Wolverine may continue to partner with EU importers
24 Mar '06
2 min read
Uniform footwear marketer Wolverine World Wide Inc issued the following statement.
The European Commission announced provisional trade measures on certain leather footwear imported into the European Union from China and Vietnam. The measures will be implemented in the form of additional duties effective April 7, 2006, and progressing through September 15, 2006, to rates of 19.4 percent and 16.8 percent on imports from China and Vietnam, respectively.
Commenting on the trade action, Timothy J. O'Donovan, Wolverine's Chairman and CEO, stated, "The EU has been considering these trade actions for over eight months and this has given brands and sourcing organization time to adapt to possible measures. We believe these protectionist measures are unwarranted, and we will continue to partner with European importers, retailers and consumers to limit the impact of any final trade measures which will be evaluated by the Commission over the coming months.
"Despite this trade action, we are reaffirming our previously announced 2006 estimates with a revenue range of $1.110 to $1.130 billion and an earnings per share range of $1.34 to $1.40. However, we now anticipate that we will achieve 2006 earnings per share near the low end of the range as these trade measures will have an impact resulting in a potential decrease in our earnings per share approximating $.04 to $.05. The European Commission will weight this impact to the back half of the year due to inventory turnover and the progressive duty rate increases announced.
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
