Record Third Quarter for WWW
ROCKFORD — Wolverine World Wide Inc. (NYSE: WWW) today reported third quarter revenue of $310.2 million, a 3.8 percent increase over the third quarter of 2006, and earnings per share of $.54, compared to $.46 for the third quarter of 2006.
It is the company's 21st consecutive quarter for both record revenues and earnings, and prompted Wolverine to increase its prediction of total earnings per share at year-end 2007 from $1.60 minimum to $1.63 minimum.
“The Hush Puppies Co., the Heritage Brands Group, the Outdoor Group and the Wolverine brand all contributed to the record earnings gains in the quarter. The Merrell brand continued its portfolio-leading performance by posting double-digit gains in both revenue and earnings," said Blake W. Krueger, CEO and president of Wolverine World Wide.
Krueger said the company is focused on its "highly recognized global brands" and is in "transition out of our lower-margin businesses." It is anticipating lower demand for leather shoes and boots.
"Our diverse brands are now marketed in nearly 180 countries, reaching a variety of consumers through a flexible distribution channel strategy. This diversity helps insulate us from volatility in any particular market or channel," said Krueger.
The company is now predicting that 2008 revenues will range from $1.245 to $1.275 billion and earnings per share from $1.78 to $1.84.
Wolverine World Wide brands include Bates, Hush Puppies, HYTEST, Merrell, Sebago and Wolverine. It is also licensed to market the CAT, Harley-Davidson and Patagonia brands.