Wolverine posts record performance for Q4 2010
Wolverine World Wide Inc reported record revenue and earnings per share for both the fourth quarter and full fiscal year ended January 1, 2011. This excellent financial performance underscores the broad strength and consumer appeal of the Company's portfolio of lifestyle brands.
Reported revenue for the full year was a record $1.249 billion, an increase of 13.4% versus prior year revenue of $1.101 billion. Adjusted earnings per fully diluted share were $2.17, a 22.6% increase compared to 2009 adjusted earnings of $1.77 per share. Both years' adjusted earnings exclude the impact of restructuring charges and other expenses related to the Company's strategic restructuring plan that was completed in the second quarter of 2010. Reported fully diluted earnings for the year were $2.11 per share compared to $1.24 per share in 2009.
Reported revenue for the fourth quarter was a record $385.0 million, a 23.2% increase versus the prior year. Fully diluted earnings in the quarter were a record $0.52 per share, an increase of 15.6% compared to fourth quarter 2009 adjusted diluted earnings of $0.45. The prior year's adjusted earnings exclude the impact of restructuring charges and other expenses related to the Company's strategic restructuring plan. Reported earnings for the fourth quarter of 2009 were $0.33 per share.
"We are extremely pleased with the Company's exceptional financial performance in 2010, highlighted by record revenue and record earnings per share," said Blake W. Krueger, the Company's Chairman and Chief Executive Officer. "All four branded operating groups contributed to the year's record results, and all geographic regions delivered double-digit revenue growth. The Company's fourth quarter performance was also exceptional, and this momentum, coupled with a strong double-digit order backlog and enthusiastic responses to our 2011 product offerings, positions the Company for an excellent 2011."
Krueger concluded, "The state of the business has never been better. We have momentum, and opportunities exist for accelerated growth across our entire brand portfolio and all geographic regions. Our Company is known for its fanatical focus on product, and we are very excited about the upcoming launch of the Merrell Barefoot Collection and our brands' ability to continue capitalizing on the Boot and Vintage Americana trends that are currently dominating footwear. All of these things, and more, put the Company in an enviable position as we look forward to another strong year in 2011."
Don Grimes, the Company's Senior Vice President and Chief Financial Officer, commented, "The Company's record financial performance in 2010 is a clear indication of the strength of our portfolio and the discipline with which we manage the business. We remain mindful of the need to deliver superior financial results while still making appropriate investments for the future."