• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

Wolverine World Wide reports record revenue

17 Apr '08
3 min read

"First quarter earnings were strong, with gross margin expansion driving operating margin to 12.6 percent, a 100 basis point increase," reported the Company's CFO, Stephen L. Gulis Jr.

"The increase resulted primarily from improved pricing margins and the positive impact from a weak U.S. dollar in our Company-owned international wholesale operations.

"First quarter 2008 inventory levels were down 4.0 percent. Inventory reductions were achieved in several operating groups resulting from the Company's continued focus on inventory management. Accounts receivable increased 12.2 percent due to strong spring shipments towards the end of the quarter.

Our balance sheet remains very strong as we repurchased $47.7 million of Company stock during the first quarter and finished the quarter with a cash balance of $47.5 million and total debt of $70.8 million."

Krueger concluded, "Even in this challenging retail environment, the consumer continues to embrace our global lifestyle brands, which offer innovative products that bring style to purpose.

We ended the first quarter of 2008 with our order backlog up over 10 percent. On the strength of our order backlog and first quarter 2008 results, we are increasing the Company's 2008 earnings per share estimate from our previous estimate of $1.80 to $1.88 to our new range of $1.83 to $1.90.

We continue to expect revenue to range from $1.230 billion to $1.260 billion. The earnings pershare estimate is consistent with our stated long-term objective of delivering double-digit earnings per share growth while investing in growth initiatives for the future."

Wolverine World Wide Inc

Leave your Comments

Esteemed Clients

TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
TEXVALLEY MARKET LIMITED
TESTEX AG, Swiss Textile Testing Institute
Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)
Taiwan Textile Federation (TTF)
SUZHOU TUE HI-TECH NONWOVEN MACHINERY CO.,LTD
Stahl Holdings B.V.,
Advanced Search