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F I N AN CI AL R E VI E W :
By almost any measure, 2004 was an
exceptional year. We achieved record sales,
earnings and cash flow from operations.
We established a new long-term growth
rate of 8% and are targeting $100 million
of cost reductions over the next five years
to help fuel that growth.
C O N T E N T S :47 Management’s Discussion and Analysis 68 Management’
s Report on
Internal Control O ver Financial Reporting 68 Report of Independent Registered Public
Accounting Firm 70 Consolidated Balance Sheets 71 Consolidated Statements of Income
72 Consolidated Statements of Comprehensive Income 73 Consolidated Statements of
Cash Flow 74 Consolidated Statements of Common Stockholders’Equity 75 Notes to
Consolidated Financial Statements 103 Quarterly Results of O perations 104 Financial
Summary 106 Corporate Directory 108 Investor Information