Wolverine World Wide Inc has reported record revenue and earnings per share for the second quarter of 2006, and increased its full year 2006 revenue and earnings per share estimates.
Second quarter 2006 revenue totaled $238.5 million, a 10.5 percent increase over second quarter 2005 revenue of $215.7 million. Earnings per share for the second quarter of 2006 were $0.25 compared to the $0.22 reported for the second quarter of 2005, an increase of 13.6 percent. The 2006 results include a $0.03 per share decrease in earnings related to FAS 123 stock incentive expense and investment spending for the Patagonia Footwear and Merrell Apparel initiatives.
For the first half of 2006, revenue reached $501.3 million, an 8.8 percent gain over the $460.9 million reported for the first half of 2005. Earnings per share for the first half of 2006 grew to $0.59 per share, up 20.4 percent from $0.49 per share for the same period of 2005.
"We are pleased to report another record quarter for the company, achieving our 16th consecutive quarter of both record revenue and earnings per share," stated Timothy J. O'Donovan, the Company's Chairman and CEO. "Our strong performance in the quarter was broad-based across our branded footwear groups with the Merrell brand remaining the top contributor. We realized double-digit revenue gains in the Heritage Brands Group, Outdoor Group and Wolverine Footwear Group. The Hush Puppies business experienced a slight revenue decrease in the quarter while achieving a strong earnings increase as the brand continues its U.S. repositioning efforts.
marketing@alchempro.com
