Home / Knowledge / News / Apparel/Garments / Acquisitions help Wolverine Worldwide double Q1 sales
Acquisitions help Wolverine Worldwide double Q1 sales
16
Apr '13
Wolverine Worldwide reported record financial results for the first quarter ended March 23, 2013.  This marks the first reporting period for the Company that includes a full quarter of results from the Sperry Top-Sider, Saucony, Stride Rite, and Keds brands that the Company acquired in October 2012 (the "PLG acquisition").

First quarter highlights:

- Revenue for the quarter was a record $645.9 million, growth of 100.1% versus prior year's reported revenue and growth of 8.2% versus prior year's pro forma revenue.  Key contributors to the excellent revenue performance in the quarter were Sperry Top-Sider, Merrell, and Saucony.  Foreign exchange fluctuations had minimal impact on reported revenue growth during the quarter.

- Excluding non-recurring transaction and integration expenses, fully diluted earnings per share in the quarter were $0.81, a 26.6% increase compared to $0.64 per share in the prior year's first quarter that included a $0.12 per share non-recurring tax benefit.  Reported earnings per share were $0.60 in the first fiscal quarter.

- Excluding non-recurring transaction and integration expenses, the PLG acquisition delivered a stronger-than-anticipated $0.34 per share of earnings accretion in the first quarter.  The Company defines "earnings accretion" as operating income of the acquired business reduced by incremental interest expense, certain non-cash amortization expense related to purchase price accounting, and net synergies, all on an after-tax basis. 

- The Company reduced its long-term interest-bearing debt by approximately $33 million in the quarter, including a $25 million voluntary principal reduction made in late January, underscoring its intent to aggressively reduce its leverage.

"We are exceptionally pleased to be off to such a strong start in 2013, particularly as this represents the first full fiscal quarter that includes our four new lifestyle brands," said Blake W. Krueger, Chairman and Chief Executive Officer.  "As we anticipated, the addition of Sperry Top-Sider, Saucony, Stride Rite, and Keds has made our brand offerings even stronger, and we are already seeing very positive reactions to the broader portfolio from key retail and global distributor partners.

"The U.S. market was a key component of the Company's overperformance in the quarter.  As expected, challenging conditions in Europe continue, but the resiliency of the global consumer, the strength of our international business, and standout performances from brands like Sperry Top-Sider and Merrell combined to more than offset these challenges."

Wolverine Worldwide


Must ReadView All

Pic: Shutterstock

Textiles | On 19th Feb 2020

CLMV nations urged to export goods items to Japan

Cambodia, Laos, Myanmar and Vietnam (CLMV) were recently encouraged...

Pic: Shutterstock

Apparel/Garments | On 19th Feb 2020

Turkey's apparel sector sets $19 bn export target in 2020

Turkey's apparel sector, which sold goods worth $17.7 billion to...

Pic: Waleeds / Shutterstock.com

Textiles | On 19th Feb 2020

Pakistan textile exports up 3.68% in July-Jan FY20

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Amardeep Singh, Orient Craft

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Darshan Mehta, Infinium Polychem

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Riddhika Shah, SS Homme

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Will Qian,

Will Qian

Honghua Digital Technology Stock Co., Ltd. specialises in the R&D,...

Eric Fessler,

Eric Fessler

Manufacturer of textile machinery and complete fibre-to-yarn lines, N...

Nuria Estape,

Nuria Estape

Archroma is a global colour and specialty chemicals company headquartered...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Alfonso Marra, Klopman

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Giorgio Mantovani, Corman S.p.A

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


February 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search