US: Wolverine Worldwide ups FY profit guidance
Geographically, double-digit revenue growth was recorded in each of the Asia Pacific and Latin America regions
Footwear and apparel company Wolverine Worldwide has said it expects full-year earnings to come in at the higher end of its forecast and remains "excited" about its prospects for 2014 and beyond.
In a preliminary trading update, the company said adjusted fully diluted earnings, excluding transaction and integration expenses related to its PLG acquisition and restructuring charges, are expected at the high end of its previous earnings guidance of US$1.37 to $1.42 per share.
For the year ended 28 December, Wolverine sales climbed to $2.69bn, representing growth of 5.5% on the prior year period. The firm recorded "excellent" double-digit revenue growth from its Hush Puppies, CAT Footwear, and Keds brands, and "solid" mid-single digit revenue growth from Merrell and Saucony.
Geographically, double-digit revenue growth was recorded in each of the Asia Pacific and Latin America regions, offsetting flat sales in the US and the EMEA region.
"Fiscal 2013 included several noteworthy accomplishments of which we are exceptionally proud," said CEO Blake Krueger.
"Our revenue and earnings are expected to reach record levels, we successfully integrated and grew our newly acquired brands, and the performance of Merrell, our largest brand, strengthened as the year progressed."
US clothing and footwear business Wolverine Worldwide has made two management appointments that it says will significantly strengthen the company's brand leadership....
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