V.F. (VFC) 8-K Entry into a Material Definitive Agreement

Exhibit 99.1

FOR IMMEDIATE RELEASE	Contact:	Cindy Knoebel
		VP, Financial & Corporate
		Communications
		VF Services, Inc.
		(336) 424-6189/(212) 841-7141
		Paul Mason
		Director, Corporate
		Communications
		VF Corporation
		(336) 424-6192

VF TO SELL INTIMATE APPAREL BUSINESS TO FRUIT OF THE LOOM, INC.

• Move Enhances VF’s Business Mix, Growth and Margins

• Proceeds to be Used to Repurchase Shares

• Expects Record Fourth Quarter for 2006

• 2007 Initial Guidance Provided

Management will host a webcast and conference call to discuss this announcement today at 10:00 a.m. ET. Interested parties should call 1-800-811-8824 domestic, or 1-913-981-4903 international, to access the call. You may also access this call via the Internet atwww.vfc.com. A replay will be available through January 30, 2007 and can be accessed by dialing 1-888-203-1112 domestic, and 1-719-457-0820 international. The pass code is 6403506. A replay also can be accessed at the Company’s web site atwww.vfc.com.

Greensboro, NC — January 23, 2007 — VF Corporation (NYSE:VFC),a leader in branded lifestyle apparel whose primary brands includeWrangler®,Lee®,The North Face®,Nautica®,Vans®andJanSport®, announced today that it has signed a definitive agreement to sell its global intimate apparel business toFruit of the Loom, Inc.,a subsidiary of Berkshire Hathaway, Inc. (NYSE: BRK.A and BRK.B) for $350 million in cash. VF’s intimate apparel business includes such leading brands asVanity Fair®, Lily of France®, Vassarette®, Bestform®andCurvation®in the U.S., andLou®, Gemma® andBelcor®in Europe. The agreement is subject to government approvals and customary closing conditions and is expected to be completed in the first quarter of 2007. VF currently intends to use the proceeds from the sale to repurchase shares in 2007.

“This marks an important chapter in VF’s ongoing transformation toward becoming a higher growth, higher margin lifestyle company — and another example of our willingness to take bold steps to enhance total shareholder value,” said Mackey J. McDonald, VF’s Chairman and Chief Executive Officer. “Our Intimates business has been a positive and important contributor to VF’s success over our 100-plus year history. But the time has come to strategically rebalance our portfolio and to focus our energies and resources on the many growth opportunities across our Jeanswear, Outdoor, Imagewear and Sportswear businesses.”

Key highlights of this move in VF’s transformation include the following:

• Business Mix:An increase in the contribution to total revenues from VF’s growing lifestyle businesses — Outdoor and Sportswear — to 40%, with the Company’s strong heritage businesses — Jeanswear and Imagewear — accounting for 60%. In 2005, lifestyle businesses accounted for 30% of total revenues.

• Revenue Growth Targets: We are targeting 8% annual revenue growth including acquisitions, and expect strong organic growth of 5% annually. Acquisitions will continue to be an important component of our growth plan.

• Operating Margin Goal: Operating margins should approach our goal of 14% in 2007, up from 12.7% reported in both 2005 and 2004.

Fruit of the Loom plans to operate these businesses as Vanity Fair Brands, a wholly-owned subsidiary. Curt Holtz, President of VF’s Intimates coalition, and his management team will continue directing current operations from headquarters in Alpharetta, Georgia and Igualada, Spain.

“We are delighted at the prospect of adding such strong brands to our portfolio,” said John Holland, Chief Executive Officer of Fruit of the Loom. “We were most impressed with the heritage, experience and innovative talent of the VF Intimates worldwide team.”

Implications for 2006 Financial Results

VF’s Intimates business generated over $800 million in revenues and approximately $50 million in operating income on a global basis in 2006, representing 12% and 6% of VF’s total 2006 revenues and operating income, respectively.

The business will be reported as a discontinued operation in 2006. Accordingly, restated operating results for the first nine months of 2006, as well as for 2005 and prior years, are attached. Additional restated financial information is available on our website,www.vfc.com. The implications for 2006 full year and fourth quarter results from continuing operations are expected as follows:

     Full Year 2006:

• Total revenues of approximately $6.22 billion, an increase of 10% over revenues of $5.65 billion in 2005.

• Earnings of approximately $4.70 to $4.72 per share, up approximately 11% from $4.23 per share in the prior year.

     Fourth Quarter 2006:

• Total revenues of approximately $1.60 billion, an increase of 9% over revenues of $1.46 billion in 2005.

• Earnings of approximately $1.20 to $1.22 per share, up about 9% from $1.11 per share in the prior year’s quarter.

