Revenue rise 16.4% at Wolverine Worldwide in 2012

"With continued successful execution of global growth initiatives and expansion of our direct-to-consumer platform, we delivered solid performance in a challenging global environment.  The U.S. market proved to be an important contributor to our consolidated performance in 2012, with many brands growing at a double-digit pace in the Company's most significant market, helping offset the yearlong headwinds in Europe and, to a lesser extent, Canada.

"With the addition of Sperry Top-Sider, Saucony, Stride Rite, and Keds, our portfolio of global brands has never been stronger.  We are diversified across most consumer groups, distribution channels and geographic regions, and have multiple brands in the portfolio that are delivering accelerated growth.  We are focused on delivering excellent growth, strong profitability and impressive returns to our shareholders, and we look forward to building on our brands' momentum in 2013 and beyond."

Don Grimes, Senior Vice President and Chief Financial Officer, commented: "The Company is very well-positioned for accelerated growth in revenue, profitability and cash flow.  We expect to complete the full integration of the PLG brands in fiscal 2013, after which we should begin to realize incremental operating efficiencies.  Our priorities for the use of our growing cash flow are clear – invest for organic growth, return cash to our shareholders in the form of a stable dividend, and pay down the debt we incurred in connection with the PLG acquisition."

Although the Company expects strong performance in the U.S., Latin America and Asia Pacific markets in fiscal 2013, it also expects continued challenging trading conditions in Europe.   In light of those expectations, the Company is offering the following guidance for fiscal 2013, excluding non-recurring transaction and integration expenses:

Full-year consolidated revenue in the range of $2.7 to $2.8 billion, representing growth in the range of 64.5% to 70.6% versus reported fiscal 2012 revenue of $1.641 billion and growth in the range of 6.0% to 9.9% vs. pro forma combined fiscal 2012 revenue of $2.548 billion for PLG and the legacy WWW business.

Wolverine World Wide Inc