Wolverine World Wide reports record earnings for Q1
22/04/2010
Outdoor footwear brand Wolverine World Wide has reported that strong revenue growth, gross margin expansion and operating expense leverage have combined to generate record earnings in the first quarter of 2010.
Reported revenue for the first quarter was $284.9 million, an increase of 11.6% versus the prior year. Foreign exchange had a positive impact of 3.6% on revenue growth in the quarter. All four of the company’s branded operating groups posted mid-single to double-digit revenue increases, balanced across all market segments and geographies.
“Wolverine World Wide had an exceptional start to the fiscal year,” said chief executive, Blake W. Krueger. “While the Outdoor Group, led by the Merrell brand, remains the company’s leading profit contributor, our Heritage Brands Group, Wolverine Footwear Group and Hush Puppies Group all contributed to our robust performance, posting strong double-digit earnings increases during the quarter.”
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