Wolverine Worldwide deliver reasonable Q3 results

United States
Published:  17 October, 2014

Wolverine Worldwide reported financial results on October 14 for its third fiscal quarter ended September 6, 2014, that included revenue of $711.1 million – down 0.8% versus the prior year, but in line with the Company's previous guidance – and strong adjusted diluted earnings per share growth of 8.6%.

"Highlighting the strength of our diverse global business model, strong revenue results across multiple geographies, particularly Asia Pacific and EMEA, offset what continues to be a somewhat tepid retail environment in the U.S," said Blake W. Krueger, Wolverine Worldwide's Chairman and Chief Executive Officer. "We still expect 2014 to be another year of record revenue and record earnings for the Company, driven by the global appeal of our brand portfolio and our disciplined operations."

Gross margin was 40% compared to the prior year's gross margin of 39.9%. Adjusted operating expenses in the quarter were $186.8 million, a decline of 2.8% versus the prior year. As a percentage of revenue, adjusted operating expenses were 26.3% compared to 26.8% in the prior year. Reported operating expenses in the quarter were $197.1 million, a decline of 1.3% versus the prior year. Adjusted operating margin expanded 70 basis points to 13.8%.

Wolverine World Wide, is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The Company's portfolio of brands includes: Merrell, Sperry Top-Sider, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates, HYTEST, and Soft Style. The Company also is the global footwear licensee of the popular brands Cat and Harley-Davidson. The Company's products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories.

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