Skip to main content

Wolverine Plans Global Expansion After Strong International Sales Year

Wolverine Worldwide, Inc. finished its fiscal year with increases in fourth quarter and full year revenue, following strong showings in the international market.

The company’s fourth-quarter revenue increased 9.2% to a record 808.9 million, and adjusted earning per share grew 36.4% to $0.30. Nine of the company’s 16 brands generated double-digit revenue growth, and the company’s two largest brands, Merrell and Sperry Top-Sider, delivered mid single-digit and high single-digit revenue growth, respectively.

The consolidated revenue was a record $2.76 billion from last year’s $2.69 billion, representing a growth of 2.6%. Adjusted diluted earnings per share increased 13.3% to $1.62, compared to $1.43 per share in the previous year. The Heritage and Performance Group both experienced growth, while the Lifestyle Group had a low single-digit decline.

“We had a strong close to the year,” said Wolverine chairman, CEO and president, Blake W. Krueger. “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.”

The company experienced double-digit growth in Asia Pacific and single-digit growth in EMEA and Latin America. This growth was partially offset by flat revenue in the U.S. and a low single-digit decline in Canada.

Don Grimes, Wolverine’s president and CFO, said, “In what continues to be a volatile global macroeconomic and retail environment, we delivered full-year revenue growth across almost all geographic regions, which is a testament to the broad acceptance of our brands by consumers around the world.”

As for fiscal year 2015, Wolverine plans to work toward international growth. Last month, the company announced plans to increase brand-building investment behind consumer-demand creation, omnichannel initiatives, and international expansion. The company has dedicated approximately $30 million to incrementally invest in these brand-building initiatives.