Wolverine Worldwide announced unaudited revenue for 2013
29 Jan. 2014
Wolverine reports preliminary fiscal 2013 revenueMichigan-based footwear and apparel giant Wolverine Worldwide announced their unaudited revenue and earnings results for the full year ended December 28, 2013. The year included a full contribution from the Company's October 2012 acquisition of the Sperry Top-Sider, Saucony, Stride Rite, and Keds.
On a preliminary unaudited basis, for full fiscal year 2013 the Company expects revenues of approximately $2.69 billion, representing a growth of 5.5% versus the prior year pro forma revenue of $2.55 billion and growth of 64.0% versus the prior year reported revenue of $1.64 billion. Adjusted fully diluted earnings – excluding transaction and integration expenses related to the PLG Acquisition, restructuring charges related to the company's own manufacturing operations, and expenses related to the October 2013 refinancing – at the high end of the previous earnings guidance of $1.37 to $1.42 per share.
As Wolverine Worldwide has not completed its quarter and year-end fiscal close and the audit of its 2013 financial statements is not complete, the revenue and earnings per share expectations presented are preliminary and subject to final year-end closing adjustments and may change.
"Fiscal 2013 included several noteworthy accomplishments of which we are exceptionally proud," said Blake W. Krueger, Chairman and Chief Executive Officer. "Our revenue and earnings are expected to reach record levels, we successfully integrated and grew our newly acquired brands, and the performance of Merrell, our largest brand, strengthened as the year progressed. In the quarter, excellent double-digit revenue growth from Hush Puppies, CAT Footwear, and Keds and solid mid-single digit revenue growth from Merrell and Saucony were partially offset by softness from Sperry Top-Sider and Stride Rite.
Sperry's performance, in particular, was impacted by fall weather conditions that heavily favoured boot offerings versus casual products. Geographically, double-digit revenue growth in each of the Asia Pacific and Latin America regions was offset by flat revenue growth in the U.S., our most significant market, and the EMEA region. We are pleased that our multi-brand, multi-geography business model was able to deliver record full-year earnings at the high end of our previous guidance."
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