Wolverine Worldwide records 0.8% revenue growth in Q2

Wolverine Worldwide announced its financial results

for the second quarter ended June 16, 2012. The company reported a revenue growth of 0.8 per cent to $312.7 million (Rs 1,732 crores) as compared to the prior year's second quarter when revenue grew over 20 per cent. Foreign exchange negatively impacted revenue by $3.8 million (Rs 21 crores) and sales growth in the quarter was also hampered by continued macroeconomic uncertainty in Europe, which created challenging trading conditions in that market.

Reported diluted earnings per share in the quarter were $0.42 (Rs 23), compared to prior year's earnings per share of $0.48 (Rs 26.5). Earnings in the quarter were negatively impacted by $0.06 (Rs 3.3) per share due to non-recurring expenses related to the pending acquisition of the Performance + Lifestyle Group of Collective Brands ("PLG acquisition") that the Company announced on May 1, 2012. Reported earnings benefitted $0.07 (Rs 3.8) per share from a tax benefit recorded in the quarter. "We are pleased that despite the softness in certain global markets, most notably Europe, we remain on track to deliver another year of record financial results," said Blake W. Krueger, Chairman and Chief Executive Officer.

Based on expectations of strong at-once orders in the second half of the fiscal year, primarily the fourth quarter, company is reaffirming its full-year revenue guidance in a range of $1.46 billion (Rs 8,086 crores) to $1.50 billion (Rs 8,308 crores), representing full-year growth of 3.6 per cent to 6.4 per cent compared to the prior year. The company is also maintaining its full-year earnings per share guidance in a range of $2.70 (Rs 149.5) to $2.80 (Rs 155), representing growth of 8.9 per cent to 12.9 per cent.

Wolverine World Wide is a marketer of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel. The company's products have its presence in the US and globally in more than 190 countries and territories.