Wolverine Has Prosperous Year

January 31, 2008
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ROCKFORD — Wolverine World Wide Inc. reported record revenue and earnings per share for its 2007 fiscal year last week, marking its seventh consecutive year of both record revenue and earnings per share.

Fiscal 2007 earnings per share grew to a record $1.70, a 15.6 percent increase over the $1.47 reported in 2006. Revenue for 2007 totaled $1.199 billion, a 5 percent increase over 2006. For the fourth quarter of 2007, the company reported revenue of $357.4 million, a 4.6 percent increase over fourth quarter 2006 revenue of $341.7 million.

Blake W. Krueger, Wolverine World Wide CEO and president, said the company "has a unique operating platform consisting of a powerful portfolio of eight lifestyle brands, a broad geographic reach that spans 180 countries and a diverse global distribution strategy which focuses on many different consumer groups around the world."

Krueger said the company's Outdoor Group "set the pace, with the Merrell business posting robust double-digit increases in both revenue and earnings for the year."

"Excluding our businesses in transition, the Hush Puppies Company, Heritage Brands Group and Wolverine Footwear Group all posted revenue gains for the year," he added.

Krueger said the Wolverine World Wide 2007 year-end order backlog was up nearly 10 percent over the prior year-end. Revenue for 2008 is expected to range from $1.230 to $1.260 billion.

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