INTERNAL ANALYSIS: See attached IFEM

V.F. Corporation (VFC) is a very strong company internally with an IFEM score of 3.07

FINANCE: With a market cap of 17.68B, VFC is strong in terms of financial stability. For the financial reporting period ending September 2012, VFC enjoyed a quarterly earnings growth of almost 27%. For the trailing twelve month period VFC posted a gross profit of 4.33B with a profit margin of 9.38%. The most recent quarterly reporting of total cash comes in just under 305M. VFC is expected to grow earnings per share at a double-digit pace over the next couple of years; the company also pays a dividend that yields a solid 1.9%. With the ability to produce 33% of products VFC sells they are able to control production costs and gives management the ability to adjust processing and productivity to be more profitable.

MANAGEMENT: In 2004 VFC implemented a growth plan that began the process of transforming VF into a global lifestyle apparel company. The management staff identified six growth drivers that were crucial to success. The Drivers ensure a balanced approach to growth across multiple fronts, from building lifestyle brands to international expansion to increasing our direct-to-consumer business. In addition to the drivers, VFC is organized into five strategic business units also known as coalitions based on market. Those coalitions cover the following market segments Jeanswear, Imagewear, Contemporary, Outdoor & Action Sports, and Sportswear.

MARKETING: VFC is a company with very high consumer brand name recognition the company owns and operates more than 800 retail stores in the United States for the following brands: Vans, Lucy, The North Face, Nautica, Kipling, Napapijri and The North Face. The outlet business, VF Outlets, is based in Wyomissing, Pennsylvania, and operates more than 70 outlet stores across the United States. VFC is one of the original pioneers in factory outlet shopping, having established our first location in 1970. Currently the brand has over 1000 stores all around the world and employees nearly 50,000 employees. VFC is rapidly growing business in China, where the Lee and Wrangler brands are sold through approximately 400 brand stores and shops-within-stores. In 2007 VFC acquired rights from a