• Q2 net earnings jumped 33.5% to $22.96m
  • Revenues rose 20.1% to $310.1m
  • Reaffirmed full-year guidance 

Footwear and apparel maker Wolverine Worldwide has reaffirmed its full-year guidance after reporting double-digit growth in second-quarter revenue and earnings, driven by demand for brands such as Merrell and Hush Puppies.

Net earnings jumped 33.5% to $22.96m or $0.48 per share, compared with $17.2m or $0.35 per share a year earlier.

Revenues in the three months to 18 June rose 20.1% to $310.1m, thanks to gains across all brand groups, the consumer direct business, and all major geographic regions.

"2011is an exciting time for Wolverine Worldwide, with many brands in our portfolio uniquely positioned for success," noted chairman and CEO Blake Krueger.

"Our Merrell brand continues to dominate the outdoor space with cutting-edge product and new innovations such as the Merrell Barefoot Collection. In addition, our Hush Puppies, Sebago, Cat Footwear, Wolverine and Patagonia Footwear brands are all taking advantage of current global lifestyle trends centred on heritage, Americana and authenticity."

The Outdoor Group, which consists of Merrell Footwear and Apparel, Chaco and Patagonia Footwear, saw sales jump 30% to $127.3m.

Revenues at the Lifestyle Group, whose brands include Hush Puppies, Sebago, Cushe and SoftStyle, rose 17.5%, while there was a gain of 15.0% at the Heritage Group, which includes Wolverine, Caterpillar Footwear, Bates, HyTest and Harley Davidson Footwear.

A slip in gross margin to 39.4% from 40.3% was attributable to underutilisation of its owned manufacturing operations.

The company reaffirming full-year revenue estimates of $1.380bn to $1.420bn and earnings per share of $2.40 to$2.50.