Home / Knowledge / News / Apparel/Garments / Wolverine Worldwide Q2 FY'13 sales zoom 88%
Wolverine Worldwide Q2 FY'13 sales zoom 88%
09
Jul '13
Wolverine Worldwide reported record revenue and strong earnings performance for its second fiscal quarter ended June 15, 2013.  The quarter included a full 12 weeks contribution from the Company's October 2012 acquisition of the Sperry Top-Sider, Saucony, Stride Rite, and Keds brands.

Second quarter highlights:

Revenue was a record $587.8 million, up 88.0% versus prior year reported revenue of $312.7 million and within the Company's expectations going into the quarter.  The quarter's revenue was up 5.5% versus prior year pro forma revenue.  Sperry Top-Sider, Keds, Saucony, and Harley-Davidson Footwear led the revenue growth in the quarter.

Reported gross margin increased 320 basis points to a record 41.0%.  The strong gross margin performance was balanced across the Company's portfolio of brands and was driven by pricing discipline, favorable brand and channel mix, and better inventory management.

Excluding acquisition-related transaction and integration expenses, fully diluted earnings per share in the quarter were $0.46, substantially ahead of the Company's previous guidance of $0.31 - $0.35 per share and a 12.2% increase compared to the prior year's second quarter earnings adjusted for both acquisition-related transaction and integration costs and a non-recurring tax benefit. 

The excellent earnings results were driven primarily by better-than-expected earnings from the recently-acquired brands.  Reported earnings per share, including acquisition-related transaction and integration expenses, were $0.36 in this year's second quarter compared to $0.42 in the prior year.

Operating free cash flow in the fiscal second quarter was a record $165.1 million and the Company reduced its interest-bearing debt by $73.6 million in the quarter, including fully paying off its revolving line of credit and a voluntary principal payment of $25 million on a term loan.

"We are extremely pleased to report excellent financial results in our most recent quarter," said Blake W. Krueger, Chairman and Chief Executive Officer.  "The combined power of our brand portfolio is virtually unmatched in the industry, and the continuing global consumer interest in authentic brands anchored in performance and heritage positions us well for future growth. 

"We continue to believe that the power of our 16-brand portfolio, a strong global infrastructure, and talented team have us poised to deliver growth and exceptional shareholder value."

Wolverine Worldwide

Must ReadView All

Courtesy: Myntra

Apparel/Garments | On 3rd Dec 2016

Myntra to be EBITA positive by FY18: CEO Narayanan

Myntra is on track to achieve sustainable growth and be EBITA...

Courtesy: India ITME Society

Textiles | On 3rd Dec 2016

India ITME 2016 opens with over 1050 exhibitors

The India International Textile Machinery Exhibition (India ITME)...

Courtesy: Bruckner

Textiles | On 3rd Dec 2016

Indian textile companies opt for Brückner stenter lines

Indian textile firms Laxmipati Sarees, makers of polyester sarees and ...

Interviews View All

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mark Paterson
Technical Absorbents Ltd

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

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
December 2016

December 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search