PR Newswire
ROCKFORD, Mich., Feb. 22, 2017
ROCKFORD, Mich., Feb. 22, 2017 /PRNewswire/ -- Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the fourth quarter ended December 31, 2016. Adjusted financial results exclude restructuring and impairment costs, organizational transformation costs, and debt extinguishment and other costs. References to underlying revenue indicate reported revenue adjusted for the impact of foreign exchange, retail store closures, and the exit of the Cushe business.
"Our diverse portfolio of global brands, exceptional operating platform, and strong business model continue to fuel a powerful earnings engine, even when faced with the current retail environment," said Blake W. Krueger, Wolverine Worldwide's Chairman, Chief Executive Officer and President. "Revenue finished in line with our original outlook entering the year, and we delivered solid adjusted earnings. Our team worked diligently throughout 2016 to execute on our new strategic platform, the WOLVERINE WAY FORWARD - investing in consumer insights, creating a more robust product pipeline with new innovation, and improving profitability through operational excellence. As a result, we are well positioned going into 2017 to deliver stronger earnings and perform in what we believe will be a consumer and retail environment that we refer to internally as the 'new normal.'"
FOURTH-QUARTER 2016 REVIEW
FULL-YEAR 2016 REVIEW
"We are pleased with the strong finish to the year and the incredible progress made on our operational excellence initiatives throughout 2016," stated Mike Stornant, Senior Vice President and Chief Financial Officer. "We exercised strong working capital management, reducing accounts receivable by nearly $36 million and lowering inventory levels by $118 million, or 25% year-over-year, while expanding gross margins in the fourth quarter. All of this helped to deliver a 37% increase in operating cash flow in 2016. Over the past year, we worked hard to improve the fundamentals of the business, and this approach served us well not only in delivering the year's results but also in strengthening the Company for the future. Looking ahead, we believe we have a clear strategic direction and remain focused on improving profitability to invest in organic growth and to return value to our shareholders."
FISCAL 2017 OUTLOOK
The Company enters 2017 prepared to drive earnings growth despite expectations that the macroeconomic challenges will persist, the U.S. dollar will remain strong, and the global retail environment will remain tepid with certain channels facing continued pressure. For fiscal 2017, the Company expects:
EARNINGS CALL INFORMATION
The Company will host a conference call today at 8:30 a.m. Eastern Time to discuss these results and current business trends. The conference call will be broadcast live and accessible under the "Investor Relations" tab at wolverineworldwide.com. A replay of the conference call will be available at the Company's website for a period of approximately 30 days.
ABOUT WOLVERINE WORLDWIDE
With a commitment to service and product excellence, Wolverine World Wide, Inc. is one of the world's leading marketers of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The Company's portfolio of highly recognized brands includes: Merrell®, Sperry®, Hush Puppies®, Saucony®, Wolverine®, Keds®, Stride Rite®, Sebago®, Chaco®, Bates®, and HYTEST®. The Company also is the global footwear licensee of the popular brands Cat® and Harley-Davidson®. The Company's products are carried by leading retailers in the U.S. and globally in approximately 200 countries and territories. For additional information, please visit our website, wolverineworldwide.com
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding: the Company's ability to successfully execute key strategic initiatives, the Company's ability to deliver strong earnings; the advantages of the Company's diversified portfolio, operating platform and business model; the Company's ability to improve profitability, invest in organic growth and return value to shareholders; and the Company's fiscal 2017 outlook and guidance. In addition, words such as "guidance," "estimates," "anticipates," "believes," "forecasts," "step," "plans," "predicts," "projects," "is likely," "expects," "intends," "should," "will," "confident," variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions ("Risk Factors") that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company's products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; currency fluctuations; currency restrictions; capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing; the cost and availability of raw materials, inventories, services and labor for owned and contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; the failure of the U.S. Department of Defense to exercise future purchase options or award new contracts, or the cancellation or modification of existing contracts by the Department of Defense or other military purchasers; risks related to the significant investment in, and performance of, the Company's consumer-direct operations; risks related to the expanding into new markets and complementary product categories as well as consumer-direct operations; the impact of seasonality and unpredictable weather conditions; changes in general economic conditions and/or the credit markets on the Company's distributors, suppliers and customers; increase in the Company's effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; the impact of regulation, regulatory and legal proceedings and legal compliance risks; the potential breach of the Company's databases, or those of its vendors, which contain certain personal information or payment card data; problems affecting the Company's distribution system, including service interruptions at shipping and receiving ports; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company's success in integrating acquired businesses, and implementing new initiatives and ventures; the risk of impairment to goodwill and other acquired intangibles; the success of the Company's consumer-direct realignment initiatives; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company's reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements.
WOLVERINE WORLD WIDE, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except per share data) | |||||||||||||||
| |||||||||||||||
| Quarter Ended | | Fiscal Year Ended | ||||||||||||
| December 31, | | January 2, | | December 31, | | January 2, | ||||||||
Revenue | $ | 729.6 | | | $ | 751.2 | | | $ | 2,494.6 | | | $ | 2,691.6 | |
Cost of goods sold | 458.3 | | | 476.0 | | | 1,526.4 | | | 1,636.9 | | ||||
Restructuring costs | 4.1 | | | 3.0 | | | 8.3 | | | 3.0 | | ||||
Gross profit | 267.2 | | | 272.2 | | | 959.9 | | | 1,051.7 | | ||||
Gross margin | 36.6 | % | | 36.2 | % | | 38.5 | % | | 39.1 | % | ||||
| | | | | | | | ||||||||
Selling, general and administrative expenses | 223.5 | | | 231.1 | | | 758.0 | | | 816.0 | | ||||
Restructuring and impairment costs | 28.6 | | | 27.1 | | | 42.0 | | | 34.6 | | ||||
Operating expenses | 252.1 | | | 258.2 | | | 800.0 | | | 850.6 | | ||||
Operating expenses as a % of revenue | 34.6 | % | | 34.4 | % | | 32.1 | % | | 31.6 | % | ||||
| | | | | | | | ||||||||
Operating profit | 15.1 | | | 14.0 | | | 159.9 | | | 201.1 | | ||||
Operating margin | 2.1 | % | | 1.9 | % | | 6.4 | % | | 7.5 | % | ||||
| | | | | | | | ||||||||
Interest expense, net | 9.9 Werbung Mehr Nachrichten zur Wolverine World Wide Aktie kostenlos abonnieren
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