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Wolverine is off to an outstanding start in 2011
20 Apr '11
4 min read
• First quarter 2011 operating expenses as a percentage of revenue were 26.7%, compared to 27.6% in 2010, adjusted for restructuring and related charges. Operating expenses in the quarter of $88.3 million increased 12.5%, driven by variable costs associated with strong revenue growth and a planned increase in advertising and marketing investments. Reported operating expenses for the first quarter 2010 were $79.1 million.
• Inventory at the end of the quarter increased $78.2 million, or 45.5%, compared to the prior year and reflects the continued strength of our order backlog, strategic purchases of core product in advance of price increases and the excellent outlook for the balance of the fiscal year.
• The effective tax rate in the quarter was 28.0%, driven lower primarily by more favorable statutory tax rates in both Canada and the United Kingdom.
• The Company repurchased approximately 142,000 of its own shares in the quarter for an aggregate cost of $5.1 million. As announced earlier in the quarter, the Company increased its quarterly dividend 9.1%, to $0.12 per share, payable on May 2, 2011 to stockholders of record on April 1, 2011.
Based upon the record first quarter results and continued strong order trends throughout the quarter, the Company is increasing both its revenue and earnings per share guidance for the full fiscal year. For fiscal 2011, the Company is increasing its revenue estimate to a range of $1.380 billion to $1.420 billion, representing growth of 10.5% to 13.7% versus the prior year.
The Company is also increasing its fully diluted earnings per share guidance to a range of $2.40 to $2.50, representing growth of 10.6% to 15.2% versus the prior-year adjusted earnings per share (growth of approximately 13.7% to 18.5% versus reported earnings per share).
• Inventory at the end of the quarter increased $78.2 million, or 45.5%, compared to the prior year and reflects the continued strength of our order backlog, strategic purchases of core product in advance of price increases and the excellent outlook for the balance of the fiscal year.
• The effective tax rate in the quarter was 28.0%, driven lower primarily by more favorable statutory tax rates in both Canada and the United Kingdom.
• The Company repurchased approximately 142,000 of its own shares in the quarter for an aggregate cost of $5.1 million. As announced earlier in the quarter, the Company increased its quarterly dividend 9.1%, to $0.12 per share, payable on May 2, 2011 to stockholders of record on April 1, 2011.
Based upon the record first quarter results and continued strong order trends throughout the quarter, the Company is increasing both its revenue and earnings per share guidance for the full fiscal year. For fiscal 2011, the Company is increasing its revenue estimate to a range of $1.380 billion to $1.420 billion, representing growth of 10.5% to 13.7% versus the prior year.
The Company is also increasing its fully diluted earnings per share guidance to a range of $2.40 to $2.50, representing growth of 10.6% to 15.2% versus the prior-year adjusted earnings per share (growth of approximately 13.7% to 18.5% versus reported earnings per share).
Wolverine World Wide Inc
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