Wolverine Worldwide Q3 revenues down 2.4 percentTuesday, 16 October 2012
Wolverine Worldwide reported financial results for
the third quarter ended September 8, 2012. Revenue for the quarter was 353.1 million dollars, 2.4 percent lower than the prior year’s third quarter when revenue grew approximately 13 percent. Foreign exchange negatively impacted reported revenue by 5.4 million dollars. Revenue and adjusted earnings per share were in line with the company’s expectations communicated on September 6, 2012, and reflected difficult macroeconomic and retail conditions in Europe, mitigated by strength in the United States.
“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,” said Blake W. Krueger, Chairman and Chief Executive Officer, adding, “Importantly, many of our brands posted strong revenue growth during the quarter, despite the headwinds in Europe.”
“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,” Krueger opined.
While still expecting a stronger at-once order environment in its fourth fiscal quarter, the company expects continued European macroeconomic turmoil to present challenges over the balance of the fiscal year. The Company's revised full-year revenue guidance is in the range of 1.425 billion dollars to 1.435 billion dollars, an increase of 1.1 percent to 1.8 percent over the prior year’s record revenue. The midpoint of this full-year guidance implies fourth quarter revenue of approximately 441 million dollars, or growth of 8.5 percent against the prior year.