Merrell's Parent Company Posts Record First Quarter
Rockford, Mich.--Double-digit sales increases of Merrell footwear helped Wolverine World Wide exceed earnings estimates for its first quarter, the company announced this week.
Wolverine said sales for the quarter rose 12.0 percent to $177.3 million. Net earnings rose
7.1 percent to $6.4 million, or 15 cents a share.
"The first quarter was better than we anticipated as consumer demand for our lifestyle products remained high and our acquisitions performed as planned," said Timothy O'Donovan, Wolverine's president and chief executive officer.
O'Donovan said backlog at the end of the quarter rose 4.6 percent before the acquisitions and 19.7 percent overall. He said Wolverine expected to meet its earlier estimates for the entire year of $820 million to $830 million and earnings per share to be $1.12 to $1.15.
Wolverine also owns the Harley-Davidson, Hush Puppies and CAT footwear brands. It phased out the Coleman brand from the U.S. market this quarter.
During the quarter, O'Donovan said Wolverine integrated the nearly acquired European operations of CAT and Merrell, which increased revenues by about 10 percent.
In trading, Wolverine shares rose 13 cents, or less than 1 percent, on Tuesday after the earnings report and slipped 9 cents on Wednesday to close at $18.64.
Wolverine said sales for the quarter rose 12.0 percent to $177.3 million. Net earnings rose
"The first quarter was better than we anticipated as consumer demand for our lifestyle products remained high and our acquisitions performed as planned," said Timothy O'Donovan, Wolverine's president and chief executive officer.
O'Donovan said backlog at the end of the quarter rose 4.6 percent before the acquisitions and 19.7 percent overall. He said Wolverine expected to meet its earlier estimates for the entire year of $820 million to $830 million and earnings per share to be $1.12 to $1.15.
Wolverine also owns the Harley-Davidson, Hush Puppies and CAT footwear brands. It phased out the Coleman brand from the U.S. market this quarter.
During the quarter, O'Donovan said Wolverine integrated the nearly acquired European operations of CAT and Merrell, which increased revenues by about 10 percent.
In trading, Wolverine shares rose 13 cents, or less than 1 percent, on Tuesday after the earnings report and slipped 9 cents on Wednesday to close at $18.64.
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