Wolverine World Wide, Inc. Announces Record Fourth Quarter Revenue and Earnings with EPS up 16.7 Percent
http://www.fashionnewspaper.com/articles/386/1/Wolverine-World-Wide-Inc-Announces-Record-Fourth-Quarter-Revenue-and-Earnings-with-EPS-up-167-Percent/Page1.html
Maxamillion Blick
Fashion Industry Ghost Writer ... Freelance writer for the Apparel Search Company. A contributor as well as inspiration to Apparel Search. My goal is to make the Fashion Newspaper a leading resource for locating fashion news on the internet.
If you have a fashion press release, please submit your news at the Apparel Search site or you can post news directly at the Fashion Newspaper site by becoming an author.
By Maxamillion Blick
Published on 01/30/2008
Wolverine World Wide, Inc. (NYSE: WWW) this week reported record revenue and earnings per share for its fourth quarter and 2007 fiscal year, marking its seventh consecutive year of both record revenue and earnings per share. The Company also increased its earnings per share estimate for 2008.
"Our exceptional financial performance in 2007 underscores the strength of our global business model," stated Blake W. Krueger, the Company's CEO and President. "Wolverine has a unique operating platform consisting of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans 180 countries and a diverse global distribution strategy which focuses on many different consumer groups around the world. Our business model has enabled us to consistently deliver growth and record earnings per share, even in the face of macroeconomic headwinds. In 2007, our revenue and earnings increases were broad-based with all major geographic regions experiencing growth."
"Our exceptional financial performance in 2007 underscores the strength of our global business model," stated Blake W. Krueger, the Company's CEO and President. "Wolverine has a unique operating platform consisting of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans 180 countries and a diverse global distribution strategy which focuses on many different consumer groups around the world. Our business model has enabled us to consistently deliver growth and record earnings per share, even in the face of macroeconomic headwinds. In 2007, our revenue and earnings increases were broad-based with all major geographic regions experiencing growth."
Wolverine World Wide, Inc. Announces Record Fourth Quarter 2007 Revenue and Earnings with EPS up 16.
Wolverine World Wide, Inc. (NYSE: WWW) this week reported record revenue and earnings per share for its fourth quarter and 2007 fiscal year, marking its seventh consecutive year of both record revenue and earnings per share. The Company also increased its earnings per share estimate for 2008.
"Our exceptional financial performance in 2007 underscores the strength of our global business model," stated Blake W. Krueger, the Company's CEO and President. "Wolverine has a unique operating platform consisting of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans 180 countries and a diverse global distribution strategy which focuses on many different consumer groups around the world. Our business model has enabled us to consistently deliver growth and record earnings per share, even in the face of macroeconomic headwinds. In 2007, our revenue and earnings increases were broad-based with all major geographic regions experiencing growth."
Fourth quarter 2007 earnings per share increased to $0.49, a 16.7 percent increase over fourth quarter 2006 earnings per share of $0.42. Fiscal 2007 earnings per share grew to a record $1.70, achieving a 15.6 percent increase over the $1.47 reported in 2006 and exceeded the upper-end of the Company's earnings per share estimate by $0.05.
The Company achieved record revenue totaling $1.199 billion for 2007, a 5.0 percent increase over 2006 revenue of $1.142 billion. For the fourth quarter of 2007, the Company reported revenue of $357.4 million, a 4.6 percent increase over fourth quarter 2006 revenue of $341.7 million.
Continued Krueger, "Overall, the Outdoor Group set the pace with the Merrell business posting robust double-digit increases in both revenue and earnings for the year. Merrell enters 2008 with very positive momentum in all geographic regions. Excluding our businesses in transition, the Hush Puppies Company, Heritage Brands Group and Wolverine Footwear Group all posted revenue gains for the year. "
"In the fourth quarter, gross margin increased 110 basis points compared to the same quarter of last year, helping to contribute to a 70 basis point improvement for the full year," reported the Company's CFO, Stephen L. Gulis Jr. "Operating margin for the full year 2007 significantly exceeded our plan and grew to 11.6 percent, reflecting the strong gross margin improvement.
"Inventory was down 10.0 percent at year-end and our solid operating results generated approximately $128 million of cash from operating activities. Our return on assets and return on equity reached record levels, and the Company's overall financial position has never been
stronger."
