Wolverine World Wide FY revenue up 7% to record $1.06b
08 Feb '06
3 min read
Wolverine World Wide Inc has reported record revenue and earnings per share for its fourth quarter and 2005 fiscal year, marking its fifth consecutive year of record results.
The company has achieved record revenue totaling $1.061 billion for its 2005 fiscal year ended on December 31st 2005, a 7 percent increase over 2004 revenue of $991.9 million. For the fourth quarter of 2005, the company reported revenue of $321.0 million, a 4.4 percent increase over fourth quarter 2004 revenue of $307.4 million.
Fiscal 2005 earnings per share grew to a record $1.27, which reflected a 16.5 percent increase over the $1.09 reported in 2004 and exceeded the company's earnings per share estimate previously announced in December.
Fourth quarter 2005 earnings per share increased to $0.36, a 5.9 percent increase over fourth quarter 2004 earnings per share of $0.34. Excluding the impact of foreign earnings repatriation, earnings per share growth for the fourth quarter of 2005 would have been 11.8 percent.
Timothy O'Donovan, the company's Chairman and CEO, said, "We are very pleased to report the company's strong financial performance in 2005, highlighted by Wolverine World Wide crossing the $1.0 billion mark in revenue for the first time in the company's 123-year history."
"Our business model, which leverages our strong portfolio of global brands, continues to drive consistent growth and exceptional earnings performance," he added.
"For fiscal 2005, operating margin expanded to 10.7 percent, a 60 basis point improvement over 2004," reported the company's CFO, Stephen Gulis Jr.
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