With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world’s leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel. The Company’s portfolio of highly recognized brands includes: Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Sebago®, Cushe®, Chaco®, Bates®, and HYTEST®. The Company also is the global footwear licensee of the popular brands Cat® and Harley-Davidson®. The Company’s products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories.
Wolverine Worldwide (NYSE: WWW) reported financial results for its first quarter ended March 28, 2015. Adjusted financial results exclude restructuring and acquisition-related integration costs. «Our first-quarter results reflect the continued strength of our brand portfolio and a global business model that is built on 15 brands, targeting multiple consumer groups, distribution channels and geographies,» commented Blake W. Krueger, Wolverine Worldwide’s Chairman, Chief Executive Officer and President. «We believe the strategic investments we are making in our brands – including investments in consumer-demand creation and omnichannel initiatives – position us to capitalize on the many opportunities we have identified to accelerate our growth around the world in 2016 and beyond.»
«The Company delivered earnings in the first quarter that exceeded our expectations«, commented Don Grimes, Senior Vice President and Chief Financial Officer. «Reported financial results were excellent given the negative impact of foreign exchange, incremental pension expense, and accelerated investments in demand creation and omnichannel initiatives. On a reported basis, low single-digit growth in the U.S. and Latin America, and very strong double-digit growth in Asia Pacific contributed to the revenue gain in the quarter. On a constant currency basis, we were pleased to deliver revenue growth in almost all of our major geographic regions.»
Based on first-quarter results and expectations for the balance of the year – including continued headwinds from the significantly stronger U.S. dollar and the previously announced increase in brand-building investments – the Company is reaffirming its full-year revenue and adjusted earnings per share guidance, as follows:
The Company now expects to incur total pretax charges of approximately $44 million to $48 million related to the previously announced Strategic Realignment Plan. Of this amount, $26 million was recorded in fiscal 2014, and we expect to incur $18 million of charges in fiscal 2015 with the balance recorded in fiscal 2016. As a result, reported diluted earnings per share in fiscal 2015 is expected in the range of $1.42 to $1.49.
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