Wolverine World Wide Posts Q4 Profit

Earlier today, Wolverine World Wide posted fourth-quarter net earnings of $10.7 million, following a $1.7 million loss for the same three-month span a year earlier.

The company, which is re-branding its Sperry label, said revenue rose for the period, to $808.9 million, from $740.8 million in the comparable quarter.

“We had a strong close to the year, with nine of our 16 brands generating double-digit revenue growth in the fourth quarter, and our two largest brands, Merrell and Sperry, delivering mid single-digit and high single-digit revenue growth, respectively,” Blake Krueger, chairman, CEO and president, said in a statement. “I am equally pleased with our full-year performance, which was highlighted by our fifth consecutive year of record revenue, as well as record adjusted earnings. We believe the strategic investments we are planning for our brands position us to capitalize on the many opportunities we’ve identified to accelerate our growth around the world.”

To that end, the Rockford, Mich.-based company said revenue for fiscal 2015 should be in the $2.82 billion-to-$2.87 billion range, impacted by negative foreign exchange, retail store closures and the exiting of the Patagonia Footwear license.

Similarly, the company will spend more aggressively — about $30 million — for the year to boost its brand visibility around the globe.

The company said it “intends to increase its investments behind consumer-demand creation, omnichannel initiatives and international expansion — all focused on deepening connections with consumers, elevating brand awareness and driving sustained growth for the portfolio.”

“We believe 2015 is the right time to make these investments and expect this, along with our ongoing global expansion strategies, to position our company for accelerated growth and drive significant future shareholder value,” said Krueger.

After the earnings report, Wolverine shares dipped 1 percent, to $28.61 a share, in mid-morning trading.

For fiscal 2014, the company reported revenue of $2.76 billion, up 2.6 percent from $2.69 billion a year earlier.

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