VF is a $7-plus billion apparel powerhouse, with an incredibly diverse, international portfolio of brands and products that reach consumers wherever they choose to shop. Over the years, we have built a foundation for sustainable, long term success, based on our diversity, a culture that is perpetually driven to succeed and our ability to manage large-scale complexity.

In January 2008, we updated our Growth Plan to reflect our confidence in our future. We established a new long-term revenue growth target of 8-10% fueled by both organic growth and acquisitions, an earnings per share growth target of 10-11% and a dividend payout of 40% of earnings. We also communicated our goal of achieving an operating margin of 15%. International growth and expansion in our direct-to-consumer businesses are key drivers of our Growth Plan. We expect that by 2012 international revenues will comprise a third of total revenues, while our direct-to-consumer business will account for 22% of total revenues. Both are expected to grow at a double-digit rate over the next five years. And we aim to hit $11 billion in revenues by the year 2012.