Merrell hiking boot
Merrell hiking boot
 

13 Jul. 2011

WOLVERINE WORLDWIDE SEES RECORD SECOND-QUARTER GROWTH

Footwear and apparel giant Wolverine Worldwide has taken yet another step in the right direction. Announcing its second-quarter financial results yesterday, the Michigan-based manufacturer of such iconic brands as Merrell, Hush Puppies and Sebago said it had double-digit growth in both revenues and earnings per share. The quarter, which ended June 18, 2011, was Wolverine’s fourth consecutive quarter of record revenue and the sixth consecutive one of record earnings. Revenue for the quarter was $310.1 million, a 20.1% increase over last year’s second-quarter revenue. Diluted earnings per share were $0.48, a growth of 23.1% compared to the prior year.

The company attributed the rise to its growth strategies and increased demand for genuine heritage brands such as Hush Puppies and Sebago. “Our recent revenue performance clearly demonstrates the broad strength of our portfolio and the benefits of consistent investment in brand-building initiatives,” said Chairman and CEO Blake W. Krueger. “The outstanding financial results in the second quarter were led by strong double-digit revenue increases in all branded groups, most notably in the Outdoor Group and our Merrell brand.” He added: "2011 is an exciting time for Wolverine Worldwide, with many brands in our portfolio uniquely positioned for success. Our Merrell brand continues to dominate the outdoor space with cutting-edge product and new innovations such as the Merrell Barefoot Collection In addition, our Hush Puppies, Sebago, Cat Footwear, Wolverine and Patagonia Footwear brands are all taking advantage of current global lifestyle trends centered on heritage, Americana and authenticity.”

Wolverine estimates its full-year revenue will be $1.380 billion to $1.420 billion, which would be a growth of 10.5% to 13.7%.

In addition to producing its own stable of brands, Wolverine, which was founded in 1883, is the footwear licensee for CAT, Harley-Davidson and Patagonia. Its products are sold in more than 190 countries and territories.

Christopher Blomquist

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