Wolverine Worldwide Provides Preliminary Unaudited Financial Results for the Fourth Quarter and Full Year Ended January 3, 2015 and Initial Outlook for Fiscal 2015
January 12, 2015 at 04:30 pm
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Wolverine Worldwide provided preliminary unaudited financial results for its fourth fiscal quarter and full-year 2014 ended January 3, 2015. In addition, the company provided its initial outlook for fiscal 2015. Revenue for the fourth quarter of approximately $808 million, representing growth of 9.1% compared to prior-year revenue of $741 million.
Revenue for the full-year 2014 of approximately $2.76 billion, representing growth of 2.6% compared to prior-year revenue of $2.69 billion. Adjusted diluted earnings per share for the full-year 2014 at the high end of the previous earnings guidance of $1.57 to $1.63 per share. On a reported basis, diluted earnings per share to be consistent with the previous guidance of $1.32 to $1.38. Anticipated record operating cash flow for the year, enabling the company to reduce interest-bearing debt by approximately $250 million during fiscal 2014, including $175 million of accelerated, voluntary principal payments during the fourth fiscal quarter, a portion of which were attributed to the company's new accounts receivable financing facility.
The company currently expects its full-year 2015 adjusted diluted earnings per share to be approximately flat compared to 2014.
Wolverine World Wide, Inc. is a designer, marketer and licensor of a range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The Company's segments include Active Group and Work Group. Its Active Group segment consists of Merrell footwear and apparel, Saucony footwear and apparel, Sweaty Betty activewear, and Chaco footwear. Its Work Group segment consists of Wolverine footwear and apparel, Cat footwear, Bates uniform footwear, Harley-Davidson footwear and HYTEST safety footwear. Its Other category consists of Sperry footwear, Keds footwear, Hush Puppies footwear and apparel. The Companyâs products are marketed worldwide in approximately 170 countries and territories through owned operations in the United States (U.S.), Canada, the United Kingdom (U.K.) and certain countries in continental Europe and Asia Pacific.
Wolverine Worldwide Provides Preliminary Unaudited Financial Results for the Fourth Quarter and Full Year Ended January 3, 2015 and Initial Outlook for Fiscal 2015