EXHIBIT 99.1


FOR IMMEDIATE RELEASE                                             April 14, 2003
                             VALSPAR UPDATES SECOND
                            QUARTER EARNINGS OUTLOOK

MINNEAPOLIS, MINNESOTA - The Valspar Corporation (NYSE-VAL), a leading coatings
manufacturer, announced today that it expects diluted earnings for the second
quarter ending April 25, 2003 to be in the range of 60(cent) to 65(cent) per
share, compared to 67(cent) per share in the comparable period a year ago.
Valspar had previously announced on February 10, 2003 that it expected second
quarter earnings to be in the range of 70(cent) to 75(cent) per share.

Sales for the second quarter are expected to be approximately equal to the
second quarter of 2002, reflecting a significant business slowdown in response
to recent world events. While sales of architectural and packaging coatings have
been in line with expectations, industrial coatings sales are expected to
decline from the comparable period a year ago.

Commenting on the current outlook, Richard M. Rompala, Chairman and Chief
Executive Officer, said, "Because of continuing political and economic
uncertainties, the entire industrial economy has experienced a dramatic slowdown
and we do not have a clear outlook on when business conditions will improve. In
this period of uncertainty, we are taking aggressive actions to control expenses
and to offset raw material cost pressures."

Valspar expects to report actual second quarter results on May 12, 2003.

Contact:      Deborah D. Weiss, Vice President and Treasurer
              The Valspar Corporation
              (612) 375-7302

NOTE: Valspar will host a conference call on Monday, April 14th at 3:45 PM
(CDT). The call can be heard live over the internet at Valspar's website at
http://www.valspar.com under Investor Relations or at www.shareholder.com/val.
Those unable to participate during the live broadcast can access an archive of
the call on the Valspar website. A taped replay of the call can also be accessed
by dialing 800-475-6701 in the U.S. and 1-320-365-3844 outside the U.S.,
beginning at 7:15 PM and using access code 681826.

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This press release contains certain "forward-looking" statements. These
forward-looking statements are based on management's expectations and beliefs
concerning future events. Forward-looking statements are necessarily subject to
risks, uncertainties and other factors, many of which are outside the control of
the Company that could cause actual results to differ materially from such
statements. These uncertainties and other factors include dependence of internal
earnings growth on economic conditions and growth in the domestic and
international coatings industry; risks related to any future significant
acquisitions, including risks of adverse changes in the results of acquired
businesses, risks of disruptions in business resulting from the integration
process and higher interest costs resulting from further borrowing for any such
acquisitions; our reliance on the efforts of vendors, government agencies,
utilities and other third parties to achieve adequate compliance and avoid
disruption of our business; changes in the Company's relationships with
customers and suppliers; unusual weather conditions that might adversely affect
sales; changes in raw materials pricing and availability; changes in
governmental regulation, including more stringent environmental, health and
safety regulations; the nature, cost and outcome of pending and future
litigation and other legal proceedings; the outbreak of war and other
significant national and international events; and other risks and
uncertainties. The foregoing list is not exhaustive, and the Company disclaims
any obligation to subsequently revise any forward-looking statements to reflect
events or circumstances after the date of such statements.