19 Oct. 2012
Wolverine Announces Third Quarter ResultsWolverine Worldwide has reported their third quarter financial results, which showed weakened macroeconomic and retail conditions in Europe but strength in the US. Ending on September 8, 2012, the quarter came up with $353.1 million in revenue, 2.4% less than the previous year’s. This was due in part to foreign exchange rates, which negatively affected revenues by $5.4 million. Furthermore, earnings went down to $0.72 per share from 2011’s $0.82.
Nevertheless, Chairman and Chief Executive Officer Blake W. Krueger stated: "In light of the continued macroeconomic challenges in Europe, we are pleased that the Company's core business, even without contributions from the just-acquired Sperry Top-Sider, Stride Rite, Saucony and Keds brands, is on track to deliver another year of record revenue. Importantly, many of our brands posted strong revenue growth during the quarter, despite the headwinds in Europe. Our U.S. footwear business had another very solid quarter, with increases from virtually all of our brands and double-digit increases from Hush Puppies, Caterpillar Footwear and Sebago. Several brands also posted double-digit increases in third-party international markets, including Wolverine, Caterpillar Footwear, Sebago and Harley-Davidson Footwear.
The Company's leather business and consumer-direct business also delivered double-digit revenue growth.
"This is an exciting time for Wolverine Worldwide, as just last week we completed the PLG acquisition. We are now a 16-brand, $2.5+ billion organization – representing the largest footwear company in the world, outside of the pure athletic companies. As we look ahead, we are confident about our brands' ability to deliver a solid finish to the year. We believe the opportunities for significant domestic and international growth for the newly-expanded portfolio and the addition of more than 3,800 talented associates position us to deliver impressive financial results to Wolverine Worldwide shareholders well into the future."
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