Home / Knowledge / News / Apparel/Garments / Wolverine delivers excellent earnings performance in Q3
Wolverine delivers excellent earnings performance in Q3
08
Oct '09
Wolverine World Wide, Inc. reported financial results for the third quarter of 2009 and raised full-year earnings per share guidance.

Adjusting for the negative impact of foreign exchange rates, revenue declined 6.9% in the quarter to $296.8 million, as challenging trading conditions continued across most of the Company's major markets. Reported revenue in the third quarter was $286.8 million, a decline of 10.1% versus the prior year.

The Company continued to make substantial progress in the quarter with its strategic restructuring plan, which is focused on generating significant efficiencies across the Company's supply chain, logistics and backroom functions.

Non-recurring restructuring and related charges of $5.1 million, or $0.08 per fully diluted share, were recorded in the quarter. Adjusting for these charges, fully diluted earnings in the quarter were $0.62 per share, equal to the $0.62 per share in the prior year. Further adjusting for a negative $0.05 per share impact in the quarter from foreign exchange, fully diluted earnings were $0.67 per share, 8.1% above the prior year. Reported fully diluted earnings were $0.54 per share.

"We are very pleased with our third quarter results, as the Company continues to deliver excellent earnings performance in the most challenging economic environment that many of us have ever experienced," stated Blake W. Krueger, the Company's CEO and President. "We remain confident that our multi-brand, multi-country business model and our execution against that model can deliver exceptional results in a variety of economic climates.

Krueger continued, "The strength of our brand portfolio coupled with our growth and efficiency initiatives convince us that the Company is positioned for success as we cycle through the global recession. Our key strategic objectives remain unchanged as we stay focused on growing our proven brands via greater wholesale penetration, expanding our consumer-direct initiatives and further extending into apparel and accessories.

The demonstrated success of these strategies, combined with our ability to generate permanent cost savings by mining for efficiencies throughout the organization, has us poised to achieve accelerated profit growth in an improved consumer spending environment."

Don Grimes, the Company's Chief Financial Officer, commented, "The Company's impressive 2009 financial performance continued in the third quarter. A heightened emphasis on reducing discretionary operating expenses and the recognition of benefits from new tax strategies helped us achieve earnings per share, excluding restructuring and related charges, equal to the prior year in extremely tough economic conditions."

Highlights for the quarter:

• Gross margin was 40.9%, compared to prior-year gross margin of 40.4%, after adjusting for $1.3 million of non-recurring restructuring and related charges and the impact of foreign exchange. Reported gross margin was 39.7%.

Must ReadView All

Textiles | On 10th Dec 2016

US textile & apparel imports fall 6.50% in Jan-Oct ’16

The import of textiles and apparel by United States dropped 6.50 per...

Courtesy: ZDHC

Textiles | On 10th Dec 2016

China Textile Information Centre joins ZDHC programme

China Textile Information Centre (CTIC), a state-owned research...

Apparel/Garments | On 10th Dec 2016

Amazon India aims to be India’s biggest fashion retailer

Since fashion is the second biggest ecommerce category in India,...

Interviews View All

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Giorgio Mantovani
Corman S.p.A

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Suresh Patel
Sidwin Fabric

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Karan Arora
Karan Arora

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

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