Global appeal secures record results at Wolverine
While companies operating in mainly Western markets are really start to bear the brunt of the current economic turmoil, multi-national firms are continuing to report improved sales as declines in Europe and the USA are offset by growth in emerging markets.
Following on from Lacrosse’s impressive results (see www.footwearbiz.com January 30), American-based branded casual, active lifestyle, work, outdoor sport and uniform footwear company Wolverine World Wide, Inc. has also reported record revenue for its fourth quarter and 2007 fiscal year — the seventh consecutive year in which it has done so.
Fourth quarter revenue increased 4.6% year-on-year to reach $357.4 million, while revenue for the year hit a record $1.199 billion, 5% higher than the $1.142 billion reported in 2006.
In contrast with lacrosse, which saw revenues decline in its outdoor segment in the fourth quarter, Wolverine cited this category as the driving force behind its overall performance. “Overall, the Outdoor Group set the pace with the Merrell business posting robust double-digit increases in both revenue and earnings for the year. Merrell enters 2008 with very positive momentum in all geographic regions. Excluding our businesses in transition, the Hush Puppies Company, Heritage Brands Group and Wolverine Footwear Group all posted revenue gains for the year," said Blake Krueger, the company’s chief executive and president.
The company's brands, which are distributed in some 180 countries, include Bates, Hush Puppies, Hytest, Merrell, Sebago and Wolverine.
