Wolverine World Wide Inc reported record revenue and earnings for the first quarter of 2008, and increased its full-year 2008 earnings per share estimate.
"Wolverine World Wide had a strong first quarter, as demonstrated by our record results and continued execution of our global business model," stated Blake W. Krueger, the Company's CEO and President.
"Our unique operating platform consists of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans nearly 200 countries and territories, and a diverse global distribution strategy that focuses on many different consumer groups around the world.
Our business model reduces our exposure to any single country, consumer group or fashion trend and permits us to consistently deliver superior results, even in challenging consumer environments."
The Company's revenue totaled $288.2 million for the first quarter of 2008, a 2.6 percent increase over first quarter 2007 revenue of $281.1 million. Earnings per share increased to $0.46, a 17.9 percent increase over first quarter 2007 earnings per share of $0.39.
Krueger continued, "During the quarter, revenue growth was strongest in the Outdoor Group and our international businesses. In particular, our royalty-based global licensing and distribution businesses had a very strong quarter.
The Outdoor Group remained the Company's leading profit contributor during the quarter, led by the Merrell businesses in the U.S. and Europe. This marks the twenty-third consecutive quarter of record revenue and earnings per share for the Company."