Mr. Krueger continued, "Our 2007 year-end order backlog was up nearly 10 percent over the prior year-end level, and our business model continues to deliver expanding operating margin and improved financial metrics in a challenging consumer environment. We now expect revenue for 2008 to range from $1.230 to $1.260 billion. Based on the strength of our performance and the confidence we have in the breadth and diversity of our global business
model, we are increasing our 2008 earnings per share estimate from our previously announced range of $1.78 to $1.84, to a range of $1.80 to $1.88."
The Company will host a conference call at 8:30 a.m. EST today to discuss these results and current business trends. To listen to the call at the Company's website, go to http://www.wolverineworldwide.com, click on "For Our Investors" in the navigation bar, click on "Conference Call" from the top navigation bar of the "For Our Investors" page, and then click on "Webcast." To listen to the webcast, your computer must have Windows Media
Player, which can be downloaded for free at http://www.wolverineworldwide.com. In addition, the conference call can be heard at http://www.streetevents.com. A replay of the call will be available at the Company's website through February 13, 2008.
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Bates(R), Hush Puppies(R), HYTEST(R), Merrell(R), Sebago(R) and Wolverine(R). The Company also is the exclusive footwear licensee of popular brands including CAT(R), Harley Davidson(R) and Patagonia(R). The Company's products are carried by leading retailers in the U.S. and globally in nearly 180 countries.
"Our exceptional financial performance in 2007 underscores the strength of our global business model," stated Blake W. Krueger, the Company's CEO and President. "Wolverine has a unique operating platform consisting of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans 180 countries and a diverse global distribution strategy which focuses on many different consumer groups around the world. Our business model has enabled us to consistently deliver growth and record earnings per share, even in the face of macroeconomic headwinds. In 2007, our revenue and earnings increases were broad-based with all major geographic regions experiencing growth."
Fourth quarter 2007 earnings per share increased to $0.49, a 16.7 percent increase over fourth quarter 2006 earnings per share of $0.42. Fiscal 2007 earnings per share grew to a record $1.70, achieving a 15.6 percent increase over the $1.47 reported in 2006 and exceeded the upper-end of the Company's earnings per share estimate by $0.05.
The Company achieved record revenue totaling $1.199 billion for 2007, a 5.0 percent increase over 2006 revenue of $1.142 billion. For the fourth quarter of 2007, the Company reported revenue of $357.4 million, a 4.6 percent increase over fourth quarter 2006 revenue of $341.7 million.
Continued Krueger, "Overall, the Outdoor Group set the pace with the Merrell business posting robust double-digit increases in both revenue and earnings for the year. Merrell enters 2008 with very positive momentum in all geographic regions. Excluding our businesses in transition, the Hush Puppies Company, Heritage Brands Group and Wolverine Footwear Group all posted revenue gains for the year. "
"In the fourth quarter, gross margin increased 110 basis points compared to the same quarter of last year, helping to contribute to a 70 basis point improvement for the full year," reported the Company's CFO, Stephen L. Gulis Jr. "Operating margin for the full year 2007 significantly exceeded our plan and grew to 11.6 percent, reflecting the strong gross margin improvement.
"Inventory was down 10.0 percent at year-end and our solid operating results generated approximately $128 million of cash from operating activities. Our return on assets and return on equity reached record levels, and the Company's overall financial position has never been
stronger."
Mr. Krueger continued, "Our 2007 year-end order backlog was up nearly 10 percent over the prior year-end level, and our business model continues to deliver expanding operating margin and improved financial metrics in a challenging consumer environment. We now expect revenue for 2008 to range from $1.230 to $1.260 billion. Based on the strength of our performance and the confidence we have in the breadth and diversity of our global business
model, we are increasing our 2008 earnings per share estimate from our previously announced range of $1.78 to $1.84, to a range of $1.80 to $1.88."
The Company will host a conference call at 8:30 a.m. EST today to discuss these results and current business trends. To listen to the call at the Company's website, go to http://www.wolverineworldwide.com, click on "For Our Investors" in the navigation bar, click on "Conference Call" from the top navigation bar of the "For Our Investors" page, and then click on "Webcast." To listen to the webcast, your computer must have Windows Media
Player, which can be downloaded for free at http://www.wolverineworldwide.com. In addition, the conference call can be heard at http://www.streetevents.com. A replay of the call will be available at the Company's website through February 13, 2008.
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Bates(R), Hush Puppies(R), HYTEST(R), Merrell(R), Sebago(R) and Wolverine(R). The Company also is the exclusive footwear licensee of popular brands including CAT(R), Harley Davidson(R) and Patagonia(R). The Company's products are carried by leading retailers in the U.S. and globally in nearly 180 countries.