Wolverine World Wide Inc. is off to a running start with accelerated revenue growth across its brand portfolio for the first quarter ended April 19, 2011.
The Rockford, Mich.-based firm earned $35.9 million, or 72 cents a share, an increase of about 30 percent from $27.5 million, or 54 cents, in the same period a year ago.
Revenue rose 16 percent to $330.9 million. The firm said revenue growth was broad-based, with all three branded operating groups (Outdoor, Heritage and Lifestyle) contributing to the consolidated result.
Wolverine also blew past estimates from analysts, who were expecting earnings per share of 66 cents on revenue of $324.4 million, as polled by Yahoo Finance.
Based on continued strong order trends throughout the quarter, Wolverine is raising its guidance for the full year. It now expects EPS to grow 10 percent to 15 percent, to between $2.40 and $2.50. And revenue could increase to $1.4 billion.
Blake Krueger, Wolverine’s chairman and CEO, said in a statement that the company experienced strong consumer demand for its products across all geographic regions, with the Outdoor and Heritage groups performing especially well.
“Our investments and efforts behind product innovation and design over the past several years are paying dividends and providing us with a sustainable advantage and point of differentiation with the consumer,” he added. “Our outlook has never been better.”
Don Grimes, Wolverine’s CFO, added that “disciplined management of the business during the challenging macroeconomic conditions of the past few years has laid the groundwork for accelerated growth across the brand portfolio.”
Wolverine ended the quarter with cash and cash equivalents of $91.6 million, up from $84.9 million a year ago.