Wolverine achieves double-digit growth in revenue

04 Oct '11

4 min read

• The Company repurchased approximately 948,000 of its own shares in the quarter at an average price of $34.45, or an aggregate cost of $32.7 million. The Company continues to have an exceptionally strong balance sheet, with $97.9 million of cash and cash equivalents at the end of the third quarter.

The Company is raising its estimate for full-year revenue to a range of $1.40 billion to $1.43 billion (representing growth of 12.1% to 14.5%) and is raising its estimate for full-year diluted earnings per share to a range of from $2.46 to $2.52 (representing growth of 13.4% to 16.1% versus the prior year's adjusted earnings per share and 16.6% to 19.4% versus the prior year's reported earnings per share).

Included in the earnings guidance is the expectation for full-year gross margin that is flat to slightly up versus the prior year, modest full-year operating expense leverage and continued double-digit increases in marketing investments behind key growth initiatives.

With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Bates, Chaco, Cushe, Hush Puppies, HYTEST, Merrell, Sebago Soft Style and Wolverine. The Company also is the footwear licensee of popular brands including CAT, Harley-Davidson and Patagonia. The Company's products are carried by leading retailers in the U.S. and globally in more than 190 countries and territories.

Wolverine Worldwide

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