Wolverine Worldwide Q1 revenues fall by 16.1 percent

Wolverine World Wide, Inc., for its first quarter said reported revenue was 439.3 million dollars, down 16.1 percent versus the prior year. On a constant currency basis, revenue was down 15.6 percent versus the prior year, while company-owned ecommerce growth for the quarter was 17.5 percent. Reported gross margin was 41.4 percent, compared to 42.1 percent in the prior year, while reported operating margin was 3.8 percent, compared to 10 percent in the prior year and adjusted operating margin was 6.9 percent, compared to 10.9 percent in the prior year. Reported diluted earnings per share fort he quarter were 16 cents, compared to 43 cents in the prior year and adjusted diluted earnings per share were 28 cents, and, on a constant currency basis, were 29 cents, compared to 49 cents in the prior year.