Wolverine Worldwide sales spike 60.5% in Q4
ROCKFORD, Mich. — Outdoor and sports apparel manufacturer Wolverine Worldwide reported that its consolidated fourth fiscal quarter revenue was $652.2 million, growth of 60.5% versus the prior year.
In the fourth quarter, excluding non-recurring transaction and integration expenses, earnings per share were 48 cents compared with the company's prior guidance of 12 cents to 22 cents per share.
"Fiscal 2012 was a milestone year – the third consecutive year of record revenue and the completion of the transformational acquisition of the four PLG brands," said Blake W. Krueger, chairman and CEO. "With continued successful execution of global growth initiatives and expansion of our direct-to-consumer platform, we delivered solid performance in a challenging global environment. The U.S. market proved to be an important contributor to our consolidated performance in 2012, with many brands growing at a double-digit pace in the Company's most significant market, helping offset the yearlong headwinds in Europe and, to a lesser extent, Canada.
"With the addition of Sperry Top-Sider, Saucony, Stride Rite, and Keds, our portfolio of global brands has never been stronger. We are diversified across most consumer groups, distribution channels and geographic regions, and have multiple brands in the portfolio that are delivering accelerated growth. We are focused on delivering excellent growth, strong profitability and impressive returns to our shareholders, and we look forward to building on our brands' momentum in 2013 and beyond."
Although the company expects strong performance in the U.S., Latin America and Asia Pacific markets in fiscal 2013, it also expects continued challenging trading conditions in Europe. In light of those expectations, the company is offering the following guidance for fiscal 2013, excluding non-recurring transaction and integration expenses:
Full-year consolidated revenue in the range of $2.7 to $2.8 billion, representing growth in the range of 64.5% to 70.6% versus reported fiscal 2012 revenue of $1.641 billion.
Fully diluted earnings per share, adjusted to exclude non-recurring transaction and integration expenses, in the range of $2.50 to $2.65, representing growth of 9.2% to 15.7% versus the prior year's adjusted earnings per share.