WWW posts record sales and earnings
Revenue for the full year was $1.249 billion, an increase of 13.4 percent over the prior year. Adjusted earnings per fully diluted share were $2.17, a 22.6 percent increase compared to 2009 adjusted earnings of $1.77 per share. Both years' adjusted earnings exclude the impact of restructuring charges and other expenses related to the company's strategic restructuring plan that was completed in the second quarter of 2010. Reported fully diluted earnings for the year were $2.11 per share compared to $1.24 per share in 2009.
Sales in the fourth quarter were a record $385.0 million, a 23.2 percent increase over the same quarter in the prior year. Fully diluted earnings in the quarter were a record 52 cents per share, an increase of 15.6 percent compared to fourth quarter 2009 adjusted diluted earnings of 45 cents (excluding restructuring charges and other expenses related to restructuring). Earnings for the fourth quarter of 2009 were $0.33 per share.
Blake W. Krueger, chairman and CEO of the Rockford-based shoe company, said all of the geographic regions delivered double-digit revenue growth; the company markets its products in 190 countries and territories around the world. Krueger also noted the company has a “strong double-digit order backlog.”
Last week, Wolverine World Wide announced several key organizational changes “to capitalize on global opportunities and expand its international leadership position.” That includes a new “stand-alone International Group, with responsibility for driving growth of all of the company's brands in all markets outside of North America.”
The new International Group will be led by Bill Brown, a 24-year veteran of the company. The company has also reorganized its product portfolio into three branded wholesale operating groups: the Outdoor Group, led by Jim Zwiers; the Heritage Group, led by Ted Gedra; and the Lifestyle Group, led by Mark Neal.