Rockford, MI—Wolverine World Wide Inc. today reported that its third quarter net earnings grew 66% boosted by contribution of the Collective Brands’ footwear business it bought last year.
For the quarter ended Sept. 7, the footwear company posted earnings of $54.4 million, or $1.08 a share, compared with a profit of $32.7 million, or 66 cents a share, a year earlier.
Excluding acquisition-related transaction and integration expenses in both years, earnings per share in the latest-quarter were $1.16, a 61.1% increase compared to 72 cents a share in the prior year’s third quarter. This beat analysts’ estimate for $1.02 a share.
The company said that figures included a full 12 weeks contribution from its October 2012 acquisition of the Sperry Top-Sider, Saucony, Stride Rite, and Keds brands.
Double Digit Growth in Most Brands
Net revenue rose 103% to $716.7 million, ahead of analysts’ estimate for $712.94 million in sales.
Blake Krueger, chairman/ceo, said, “The power of the company’s 16-brand portfolio, combined with strong execution of growth strategies by our team, led to an outstanding quarter.”
Double-digit growth occurred across most of its brands including Merrell, Sperry Top-Sider, Saucony, Keds, Chaco and Cushe.
By division, sales from the Lifestyle Group were up 678.4%, Performance Group revenues rose 67%, and Heritage Group sales edged up 0.8% from last year.
Gross margin widened 70 basis points to 39.9% driven mainly by favorable channel mix, partially offset by foreign exchange contract losses.
Production costs doubled to $430.7 million, while selling, general and administrative expenses more than doubled to $192.3 million.
Looking ahead to its full fiscal year results, Wolverine now expects adjusted earnings per share to be in the range of $2.73 to $2.83 a share, up from the previous outlook of $2.60 to $2.75 a share.
Sales for the year are now expected to hit between $2.71 billion and $2.73 billion, representing growth in the range of 6.4% to 7.1% compared to prior year pro forma revenue of $2.55 billion. Earlier, the company forecast revenues of $2.7 billion to $2.775 billion.
Analysts’ average estimate expects earnings of $2.80 a share on revenues of $2.73 billion for the year.
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