Recently acquired brands bolster Wolverine's Q2
ROCKFORD, Mich. — Wolverine Worldwide reported record revenue and strong earnings performance for its second fiscal quarter ended June 15. The quarter included a full 12-week contribution from the company's recenty acquired Sperry Top-Sider, Saucony, Stride Rite and Keds brands.
The company’s revenue was a record $588 million, up 88% versus prior year reported revenue of $313 million and within the company's expectations going into the quarter. The quarter's revenue was up 5.5% versus prior year pro forma revenue. Sperry Top-Sider, Keds, Saucony and Harley-Davidson Footwear led the revenue growth in the quarter.
Excluding acquisition-related transaction and integration expenses, fully diluted earnings per share in the quarter were $0.46, substantially ahead of the company's previous guidance of $0.31-$0.35 per share and a 12.2% increase compared to the prior year's second quarter earnings adjusted for both acquisition-related transaction and integration costs and a non-recurring tax benefit.
The excellent earnings results were driven primarily by better-than-expected earnings from the recently acquired brands.
"We are extremely pleased to report excellent financial results in our most recent quarter," said Blake W. Krueger, chairman and CEO. "The combined power of our brand portfolio is virtually unmatched in the industry, and the continuing global consumer interest in authentic brands anchored in performance and heritage positions us well for future growth. We continue to believe that the power of our 16-brand portfolio, a strong global infrastructure, and talented team have us poised to deliver growth and exceptional shareholder value."
Wolverine World Wide is a global marketer of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The company's portfolio of brands includes Merrell, Sperry Top-Sider, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates, Hytest, and Soft Style. The company also is the global footwear licensee of Cat, Harley-Davidson and Patagonia.