rss icon

Wednesday, 22 February 2017 10:04

Wolverine expects revenue slide to continue through 2017

Written by 
Rate this item
(0 votes)

ROCKFORD — Wolverine World Wide Inc. closed its fourth quarter with revenues modestly higher than expected by Wall Street analysts, while reporting full year fiscal results in-line with its previous guidance.

The Rockford-based global apparel manufacturer generated $729.6 million in revenues for its fourth quarter ending Dec. 31. Wolverine’s quarterly revenues declined 2.9 percent from the $751.2 million it reported in the prior year.

For the full year, Wolverine (NYSE: WWW) generated annual revenues of approximately $2.5 billion, a 7.3-percent decline compared to $2.69 billion in revenues for 2015.

Last year, Wolverine closed 101 underperforming brick-and-mortar stores as part of a larger operational effort to increase profitability. President and CEO Blake Krueger referred to these steps as part of “the new normal” for the company, according to a statement.

“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,” Krueger stated.

Going forward, Wolverine expects it will generate annual revenues in the range of $2.27 billion to $2.37 billion during the present 2017 fiscal year, a further decline approximately 5 percent to 9 percent compared to last year.

Read 756 times

Breaking News

September 2018
S M T W T F S
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Follow MiBiz