World Footwear

Companies

Wolverine Worldwide with steady growth

Jan 26, 2015 United States
Wolverine Worldwide with steady growth
The US-based footwear giant announced preliminary unaudited financial results for its fourth quarter and full-year ended at the 3rd of January. Revenue for the quarter up by 9.6%
Wolverine's revenue for the fourth quarter reached approximately 808 million US dollars, representing growth of 9.1% compared to revenue of 741 million US dollars in similar period in 2013. Revenue for the full-year totaled 2.76 billion US dollars, up by 2.6% compared to prior-year revenue of 2.69 billion US dollars.

On a reported basis, diluted earnings per share should be consistent with the previous guidance of 1.32 US dollars to 1.38 US dollars.

"We finished the year with a strong quarter, and we expect fiscal 2014 to be successful by any number of measures", commented Mr. Blake Krueger, Chairman and Chief Executive Officer of Wolverine Worldwide, Inc., adding: "I am extremely pleased our Company is expected to deliver another year of record revenue and earnings. The company remains focused on driving growth across our portfolio, and our expected strong earnings performance and cash flow generation for the year are a testament to our team's disciplined execution against our global, diversified business model - a robust model that delivers consistent results in virtually any economic environment."

Don Grimes, Senior Vice President and Chief Financial Officer, also commented: "We are very pleased with the expected excellent close to the fiscal year - especially the acceleration of some of our key brands in the quarter.  Nine of our 16 brands are expected to deliver double-digit revenue growth in the quarter, and Sperry is expected to have finished the year strongly, generating high-single digit revenue growth in the quarter. Additionally, the expected outstanding cash flow performance enabled us to reduce our estimated net debt to below 700 million US dollars at year end."

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