Wolverine revenue shoots up 64% in 2013

18 Feb '14

5 min read

Operating free cash flow for the full fiscal year was a record $157.6 million. TheCompany ended the year with cash of $214.2 million and net debt of $935.8 million, with the latter down $142.8 million from the prior year end.

"Fiscal 2013 was a year of many milestones for the Company, highlighted by record earnings per share and our fourth consecutive year of record revenue," said Blake W. Krueger, Chairman and Chief Executive Officer. "We integrated the newly acquired brands into our business and successfully executed numerous global growth initiatives across our brand portfolio while also expanding and strengthening our direct-to-consumer platform.

Even as a sluggish retail environment and very cold weather in the U.S. tempered growth for our Sperry Top-Sider and Stride Rite brands during the fourth quarter, many of our other brands, including Merrell, delivered excellent results. For the year, nearly every geographic region grew nicely, with the only exception being the EMEA region that still delivered results consistent with our expectations.

In addition, we were particularly pleased with the accelerated momentum in the Latin America and Asia Pacific regions during the back half of 2013, important regions for future growth across our portfolio and, particularly, for our newly acquired brands.

"As we begin fiscal 2014, we are pleased with the tremendous progress we have made over the past few years to position the Company for continued success around the world. Our fanatical focus on product creation and innovation is delivering exciting products to our global consumers, and we continue to tell compelling marketing stories each season – all while our talented and motivated teams deliver revenue growth and increased profitability across the portfolio. We remain steadfastly focused on achieving impressive returns for our shareholders in any macroeconomic environment."

Don Grimes, Senior Vice President and Chief Financial Officer, commented, "The Company delivered exceptional financial results in fiscal 2013, and we couldn't be more pleased with our strong cash flow generation and debt retirement since the close of the PLG Acquisition in October 2012. Our focus remains on growing our wonderful collection of lifestyle brands and driving continued excellent cash flow."

To connect manufacturers and suppliers with buying houses and fashion brands, Fibre2fashion.com is coming up with an online fair on Leather “Skin Show 2014” scheduled in Mid March-2014.

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