Wolverine pleased with performance
Wolverine World Wide’s first quarter sales have beaten analysts’ expectations. On a reported basis, the company posted revenues of $255.3 million during the quarter, a decrease of 11.4% compared with the prior-year quarter. The company largely attributes this to the substantial strengthening of the US.
"Revenue was above our internal plan for the quarter and helped contribute to an excellent earnings result in a difficult and volatile macroeconomic environment," stated Blake Krueger, the company's CEO and president.
He added: "Many of our brands gained market share during the quarter, with the Wolverine and Caterpillar footwear businesses in the US and several of our international operations delivering revenue growth. This was outstanding performance and is a testament to our team's commitment to deliver superior, innovative product."
Don Grimes, the company's chief financial officer, said: "We are pleased with our solid financial performance in the quarter. We planned for tough market conditions and have positioned the company to perform in this environment."
