Wolverine World Wide
Revenue Up 2.6 Percent
ROCKFORD — Wolverine World Wide Inc. has reported record revenue and earnings for the first quarter of 2008, and increased its estimate of the full-year 2008 earnings per share to a range of $1.83 to $1.90.
Wolverine revenue totaled $288.2 million for the first quarter, a 2.6 percent increase over first quarter 2007. Earnings per share increased to $0.46 for the quarter, a 17.9 percent increase over first quarter 2007 earnings per share.
The company's Outdoor Group remained the leading profit contributor, led by the Merrell brand businesses in the U.S. and Europe.
Wolverine CFO Stephen L. Gulis Jr. said the increase "resulted primarily from improved pricing margins and the positive impact from a weak U.S. dollar in our company-owned international wholesale operations."
"Accounts receivable increased 12.2 percent due to strong spring shipments towards the end of the quarter. Our balance sheet remains very strong as we repurchased $47.7 million of Company stock during the first quarter and finished the quarter with a cash balance of $47.5 million and total debt of $70.8 million," said Gulis.
Wolverine President and CEO Blake W. Krueger noted that this marks "the twenty-third consecutive quarter of record revenue and earnings per share for the company."
"Even in this challenging retail environment, the consumer continues to embrace our global lifestyle brands, which offer innovative products that bring style to purpose," said Krueger.
On the strength of the Wolverine order backlog — up over 10 percent at end of the first quarter — and first quarter 2008 results, Krueger said the company is increasing its estimate of 2008 earnings per share, based on expected revenue of $1.23 billion to $1.26 billion.