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Wolverine revenue shoots up 64% in 2013

February 18, 2014 (United States Of America)

Wolverine Worldwide reported financial results for both the fourth quarter and full year ended December 28, 2013.  Full-year results include a full 52-week contribution from the Company's October 2012 acquisition of the Sperry Top-Sider, Saucony, Stride Rite, and Keds brands (the "PLG Acquisition"). 
 
On July 11, 2013, the Company's Board of Directors declared a two-for-one stock split, which was paid in the form of a stock dividend on November 1, 2013.  All references to the Company's share and per share data are presented on a split-adjusted basis.  
 
Additionally, references to adjusted financial results exclude transaction and integration expenses related to the PLG Acquisition, restructuring charges related to the Company's manufacturing operations, non-cash retail store impairment charges, and expenses related to the October 2013 debt refinancing, where applicable.
 
Highlights from the year and fourth quarter 2013 include:
Consolidated full-year revenue increased to a record $2.69 billion, representing growth of 5.6% versus prior year pro forma revenue of $2.55 billion and growth of 64.0% versus prior year reported revenue of $1.64 billion.  All three of the Company's branded operating groups contributed to the 2013 record revenue results, with the most significant contributions to revenue growth coming from the Sperry Top-Sider, Saucony, Keds, and Merrell brands.  
 
Consolidated fourth quarter revenue was a record $740.8 million, growth of 0.6% vs. prior year pro forma revenue of $736.4 million and growth of 13.6% versus prior year reported revenue of $652.2 million.
 
Adjusted full-year gross margin increased 120 basis points to 39.8%.  The strong gross margin improvement was driven by a mix shift towards higher margin consumer-direct channels, select price increases taken at the beginning of the year, efficiency gains in our owned manufacturing operations and lower LIFO expense.  These were partially offset by higher product costs and unfavorable variances on FX forward contracts.  Reported gross margin was 39.6%.
 
Adjusted full-year earnings increased 25.4% to a record $1.43 per fully diluted share.  Reported earnings for the full year were $0.99 per fully diluted share.
 
In the fourth quarter, adjusted fully diluted earnings were $0.22 per share.  As noted during the Company's previous earnings call, fourth quarter earnings were negatively impacted by incremental pension and incentive compensation expense and a higher tax rate and share count.  Reported earnings in the fourth quarter were $(0.02) per fully diluted share.
 

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