Wolverine Worldwide Q1 revenue up 100.1 percent

For the first quarter ended March 23, 2013, Wolverine

Worldwide had a revenue growth of 100.1 percent versus prior year's reported revenue and a growth of 8.2 percent versus prior year's pro forma revenue.

Fully diluted earnings per share in the quarter showed a 26.6 percent increase compared to fully diluted earnings per share in the prior year's first quarter. Reported earnings per share were 0.60 dollar in the first fiscal quarter. Reported gross margin in the quarter was 40.6 percent down approximately 40 basis points from the prior year. Operating expenses were 30.3 percent of revenue compared to 29.5 percent of revenue in the prior year's first quarter.

Wolverine Worldwide is based in Michigan. "We are exceptionally pleased to be off to such a strong start in 2013, particularly as this represents the first full fiscal quarter that includes our four new lifestyle brands," said Blake W. Krueger, Chairman and Chief Executive Officer. "The addition of Sperry Top-Sider, Saucony, Stride Rite, and Keds has made our brand offerings even stronger.”

For the full year, the company expects a revenue growth of 6 percent to 9 percent compared to the prior year pro forma revenue. It expects adjusted earnings per share to grow by 9.2 percent to 15.7 percent compared to prior year adjusted earnings per share.