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Wolverine Worldwide revenues up 2.6 percent in FY14

By Prachi Singh

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Wolverine Worldwide announcing its preliminary, unaudited financial results for the fourth quarter and full-year ended January 3, 2015 said that revenue for the fourth quarter of approximately 808 million dollars, increased 9.1 percent and for the full year, increased 2.6 percent compared to prior-year. The company expects to report full fiscal-year 2014 results, along with additional commentary for fiscal 2015, on February 17, 2015.

Adjusted diluted earnings per share for the full-year 2014 at the high end of the previous earnings guidance of 1.57 dollars to 1.63 dollars per share. On a reported basis, diluted earnings per share are expected to be consistent with the previous guidance of 1.32 dollars to 1.38 dollars.

“We finished the year with a strong quarter, and we expect fiscal 2014 to be successful by any number of measures," commented Blake W. Krueger, Chairman, CEO and President of the company, adding, “I am extremely pleased our company is expected to deliver another year of record revenue and earnings.”

Added Don Grimes, Senior Vice President and Chief Financial Officer, “We are very pleased with the expected excellent close to the fiscal year - especially the acceleration of some of our key brands in the quarter. Nine of our sixteen brands are expected to deliver double-digit revenue growth in the quarter, and Sperry is expected to have finished the year strongly, generating high-single digit revenue growth in the quarter.”

Along with investments in brand building exercise, the company, with a strong close to fiscal 2014 and the current momentum in the business expects mid-single digit revenue growth for fiscal 2015. This outlook reflects the impact of a significantly stronger US dollar, the exit of the Patagonia Footwear license and the net impact of retail store closures. The company currently expects its full-year 2015 adjusted diluted earnings per share to be approximately flat compared to 2014.

Wolverine Worldwide