US: Wolverine Worldwide Q4 loss narrows on lower costs
- Q4 loss narrows to $1.3m
- Revenue edges up 0.6% to $740.8m
- Gross margin improves to 37.2%
The company's net loss narrowed to US$1.3m during the fourth quarter
Footwear and apparel business Wolverine Worldwide has seen its fourth-quarter loss narrow, after acquisition costs more than halved and sales were slightly higher.
Net loss stood at US$1.3m for the 16 weeks to 28 December, down from $3.5m in the same period of last year.
Revenue edged up 0.6% to $740.8m from 652.2m in the prior year, while gross margin improved to 37.2% from 36.7% the year before.
Costs related to its acquisition of Collective Brands' Performance & Lifestyle Group more than halved to $11m from $24.6m last year.
During the full year, meanwhile, the company's net profit reached $101m, up 25% from $80.8m last time. Revenue jumped 64% to a record $2.69bn from $1.64bn, helped by its Sperry Top-Sider, Saucony, Keds, and Merrell brands.
"Fiscal 2013 was a year of many milestones for the company, highlighted by record earnings per share and our fourth consecutive year of record revenue," said chairman and CEO Blake Krueger.
He added: "Even as a sluggish retail environment and very cold weather in the US tempered growth for our Sperry Top-Sider and Stride Rite brands during the fourth quarter, many of our other brands, including Merrell, delivered excellent results."
For fiscal 2014, Wolverine Worldwide expects earnings per share to be in the range of $1.52 to $1.58, while revenue is forecast to increase 3-6% to between $2.77bn and $2.85bn.
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