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

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Ebay

Apparel/Garments | On 19th Jun 2018

eBay partners with Noon for e-commerce sales in Middle East

Noon, the $1 billion e-commerce venture backed by Dubai businessman...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search