ROCKFORD — Wolverine World Wide Inc. reported declining revenues in the first quarter of its 2016 fiscal year, in line with what the company’s executives predict to be a challenging year.
The Rockford-based manufacturer of footwear and apparel generated $577.6 million in its first quarter, which ended March 26, 2016, according to the company’s quarterly earnings report.
Wolverine’s (NYSE: WWW) first quarter revenue represents a 8.5-percent decrease compared to the same quarter in 2015. However, this number outpaces guidance issued by the company in the previous quarter.
Likewise, reported diluted earnings per share at Wolverine fell to 18 cents per share in its first quarter, compared to 39 cents per share in the same quarter a year prior.
Wolverine’s drop in revenue matches the company’s financial outlook for 2016 that puts it on track to generate between $2.475 billion and $2.575 billion in annual revenue. This would mean a decline from 2015 of 8 percent or 4.3 percent, respectively.
Executives point to a cocktail of impacts as drivers for the decline in revenue, from foreign currency exchange to a sluggish global economy.
“I am pleased with our start to 2016, but we remain appropriately cautious given the slow pace of the global recovery and are reaffirming our outlook for the year,” Blake Krueger, president and CEO of Wolverine, said in a statement. “We continue to be confident in the initiatives in place to drive profitable growth, and I am excited about the direction of the company moving forward.”