- Prachi Singh |
Wolverine World Wide, Inc. for its second quarter ended June 29, 2019 said reported revenue of 568.6 million dollars increased 0.3 percent as compared to the prior year and adjusting for currency, increased 1.1 percent. The company added that reported diluted earnings per share were 45 cents, compared to 57 cents in the prior year, while adjusted diluted earnings per share were 52 cents compared to 54 cents in the prior year.
“Earnings were strong and exceeded our expectations going into the quarter,” said Blake Krueger, Wolverine World Wide’s Chairman, Chief Executive Officer and President in a statement, adding, "Despite unfavourable spring weather and overall sluggish U.S. retail conditions, second quarter revenue increased 1.1 percent on a constant currency basis with our owned eCommerce business growing over 25 percent and four of our top-five brands meeting or exceeding revenue expectations.”
Highlights of Wolverine Worldwide’s second quarter
The company said, reported gross margin was 40.5 percent compared to 41.3 percent in the prior year. Reported operating margin was 9.8 percent, while adjusted operating margin was 11.1 percent compared to 12.5 percent in the prior year.
The company added that it has very good visibility to a much stronger back half and is expecting approximately 5.5 percent constant currency revenue growth. This outlook includes approximately 10 percent constant currency growth in the second half for Merrell, Sperry and Saucony on a combined basis.
As a result, the company is updating its full-year guidance and now expects revenue to be approximately 2.28 billion dollars, gross margin is now expected to be approximately 41 percent, reported operating margin to be approximately 11 percent and adjusted operating margin to be approximately 12 percent. Reported diluted earnings per share are now expected to be approximately 2.06 dollars and adjusted diluted earnings per share to be approximately 2.28 dollars.