Home / Knowledge / News / Apparel/Garments / Revenue rise 16.4% at Wolverine Worldwide in 2012
Revenue rise 16.4% at Wolverine Worldwide in 2012
19
Feb '13
Wolverine Worldwide reported financial results for both the fourth quarter and full year ended December 29, 2012.During the fourth quarter, the Company completed the $1.25 billion acquisition of the Performance+Lifestyle Group ("PLG") from Collective Brands, Inc., adding four world-class lifestyle brands — Sperry Top-Sider, Saucony, Stride Rite, and Keds — to the Company's impressive portfolio of brands.

Highlights include:

Consolidated full-year revenue increased 16.4% to $1.641 billion, including a contribution of $219.4 million from the PLG brands in the stub period since the date of acquisition.  Consolidated fourth fiscal quarter revenue was $652.2 million, growth of 60.5% versus the prior year.

Fourth fiscal quarter revenue for the legacy WWW business grew to a record $432.8 million, growth of 6.5% versus the prior year.  Foreign exchange had minimal impact on the quarter's reported revenue. 

Full-year revenue for the legacy WWW business grew to a record $1.421 billion, an increase of 0.9%.  Foreign exchange negatively impacted full-year reported revenue for the legacy business by $10.6 million.

Full-year operating expenses for the legacy WWW business increased only 2.1%, as the Company demonstrated excellent operating discipline in a challenging global business environment.  Reported operating expenses, including both PLG and recurring and non-recurring transaction and integration costs, increased 33.1%.

The effective tax rate for the full fiscal year was 14.2%, reflecting both non-recurring tax benefits realized in the first half of the year and acquisition-related expense deductions in high statutory tax rate jurisdictions in the second half of the year.

Excluding non-recurring transaction and integration expenses, full-year fully diluted earnings per share were $2.29, compared to the Company's prior guidance of $1.96 to $2.06 per share. 

In the fourth quarter, excluding non-recurring transaction and integration expenses, earnings per share were $0.48 – comprised of $0.53 per share from the legacy WWW business and $0.05 of dilution from the PLG acquisition – compared to the Company's prior guidance of $0.12 to $0.22 per share. 

These excellent results were due to better than forecasted operating performance from both the legacy and PLG businesses and lower than anticipated costs related to the acquisition.  Reported earnings per share were $1.63 for the full fiscal year and ($0.08) in the fourth fiscal quarter.    

The Company generated strong cash flow from operating activities in 2012 and ended the year with $171.4 million of cash and cash equivalents and net debt of $1.080 billion.  The net debt reflects a voluntary prepayment of $25.0 million of principal during the fourth fiscal quarter.  

Must ReadView All

Apparel/Garments | On 29th Jun 2016

Bangladesh revises tax at source on RMG down to 0.7%

Following requests made by trade bodies, the Bangladesh government...

AEPC chairman Ashok G Rajani speaking at the press conference. Courtesy: AEPC

Apparel/Garments | On 29th Jun 2016

Apparel sector pledges Rs 623cr investment post package

The apparel sector is buoyant after the recent announcement of Rs...

Apparel/Garments | On 29th Jun 2016

India’s apparel exports may touch $20bn in FY17: CMAI

The value of clothing exports from India is likely to touch $20...

Interviews View All

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Shawn Honeycutt
Bolger & O'Hearn

Which chemicals are likely to dominate the sustainable textiles industry?...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
june 2016

F2F Magazine

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search