These results reflect a healthy increase over prior year results, and represent another quarter of record revenues and earnings. However, we do expect 2006 results from continuing operations to be 2 to 4 cents per share lower than our previous guidance, reflecting a more difficult mass channel retail environment in the fourth quarter. We plan to release 2006 results on February 6, 2007.

We expect to report a loss on the sale of the business of approximately $45 million, or $.40 per share. This includes the write-off of $55 million of accumulated foreign currency translation losses, reflecting changes in foreign currency rates (weaker U.S. dollar) since acquiring our international intimates operations. Full year

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2006 results are expected to include approximately $41 million ($.36 per share) of this loss. The remainder of the loss will be recorded primarily during the first quarter of 2007.

2007 Outlook: Another Record Year

We are looking forward to another year of very healthy top and bottom line increases in 2007. We expect revenues in 2007 to increase approximately 8%, with growth in earnings per share from continuing operations of 10%.

We will provide additional details related to this guidance upon the release of fourth quarter and year-end results on February 6.

“Our ability to commit to such a strong outlook underscores the fundamental strength and momentum of our Growth Plan, our ability to execute that plan and our enthusiasm for the continued transformation of our business,” concluded McDonald.

Cautionary Statement on Forward-looking Statements

Certain statements included in this release are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting VF and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.

Potential risks and uncertainties that could cause the actual results of operations or financial condition of VF to differ materially from those expressed or implied by forward-looking statements in this release include the successful completion of the sale of the intimate apparel business; VF’s reliance on a small number of large customers; the financial strength of VF’s customers; changing fashion trends and consumer demand; increasing pressure on margins; VF’s ability to implement its growth strategy; VF’s ability to maintain information technology systems; stability of VF’s manufacturing facilities and foreign suppliers; continued use by VF’s suppliers of ethical business practices; VF’s ability to accurately forecast demand for products; continuity of members of VF’s management; VF’s ability to protect trademarks and other intellectual property rights; maintenance by VF’s licensees and distributors of the value of VF’s brands; the overall level of consumer spending; general economic conditions and other factors affecting consumer confidence; fluctuations in the price, availability and quality of raw materials; foreign currency fluctuations; and legal, regulatory, political and economic risks in international markets. More information on potential factors that could affect VF’s financial results is included from time to time in VF’s public reports filed with the Securities and Exchange Commission, including VF’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

About the Company

VF Corporation is a leader in branded lifestyle apparel including jeanswear, outdoor products, image apparel and sportswear. Its principal brands includeWrangler^â,Lee^â,Riders^â,Rustler^â,The North Face^â,Vans^â, Reef^â, Napapijri^â, Kipling^â, Nautica^â,John Varvatos^â,JanSport^â,Eastpak^â, Lee Sport^âandRed Kap^â.

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VF Corporation
2006 Consolidated Statements of Income by Quarter
Reclassified to Present Continuing Operations
(In thousands, except per share amount)

	2006
	First			Second			Third			Nine
	Quarter			Quarter			Quarter			Months
Net Sales	$	1,436,706		$	1,332,892		$	1,791,648		$	4,561,246
Royalty Income		18,916			18,421			18,450			55,787
Total Revenues		1,455,622			1,351,313			1,810,098			4,617,033
Costs and Operating Expenses
Cost of goods sold		824,600			765,554			1,018,021			2,608,175
Marketing, administrative and general expenses		443,709			439,970			504,253			1,387,932
		1,268,309			1,205,524			1,522,274			3,996,107
Operating Income		187,313			145,789			287,824			620,926
Other Income (Expense)
Interest income		1,418			1,292			1,439			4,149
Interest expense		(12,679	)		(13,856	)		(15,835	)		(42,370	)
Miscellaneous, net		829			542			1,869			3,240
		(10,432	)		(12,022	)		(12,527	)		(34,981	)
Income from Continuing Operations
Before Income Taxes		176,881			133,767			275,297			585,945
Income Taxes		58,739			44,208			89,340			192,287
Income from Continuing Operations		118,142			89,559			185,957			393,658
Discontinued Operations		10,043			9,473			11,750			31,266
Net Income	$	128,185		$	99,032		$	197,707		$	424,924
Earnings Per Common

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	2006
	First		Second		Third		Nine
	Quarter		Quarter		Quarter		Months
Share — Basic
Income from continuing operations	$	1.07	$	0.81	$	1.68	$	3.57
Discontinued operations		0.09		0.09		0.11		0.28
Net income		1.16		0.90		1.78		3.85
Earnings Per Common Share — Diluted
Income from continuing operations	$	1.05	$	0.80	$	1.64	$	3.49
Discontinued operations		0.09		0.08		0.10		0.28
Net income		1.14		0.88		1.75		3.77

