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Wolverine Footwear posts revenue gains for 2007
31 Jan '08
3 min read
Continued Krueger, "Overall, the Outdoor Group set the pace with the Merrell business posting robust double-digit increases in both revenue and earnings for the year.
Merrell enters 2008 with very positive momentum in all geographic regions. Excluding our businesses in transition, the Hush Puppies Company, Heritage Brands Group and Wolverine Footwear Group all posted revenue gains for the year. "
"In the fourth quarter, gross margin increased 110 basis points compared to the same quarter of last year, helping to contribute to a 70 basis point improvement for the full year," reported the Company's CFO, Stephen L. Gulis Jr. "Operating margin for the full year 2007 significantly exceeded our plan and grew to 11.6 percent, reflecting the strong gross margin improvement.
"Inventory was down 10.0 percent at year-end and our solid operating results generated approximately $128 million of cash from operating activities.
Our return on assets and return on equity reached record levels, and the Company's overall financial position has never been stronger."
Mr. Krueger continued, "Our 2007 year-end order backlog was up nearly 10 percent over the prior year-end level, and our business model continues to deliver expanding operating margin and improved financial metrics in a challenging consumer environment.
We now expect revenue for 2008 to range from $1.230 to $1.260 billion. Based on the strength of our performance and the confidence we have in the breadth and diversity of our global business model, we are increasing our 2008 earnings per share estimate from our previously announced range of $1.78 to $1.84, to a range of $1.80 to $1.88."
The Company will host a conference call at 8:30 a.m. EST to discuss these results and current business trends. To listen to the webcast, your computer must have Windows Media Player, which can be downloaded. In addition, the conference call can be heard. A replay of the call will be available at the Company's website through February 13, 2008.
Merrell enters 2008 with very positive momentum in all geographic regions. Excluding our businesses in transition, the Hush Puppies Company, Heritage Brands Group and Wolverine Footwear Group all posted revenue gains for the year. "
"In the fourth quarter, gross margin increased 110 basis points compared to the same quarter of last year, helping to contribute to a 70 basis point improvement for the full year," reported the Company's CFO, Stephen L. Gulis Jr. "Operating margin for the full year 2007 significantly exceeded our plan and grew to 11.6 percent, reflecting the strong gross margin improvement.
"Inventory was down 10.0 percent at year-end and our solid operating results generated approximately $128 million of cash from operating activities.
Our return on assets and return on equity reached record levels, and the Company's overall financial position has never been stronger."
Mr. Krueger continued, "Our 2007 year-end order backlog was up nearly 10 percent over the prior year-end level, and our business model continues to deliver expanding operating margin and improved financial metrics in a challenging consumer environment.
We now expect revenue for 2008 to range from $1.230 to $1.260 billion. Based on the strength of our performance and the confidence we have in the breadth and diversity of our global business model, we are increasing our 2008 earnings per share estimate from our previously announced range of $1.78 to $1.84, to a range of $1.80 to $1.88."
The Company will host a conference call at 8:30 a.m. EST to discuss these results and current business trends. To listen to the webcast, your computer must have Windows Media Player, which can be downloaded. In addition, the conference call can be heard. A replay of the call will be available at the Company's website through February 13, 2008.
Wolverine World Wide Inc
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