USA: Wolverine Posts 6.3 Per Cent Jump In Q3 Profit
Footwear manufacturer Wolverine World Wide Inc on Friday posted a 6.3 per cent rise in third quarter profit as European acquisitions triggered higher sales and offset weakness in the US work boot market.
The Michigan-based company, which makes brands including Hugh Puppies, Merrell and Wolverine, reported net income of $15.3 million, or 37 cents a share in the quarter to September 7, compared to $14.4m, or 34 cents a share, in the year-ago period.
Net sales and other operating income rose 17.7 per cent to $219.2m from $186.2m in 2001 but without the acquisition of the Merrell and CAT European businesses in the past year, sales climbed only 5.3 per cent.
Wolverine said it continues to see sales of $820m to $830m for the full-year and earnings of $1.12 to $1.15 a share, based on an increase in its order backlog, while for 2003 it sees for sales of $875m to $885m and earnings of $1.21 to $1.24 per share.
Commenting on the results, Wolverine president and CEO, Timothy O'Donovan, said: "I am extremely pleased with our continued growth and the number of our business units that contributed to our record third quarter sales results.
"Merrell led the way, posting a sales increase exceeding 20 per cent during the quarter. Solid upper-single to double-digit increases were also posted by our Bates, Harley-Davidson, Hush Puppies, CAT US and Wolverine Leather operations.
"These results were offset in part by continued softness in the US work boot market, which led to lower sales for both our Wolverine and Stanley work boot businesses."
He added: "We are starting the fourth quarter with a 23.5 per cent year-over-year gain in footwear order backlogs which reflects strong increases from both our ongoing and acquired businesses.
"We are most encouraged by the order increase for 2003 delivery, which is approximately $20m greater than a year ago, as retailers have responded positively to our Spring '03 product offerings."
Companies: Wolverine World Wide Inc
Help test our new apparel sourcing tool.
Footwear maker Wolverine World Wide has reported increased 2005 earnings and said it hit the $1.0bn revenue mark, despite a slide in fourth-quarter profit driven by increased taxes. The company also r...
Footwear company Wolverine World Wide has made a number of organisational promotions within its outdoor footwear group, which consists of the Merrell, Sebago and Patagonia businesses....
Footwear group Wolverine World Wide has unveiled a set of promotions and organisational changes relating to its Heritage Brands Group, Wolverine Footwear Group and global support operations....
Blake Krueger has been named president and chief operating officer of footwear group Wolverine World Wide....
Footwear maker Yue Yuen Industrial Holdings Ltd has established a safety shoes joint venture in partnership with Upmax Investments Ltd. ...
Shoe maker Wolverine World Wide Inc has reported a 12 per cent rise in third-quarter income, on good sales in three key units....
Lifestyle products company Big Dog Holdings Inc has reported a consolidated net sales increase to USD43.44 million for the second quarter of 2005, compared to sales of USD41.04m a year ago....
Footwear group Wolverine World Wide Inc has reported strong trading for the second quarter of 2005, driven by good consumer response to innovative product offerings....
- What TTIP might mean for US, EU textiles & apparel
- Unlocks for the future fashion sourcing landscape
- EU eyes mandatory due diligence for apparel supply
- Four steps to reduce product defects
- Geo-political uncertainty and how to survive it
- US Q4 in brief – Finish Line, Oxford Industries
- H&M, VF Corp and Levi among most ethical companies
- Sears has "substantial doubt" of future
- Vietnam limits hazardous chemicals in apparel
- Target unveils "ambitious" store re-design plans
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective