World Footwear

Companies

Revenue up by 2.7% at Wolverine

Jul 22, 2015 United States
Revenue up by 2.7% at Wolverine
The US-based footwear giant has announced the second quarter results. Growth continues. Company reaffirms full-year guidance
"The global demand for our family of brands remains strong and I am pleased to report that our top-line growth accelerated in the quarter and exceeded our internal expectations", commented Blake W. Krueger, Wolverine Worldwide's Chairman, Chief Executive Officer and President, adding: "As we move into the second half of the year, we remain intensely focused on our consumers and further investing in our key strategic initiatives – specifically our global brand-building efforts, omnichannel transformation and the continued expansion of our portfolio's international footprint."

Consolidated revenue increased to a record 630.1 million US dollars, representing growth of 2.7% versus the prior year and 4.9% on a constant currency basis.  Adjusting for the impact of foreign exchange, retail store closures and termination of the Patagonia license agreement, adjusted revenue grew 6.9% versus the prior year. 

Wolverine also highlighted growth of 12.2% from the Heritage Group (14.6% in constant currency) and growth of 5.7% from the Performance Group (9.4% in constant currency).

Strong performance in the quarter was highlighted by mid-single digit revenue growth in the US wholesale business, double-digit growth in EMEA and growth exceeding 50% in the Asia Pacific region.

Consolidated reported revenue is now expected to be in the range of 2.82 billion US dollars to 2.85 billion US dollars, representing growth in the range of approximately 2% to 3% versus the prior year.  Constant currency revenue growth is expected to be in the range of approximately 5% to 6%.

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