VF Corporation
Consolidated Statements of Income
Reclassified to Present Continuing Operations
(In thousands, except per share amounts)

	Year Ended December
	2005			2004			2003
Net Sales	$	5,582,075		$	5,150,985		$	4,377,233
Royalty Income		72,080			67,081			36,121
Total Revenues		5,654,155			5,218,066			4,413,354
Costs and Operating Expenses
Cost of goods sold		3,209,312			3,067,678			2,728,164
Marketing, administrative and general expenses		1,676,892			1,486,031			1,132,667
		4,886,204			4,553,709			3,860,831
Operating Income		767,951			664,357			552,523
Other Income (Expense)
Interest income		8,217			7,151			11,456
Interest expense		(70,596	)		(76,021	)		(61,167	)
Miscellaneous, net		6,121			182			9,917
		(56,258	)		(68,688	)		(39,794	)
Income from Continuing Operations Before Income Taxes		711,693			595,669			512,729
Income Taxes		229,064			196,790			169,468

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	Year Ended December
	2005			2004		2003
Income from Continuing Operations		482,629			398,879		343,261
Discontinued Operations		35,906			75,823		54,672
Cumulative Effect of a Change in Accounting Policy		(11,833	)		—		—
Net Income	$	506,702		$	474,702	$	397,933
Earnings Per Common Share — Basic
Income from continuing operations	$	4.33		$	3.61	$	3.17
Discontinued operations		0.32			0.69		0.51
Cumulative effect of a change in accounting policy		(0.11	)		—		—
Net income		4.54			4.30		3.67
Earnings Per Common Share — Diluted
Income from continuing operations	$	4.23		$	3.54	$	3.11
Discontinued operations		0.31			0.67		0.50
Cumulative effect of a change in accounting policy		(0.10	)		—		—
Net income		4.44			4.21		3.61

VF Corporation
2005 Consolidated Statements of Income by Quarter
Reclassified to Present Continuing Operations
(In thousands, except per share amounts)

	2005
	First		Second		Third		Fourth
	Quarter		Quarter		Quarter		Quarter		Year
Net Sales	$	1,336,366	$	1,212,817	$	1,589,782	$	1,443,110	$	5,582,075
Royalty Income		18,116		16,099		18,536		19,329		72,080
Total Revenues		1,354,482		1,228,916		1,608,318		1,462,439		5,654,155
Costs and Operating Expenses
Cost of goods sold		766,214		688,354		912,837		841,907		3,209,312
Marketing, administrative and general expenses		423,740		400,417		429,432		423,303		1,676,892
		1,189,954		1,088,771		1,342,269		1,265,210		4,886,204
Operating

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	2005
	First			Second			Third			Fourth
	Quarter			Quarter			Quarter			Quarter			Year
Income		164,528			140,145			266,049			197,229			767,951
Other Income (Expense)
Interest income		3,016			2,041			1,402			1,758			8,217
Interest expense		(18,666	)		(18,479	)		(19,343	)		(14,108	)		(70,596	)
Miscellaneous, net		(336	)		605			1,849			4,003			6,121
		(15,986	)		(15,833	)		(16,092	)		(8,347	)		(56,258	)
Income from Continuing Operations
Before Income taxes		148,542			124,312			249,957			188,882			711,693
Income Taxes		47,476			35,389			83,026			63,173			229,064
Income from Continuing Operations		101,066			88,923			166,931			125,709			482,629
Discontinued Operations		13,620			7,826			12,699			1,761			35,906
Cumulative Effect of a Change in Accounting Policy		(11,833	)		—			—			—			(11,833	)
Net Income	$	102,853		$	96,749		$	179,630		$	127,470		$	506,702
Earnings Per Common Share — Basic
Income from continuing operations	$	0.90		$	0.80		$	1.50		$	1.14		$	4.33
Discontinued operations		0.12			0.07			0.11			0.02			0.32
Cumulative effect of a change in accounting policy		(0.11	)		—			—			—			(0.11	)
Net income		0.92			0.87			1.61			1.15			4.54

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	2005
	First			Second		Third		Fourth
	Quarter			Quarter		Quarter		Quarter		Year
Earnings Per Common Share — Diluted
Income from continuing operations	$	0.88		$	0.78	$	1.46	$	1.11	$	4.23
Discontinued operations		0.12			0.07		0.11		0.02		0.31
Cumulative effect of a change in accounting policy		(0.10	)		—		—		—		(0.10	)
Net income		0.89			0.85		1.57		1.13		4.44

CONTACT: VF Services, Inc.
VP, Financial & Corporate Communications:
Cindy Knoebel, CFA, 336-424-6189 or 212-841-7141
or
Director, Corporate Communications:
Paul Mason, 336-424-6192

SOURCE: VF Corporation

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