Wolverine World Wide Inc reported record revenue and earnings per share for its fourth quarter and 2007 fiscal year, marking its seventh consecutive year of both record revenue and earnings per share. The Company also increased its earnings per share estimate for 2008.
"Our exceptional financial performance in 2007 underscores the strength of our global business model," stated Blake W. Krueger, the Company's CEO and President.
"Wolverine has a unique operating platform consisting of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans 180 countries and a diverse global distribution strategy which focuses on many different consumer groups around the world.
Our business model has enabled us to consistently deliver growth and record earnings per share, even in the face of macroeconomic headwinds. In 2007, our revenue and earnings increases were broad-based with all major geographic regions experiencing growth."
Fourth quarter 2007 earnings per share increased to $0.49, a 16.7 percent increase over fourth quarter 2006 earnings per share of $0.42.
Fiscal 2007 earnings per share grew to a record $1.70, achieving a 15.6 percent increase over the $1.47 reported in 2006 and exceeded the upper-end of the Company's earnings per share estimate by $0.05.
The Company achieved record revenue totaling $1.199 billion for 2007, a 5.0 percent increase over 2006 revenue of $1.142 billion. For the fourth quarter of 2007, the Company reported revenue of $357.4 million, a 4.6 percent increase over fourth quarter 2006 revenue of $341.7 million.
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