Exhibit 99.1

FOR IMMEDIATE RELEASE NOVEMBER 22, 2004

VALSPAR REPORTS FULL YEAR RESULTS

MINNEAPOLIS, MINNESOTA – The Valspar Corporation (NYSE-VAL), a leading coatings manufacturer, today reported net income for the fourth quarter ended October 29, 2004 of $40,447,000, or $0.77 per diluted share versus net income of $24,627,000, or $0.47 per diluted share for the comparable period a year ago. Fourth quarter results for 2003 included a charge to net income of $15,200,000, or $0.29 per share. Reported sales for the fourth quarter increased 4.2% to $645,116,000 compared to $619,006,000 last year. The fourth quarter of 2003 was a 14-week period compared to a normal 13-week period this year. Adjusted for the extra week, sales for this year’s fourth quarter increased 9.7%.

Net income for the full year was $142,836,000 or $2.71 per diluted share, compared with reported income of $112,514,000, or $2.17 per diluted share for the comparable period last year, which included the fourth quarter of 2003 charge of $0.29 per share. Reported sales for the year increased 8.6% to $2,440,692,000 compared to $2,247,926,000 during fiscal year 2003. Adjusted for last year’s extra week, this year’s sales increased 10.1%.

Commenting on fourth quarter and full year results, Richard M. Rompala, Chairman and Chief Executive Officer, said “While our results for 2004 were at the low end of the earnings range we expected a year ago, we believe we performed very well given the challenging environment. We achieved year-over-year comparable sales and earnings per share growth of 10% despite unprecedented raw material cost increases and shortages. Nevertheless, raw material pressures, which were partially offset by manufacturing efficiencies, reduced our fourth quarter gross margin by about two percentage points. We have responded aggressively with expense controls, continued focus on productivity improvements, reallocation of raw materials where necessary and across-the-board pricing initiatives. While we believe first half earnings comparisons will be difficult, we expect to achieve another record year in 2005.”

For further information, contact Lori A. Walker, Vice President, Treasurer and Controller of Valspar at 612-375-7350.

Note: Valspar will host a conference call on Monday, November 22^nd at 10:00 AM CST. The call can be heard live over the Internet at Valspar’s website at http://www.valspar.com under Investor Relations. 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 1-800-475-6701 in the U.S. or 320-365-3844 outside the U.S. beginning at 1:30 PM, using access code 754621.

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 obligations to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements.

THE VALSPAR CORPORATION

COMPARATIVE CONSOLIDATED EARNINGS

For the Quarters Ended October 29, 2004 and October 31, 2003  

	Fourth Quarter					Year-To-Date
(Dollars in thousands, except per share amounts)	(Unaudited)		(Unaudited)
	2004		2003			2004		2003
Net Sales	$	645,116	$	619,006		$	2,440,692	$	2,247,926
Cost of Sales		449,125		429,060			1,673,709		1,542,144
Operating Expenses		122,442		140,256			494,623		478,279
Income From Operations		73,549		49,690			272,360		227,503
Interest Expense		10,155		11,440			41,399		45,843
Other Expense, Net		0		(1,469	)		2,424		186
Income Before Income Taxes		63,394		39,719			228,537		181,474
Income Taxes		22,947		15,092			85,701		68,960
Net Income	$	40,447	$	24,627		$	142,836	$	112,514
Net Income Per Common Share-basic	$	0.79	$	0.49		$	2.79	$	2.23
Net Income Per Common Share-diluted	$	0.77	$	0.47		$	2.71	$	2.17
Average Number of Shares O/S-basic		51,371,603		50,635,991			51,202,179		50,435,929
Average Number of Shares O/S-diluted		52,687,514		52,282,806			52,709,114		51,924,280

THE VALSPAR CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)	October 29, 2004		October 31, 2003
Assets
Current Assets:
Cash and Cash Equivalents	$	54,143	$	41,589
Accounts Receivable, Net		411,635		385,178
Inventories		210,554		192,251
Other		125,983		119,813
Total Current Assets		802,315		738,831
Goodwill, Net		996,562		961,915
Other Assets, Net		406,950		381,559
Property, Plant & Equipment, Net		428,431		414,219
Total Assets	$	2,634,258	$	2,496,524
Liabilities and Stockholders' Equity
Current Liabilities:
Notes Payable to Banks	$	168,208	$	26,727
Trade Accounts Payable		234,446		202,713
Income Taxes		45,254		48,458
Accrued Liabilities		251,774		253,165
Total Current Liabilities		699,682		531,063
Long Term Debt		549,073		749,199
Deferred Liabilities		385,140		346,945
Stockholders' Equity		1,000,363		869,317
Total Liabilities and Stockholders'
Equity	$	2,634,258	$	2,496,524