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

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Gujarat hopes extended textile policy to attract Rs 5000 cr

The Gujarat government feels that its recent decision to extend its...

Apparel/Garments | On 26th Sep 2017

Cash burn by e-tailers in India may double during festivals

During this year’s festival season, which has already started,...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

Johan Berlin
InvestKonsult Sweden AB

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

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Tony Ward
Tony Ward

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search