Currency exchange rates and Europe hurt Wolverine
16/10/2012
Revenue for the quarter was $353.1 million, 2.4% lower than the prior year's third quarter. Foreign exchange rates “negatively impacted” reported revenue by $5.4 million, the group said.
On announcing the figures, chief executive, Blake Krueger, said: “In light of the continued macroeconomic challenges in Europe, we are pleased that the company's core business, even without contributions from the just-acquired Sperry Top-Sider, Stride Rite, Saucony and Keds brands, is on track to deliver another year of record revenue. Importantly, many of our brands posted strong revenue growth during the quarter, despite the headwinds in Europe. Our US footwear business had another very solid quarter, with increases from virtually all of our brands and double-digit increases from Hush Puppies, Caterpillar Footwear and Sebago. Several brands also posted double-digit increases in third-party international markets, including Wolverine, Caterpillar Footwear, Sebago and Harley-Davidson Footwear. The company’s leather business and consumer-direct business also delivered double-digit revenue growth.”
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