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.