-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 VOpeMcvl8MoJg8HSCL+0Hw==

<SEC-DOCUMENT>0000897101-03-001607.txt : 20031212
<SEC-HEADER>0000897101-03-001607.hdr.sgml : 20031212
<ACCEPTANCE-DATETIME>20031212155616
ACCESSION NUMBER:		0000897101-03-001607
CONFORMED SUBMISSION TYPE:	5
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031031
FILED AS OF DATE:		20031212

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WALKER LORI A
		CENTRAL INDEX KEY:			0001242956

	FILING VALUES:
		FORM TYPE:		5
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03011
		FILM NUMBER:		031051999

	BUSINESS ADDRESS:	
		STREET 1:		1101 THIRD ST SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55415
		BUSINESS PHONE:		6123757845

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALSPAR CORP
		CENTRAL INDEX KEY:			0000102741
		STANDARD INDUSTRIAL CLASSIFICATION:	PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
		IRS NUMBER:				362443580
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	BUSINESS ADDRESS:	
		STREET 1:		1101 THIRD ST SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55415
		BUSINESS PHONE:		6123327371

	MAIL ADDRESS:	
		STREET 1:		1101 THIRD STREET SOUTH
		CITY:			MINNEAPOLIS
		STATE:			MN
		ZIP:			55415
</SEC-HEADER>
<DOCUMENT>
<TYPE>5
<SEQUENCE>1
<FILENAME>val035328walker_5ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>5</documentType>
   <periodOfReport>2003-10-31</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <form3HoldingsReported>0</form3HoldingsReported>

    <form4TransactionsReported>0</form4TransactionsReported>

    <issuer>
        <issuerCik>0000102741</issuerCik>
        <issuerName>VALSPAR CORP</issuerName>
        <issuerTradingSymbol>VAL</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001242956</rptOwnerCik>
            <rptOwnerName>WALKER LORI A</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1101 THIRD ST SOUTH</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>MINNEAPOLIS</rptOwnerCity>
            <rptOwnerState>MN</rptOwnerState>
            <rptOwnerZipCode>55415</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>0</isDirector>
         <isOfficer>1</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
         <officerTitle>Vice President and Controller</officerTitle>
      </reportingOwnerRelationship>
   </reportingOwner>
 <nonDerivativeTable>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-31</value>
            <footnoteId id="F1"/>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>5</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>552</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F1"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>1713</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>401(k)</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
   <nonDerivativeTransaction>
      <securityTitle>
         <value>Common Stock</value>
      </securityTitle>
      <transactionDate>
         <value>2003-10-31</value>
            <footnoteId id="F2"/>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>5</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>95</value>
         </transactionShares>
         <transactionPricePerShare>
            <footnoteId id="F2"/>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>140</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
            <value>I</value>
         </directOrIndirectOwnership>
         <natureOfOwnership>
            <value>Profit Sharing</value>
         </natureOfOwnership>
      </ownershipNature>
   </nonDerivativeTransaction>
 </nonDerivativeTable>
   <footnotes>
      <footnote id="F1"> These shares were acquired during the fiscal year pursuant to Valspar 401(k) plan, exempt pursuant to old Rule 16(a)8. The information reported herein is based on latest allocation date of 10/31/03.</footnote>

      <footnote id="F2"> These shares were acquired during the fiscal year pursuant to Valspar Profit Sharing plan, exempt pursuant to old Rule 16(a)8. The information reported herein is based on latest allocation date of 10/31/03.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/Linda Colman, by Power of Attorney</signatureName>
      <signatureDate>2003-12-12</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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