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

Courtesy: Alibaba

Apparel/Garments | On 21st Feb 2017

Alibaba announces retail partnership with Bailian Group

Chinese e-commerce giant Alibaba Group has made another move in its...

Apparel/Garments | On 21st Feb 2017

Govt may free up retail FDI for domestic goods

Government may remove restrictions on retailers like Walmart and...

Apparel/Garments | On 21st Feb 2017

Max Fashion targets revenue of Rs 5,000 cr by fiscal 2021

Apparel retailer Max Fashion is mulling to double its turnover to Rs...

Interviews View All

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Silvia Venturini Fendi
Fendi s.r.l

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search