PR: Vans, Inc. Announces Second Quarter Sales and Profit Records
(December 17, 1996)

ORANGE, Calif.--December 17, 1996--Vans, Inc. (Nasdaq:VANS) today announced record sales and profits for the second quarter and six months ended November 30, 1996.

Net sales for the quarter increased 27.5% to $37.1 million, comparedto $29.1 million for the second quarter of fiscal 1996. Net income rose 89.4% to $2.4 million, versus net income of $1.3 million for thesecond quarter of last year. Earnings per share rose to $0.18, versus earnings per share of $0.13 in the second quarter of fiscal 1996. Results reflect an additional 3.6 million weighted average shares primarily related to the Company's follow-on public offering of common stock in May 1996.

Net sales for the six month period increased 41.0% to $81.1 million,compared to $57.5 million for the same period in fiscal 1996. Net income for the six month period increased to $5.5 million, versus $1.7 million last year. Earnings per share rose to $0.40 per share, versus $0.17 for the six month period last year.

Commenting on the results, Gary H. Schoenfeld, President and Chief Operating Officer, stated, "We are excited to report a strong second quarter of sales and earnings gains, which reflects the continuing strength of our brand on a worldwide basis and growing demand for ourproducts. The fact that sales for the first six months exceeded our total sales in fiscal 1994, I believe speaks well of the strategies that our management team has implemented."

Sales to Vans' wholesale accounts on a worldwide basis rose 31.0% to$29.1 million, compared to $22.2 million during the second quarter offiscal 1996. Within its wholesale business, sales to Vans' international accounts increased 76.9% to $9.4 million, compared to $5.3 million for the second quarter of fiscal 1996. Sales to the Company's national accounts were $19.7 million, a 16.6% increase, compared to $16.9 million for the same period last year. For the sixmonth period, sales to the Company's international accounts increased116.9% to $20.4 million and sales to national accounts increased 25.2% to $42.7 million.

Sales through the Company's 83-store retail chain increased to $8.0 million, from $6.9 million for the same period a year ago. Comparable store sales rose 17.9% for the quarter. For the six monthperiod, retail sales increased 28.6% to $18.0 million compared to $14.0 million for the same period last year.

Mr. Schoenfeld continued, "We posted solid gains in all of our distribution channels. Internationally, our product is benefitting from increased brand recognition in an expanding marketplace, which we believe offers significant growth potential for Vans over the long-term.(a) Domestically, our wholesale business continues to strengthen both with our larger national accounts as well as our independent customers. Our retail stores are also performing well due to the growing strength of the brand and better merchandising andexecution within the stores."

"With regards to our snowboard boot business, we are receiving positive feedback from our retail customers regarding sell-through and clearly, we are excited by our successful entry into this business which demonstrates the strength of our core customer base and growing worldwide brand identity." Mr. Schoenfeld concluded, "We believe that market demand for our products worldwide, combined with further extensions of our brand, keeps us well-positioned for future growth."(a)

Vans, Inc. is a branded manufacturer, wholesaler and retailer of high quality, stylish-casual and active-casual footwear, as well as performance footwear for enthusiast sports and snowboard boots, through a distribution system that includes a network of independent and national retailers, international distributors for approximately 65 countries, and 83 Company-owned stores and factory outlets. The Company sources its footwear from third party foreign manufacturers and the Company's own 90,000 square foot manufacturing facility in Vista, California.

(a) This statement is a forward looking statement. The Company's actual results may differ materially from this statement due to a number of important factors, including but not limited to (i) changesin fashion trends, (ii) increased competition, (iii) the strength of the international economy, and (iv) general business conditions and growth in the footwear and ski industries. For a discussion of otherfactors which may affect the Company's results, see the Company's Prospectus, dated May 21, 1996.

VANS, INC.
Condensed Consolidated Financial Summary, 
Second Quarter, Fiscal Year 1997
(in thousands except per share amounts)
Statements of Operations Three Months Ended    Six Months Ended
                         Nov 30,  Nov 25,      Nov 30, Nov 25,
                         1996      1995        1996      1995
Net sales               $37,105   $29,098   $81,061  $57,502
Cost of goods            23,141    17,247    49,546   35,536
Gross margin             13,964    11,851    31,515   21,966
Expenses:
Selling & Distribution    6,711     6,327    13,887   12,517
Marketing, advertising
    & promotion           2,535     1,673     6,481    3,073
General & 
    administrative        1,490     1,282     3,024    2,532
Other income (a)           (889)    (513)    (1,327)    (940)
Goodwill amortization       191       191       382      382
Net interest and 
    debt expense            (10)      764        80    1,513
                          10,028     9,724   22,527   19,077
Earnings before 
    income taxes           3,936     2,127    8,988    2,889
Income tax provision       1,519       851    3,489    1,156
      Net income          $2,417    $1,276   $5,499   $1,733
Weighted average shares   13,682    10,115   13,664   10,073
Net earnings per share     $0.18     $0.13    $0.40    $0.17
      Footnotes:
(a)  Other income consists primarily of licensing royalties 
and sublease income.
VANS, INC
Condensed Consolidated Financial Summary, 
Second Quarter, Fiscal Year 1997
(In thousands of dollars)
Balance Sheets
                          Nov 30, 1996        Nov 25, 1995
ASSETS:
Current assets
Cash                        $   12,939          $ 3,506
Trade receivables               24,086           17,449
Inventory                       24,682           18,807
Other                            1,850            2,772
Total current assets            63,557           42,534
Property, plant and 
 equipment - net                15,588           13,546
Intangible assets               18,317           16,891
Other                              982            3,410
Total assets                $   98,444          $76,381
LIABILITIES:
Short-term borrowings       $    2,899          $ 7,041
Current portion long-term debt      --            5,800
Restructuring costs              1,452            3,534
Other current liabilities        8,917           11,697
Long-term credit facility           --            6,894
Long-term debt                      --           17,400
Other                            1,827            1,983
Total liabilities               15,095           54,349
Minority Interest (a)              584              --
Stockholders' equity            82,765           22,032
Total liabilities and
stockholders' equity        $   98,444          $76,381
Sales by Distribution Channel
                    Three Months Ended   Six Months Ended
                     Nov 30,  Nov 25,    Nov 30,   Nov 25,1995
                     1996     1995       1996      1996
Wholesale:
   National         $19,685  $16,880    $42,735   $34,143
   International      9,386    5,305     20,368     9,392
Total Wholesale      29,071   22,185     63,103    43,535
   Retail             8,034    6,913     17,958    13,967
Total Sales         $37,105  $29,098    $81,061   $57,502