Profit and revenues fall at Wolverine
Wolverine World Wide posted a decline in both profits and revenues for the fourth quarter ended January 2 and for the full fiscal year. However, when adjusted for one-time charges and foreign exchange rates, the shoe firm's figures were in line with analyst expectations.
The company’s 2009 revenues fell almost 10% to $1.1 billion, while fourth-quarter sales were also down around 10% at $312.5 million.
Earnings for the fourth-quarter were $16.7 million, down almost 31% compared with $24.1 million during same period last year. Earnings for the year fell 35% to $61.9 million compared with $95.8 million in 2008.
"We are extremely pleased with our performance in 2009, particularly considering the challenging economic environment that existed all year," said Blake Krueger, the company's chairman and chief executive officer. "Bright spots in the quarter included our retail division, both our brick-and-mortar and e-commerce businesses, and our Merrell business. We believe the geographic, brand and distribution channel diversity of our business structure provides a competitive advantage in any economic climate.”
