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Wolverine Worldwide (WWW) reported revenue increased 9.2% to a record $808.9 million in the fourth quarter ended January 3, 2015. Adjusted earnings, which exclude restructuring, acquisition-related integration and debt extinguishment costs, grew 36.4 percent to $0.30.
The international footwear brand reported for the full fiscal year, revenue increased 2.6% to a record $2.76 billion and adjusted earnings per share grew 13.3% to $1.62.
“We had a strong close to the year, with nine of our 16 brands generating double-digit revenue growth in the fourth quarter, and our two largest brands, Merrell and Sperry, delivering mid single-digit and high single-digit revenue growth, respectively,” commented Blake W. Krueger, Wolverine Worldwide’s Chairman, Chief Executive Officer and President. “I am equally pleased with our full-year performance, which was highlighted by our fifth consecutive year of record revenue, as well as record adjusted earnings. We believe the strategic investments we are planning for our brands position us to capitalise on the many opportunities we’ve identified to accelerate our growth around the world.”
In order to capitalise on opportunities for accelerated growth around the world, last month the company announced plans to significantly increase brand-building investments in fiscal 2015. Specifically, the company intends to increase its investments behind consumer-demand creation, omnichannel initiatives and international expansion – all focused on deepening connections with consumers, elevating brand awareness and driving sustained growth for the portfolio. The company plans to incrementally invest approximately $30 million in these brand-building initiatives in fiscal 2015.
Given the global nature of the company’s operations, the significantly stronger U.S dollar versus the Canadian dollar, euro and British pound is expected to have a meaningful negative impact on reported fiscal 2015 results. Further, the continued strengthening of the U.S dollar since the beginning of this calendar year is the primary driver of the company’s current outlook for fiscal 2015