Wolverine second quarter results

United States
Published:  21 July, 2014

Wolverine Worldwide reported revenue reached $613.5 million in its second fiscal quarter ended June 14, up 4.4% versus the prior year. All three of the company’s brand operating groups contributed to the quarter’s revenue growth.

Adjusted operating expenses in the quarter were $190.8 million, a decline of 2.8% versus the prior year. As a percentage of revenue, adjusted operating expenses were 31.1% compared to 33.4% in the prior year. Reported operating expenses in the quarter were $196.7 million, a decline of 3.6% vs. the prior year.

Adjusted operating margin expanded 140 basis points to 9.0%. Reported operating margin was 8.0%.

Adjusted fully diluted earnings per share increased 34.8% to $0.31, compared to an adjusted $0.23 per diluted share in the prior year. Reported fully diluted earnings were $0.27 per share, an increase of 50% compared to the prior year’s reported earnings of $0.18 per share.

Outstanding operating free cash flow reached $113.6 million.

“We are extremely pleased to deliver a record quarter in what continues to be a volatile global retail environment, particularly in the U.S.” said Blake W. Krueger, the company’s chairman and CEO. “All of our operating groups achieved a revenue increase in the quarter, which was spread across nearly every region of the world. Our Saucony, Keds, Caterpillar Footwear, Chaco and Wolverine brands posted very strong year-over-year results, and double-digit revenue gains in EMEA, Latin America and Asia-Pacific highlight the broad geographic reach of our portfolio.”

Source: FDRA