USA: Wolverine Reports Q2 Sales, Earnings Growth
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.
Second-quarter revenue rose 8.5 per cent to $215.7 million from $198.8m in the same period last year, while earnings per share were 0.22 compared to the $0.18 reported a year ago.
For the first half of 2005, revenue rose 8.8 per cent to $460.9m from $423.6m in 2004. First-half earnings per share were $0.49 compared to $0.38 a year ago.
Timothy O'Donovan, Wolverine's chairman and chief executive officer, said: "Our strong performance in the second quarter of 2005 was highlighted by the Outdoor Group, with Merrell leading the way among our portfolio of brands".
"Demand for the Company's spring product offerings was significant, as evidenced by the performance of our brands at retail and an increase in at-once orders in the quarter."
The company said that it was pleased with its continued growth internationally, and said that spending on the business's infrastructure as well as brand-building strategies were reaping positive results.
O'Donovan said that customers had responded well to innovative lines such as Merrell Continuum, Wolverine MultiShox, CAT iTech and Hush Puppies sport fashion products.
Wolverine World Wide Inc's brands include Bates, Hush Puppies, HYTEST, Merrell, Sebago and Wolverine. The company is also the exclusive footwear licensee of brands including CAT, Harley-Davidson, Patagonia and Stanley.
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