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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wolverine World Wide Inc | NYSE:WWW | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.32 | 11.56% | 12.74 | 13.20 | 11.645 | 11.84 | 2,207,303 | 21:20:08 |
WOLVERINE WORLD WIDE, INC. |
(Exact name of registrant as specified in its charter) |
Delaware | 001-06024 | 38-1185150 | ||
(State or other jurisdiction of incorporation) | (Commissoin File Number) | (IRS Employer Identification No.) |
9341 Courtland Drive N.E., Rockford, Michigan | 49351 | |
(Address of principal executive offices) | (Zip Code) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits: |
99.1 | Press Release dated April 28, 2015. This Exhibit shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. |
Dated: | April 28, 2015 | WOLVERINE WORLD WIDE, INC. (Registrant) |
/s/ Brendan M. Gibbons | ||
Brendan M. Gibbons | ||
Vice President, General Counsel and Secretary |
Exhibit Number | Document | |
99.1 | Wolverine World Wide, Inc. Press Release dated April 28, 2015. |
9341 Courtland Drive, Rockford, MI 49351 Phone (616) 866-5500; Fax (616) 866-0257 |
– | Consolidated revenue increased to $631.4 million, representing growth of 0.6% versus prior year revenue of $627.6 million. Mid single-digit growth from the Heritage Group and low single-digit growth from the Lifestyle Group were partially offset by a low single-digit revenue decline from the Performance Group. On a constant currency basis, revenue grew 3.4%. Retail store closures associated with the Company's realignment plan and the exit of the Patagonia Footwear license had a negative 170 basis point impact on reported revenue growth. |
– | Gross margin was 41.4%, a solid increase of 60 basis points versus the prior year's reported and adjusted gross margin. The gross margin expansion was driven primarily by price increases and lower close out sales, partially offset by product cost increases. |
– | As expected, adjusted operating margin decreased 60 basis points to 9.9% due to increased brand investment and higher pension expense. Reported operating margin was flat compared to the prior year at 10.1%. |
– | Adjusted diluted earnings per share decreased 2.6% to $0.37, compared to an adjusted $0.38 per share in the prior year. On a constant currency basis, adjusted diluted earnings per share increased 2.6% to $0.39. Reported diluted earnings per share were $0.39, compared to $0.36 per share in the prior year. |
– | The Company ended the quarter with cash and cash equivalents of $121.3 million and net debt of $736.0 million, a reduction of $271.5 million from the same period last year. |
– | Consolidated reported revenue in the range of $2.82 billion to $2.87 billion, representing growth in the range of approximately 2% to 4% versus the prior year. Constant currency revenue growth is expected in the range of approximately 5% to 7%. |
– | Adjusted diluted earnings per share in the range of $1.53 to $1.60. Constant currency adjusted diluted earnings per share is expected in the range of $1.71 to $1.78. |
12 Weeks Ended | |||||||
March 28, 2015 | March 22, 2014 | ||||||
Revenue | $ | 631.4 | $ | 627.6 | |||
Cost of goods sold | 370.0 | 371.4 | |||||
Restructuring costs | — | 0.4 | |||||
Gross profit | 261.4 | 255.8 | |||||
Gross margin | 41.4 | % | 40.8 | % | |||
Selling, general and administrative expenses | 198.8 | 190.5 | |||||
Acquisition-related integration costs | — | 1.6 | |||||
Net gain on restructuring | (1.0 | ) | — | ||||
Operating expenses | 197.8 | 192.1 | |||||
Operating expenses as a % of revenue | 31.3 | % | 30.6 | % | |||
Operating profit | 63.6 | 63.7 | |||||
Operating margin | 10.1 | % | 10.1 | % | |||
Interest expense, net | 9.5 | 10.9 | |||||
Other expense (income), net | (1.0 | ) | 0.8 | ||||
8.5 | 11.7 | ||||||
Earnings before income taxes | 55.1 | 52.0 | |||||
Income tax expense | 15.0 | 14.8 | |||||
Effective tax rate | 27.3 | % | 28.5 | % | |||
Net earnings | 40.1 | 37.2 | |||||
Less: net earnings attributable to noncontrolling interest | — | 0.1 | |||||
Net earnings attributable to Wolverine World Wide, Inc. | $ | 40.1 | $ | 37.1 | |||
Diluted earnings per share | $ | 0.39 | $ | 0.36 | |||
Supplemental information: | |||||||
Net earnings used to calculate diluted earnings per share | $ | 39.4 | $ | 36.4 | |||
Shares used to calculate earnings per share | 100.8 | 99.9 | |||||
Weighted average shares outstanding | 102.5 | 101.0 |
March 28, 2015 | March 22, 2014 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 121.3 | $ | 166.8 | |||
Accounts receivables, net | 357.2 | 484.1 | |||||
Inventories, net | 419.8 | 465.6 | |||||
Other current assets | 89.8 | 68.6 | |||||
Total current assets | 988.1 | 1,185.1 | |||||
Property, plant and equipment, net | 135.3 | 147.6 | |||||
Goodwill and other indefinite-lived intangibles | 1,124.6 | 1,132.5 | |||||
Other non-current assets | 192.5 | 214.2 | |||||
Total assets | $ | 2,440.5 | $ | 2,679.4 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Accounts payable and other accrued liabilities | $ | 235.8 | $ | 274.9 | |||
Current maturities of long-term debt | 42.0 | 43.6 | |||||
Borrowings under revolving credit agreement | 14.5 | 34.0 | |||||
Total current liabilities | 292.3 | 352.5 | |||||
Long-term debt | 800.8 | 1,096.7 | |||||
Other non-current liabilities | 376.0 | 358.6 | |||||
Stockholders' equity | 971.4 | 871.6 | |||||
Total liabilities and stockholders' equity | $ | 2,440.5 | $ | 2,679.4 |
12 Weeks Ended | |||||||
March 28, 2015 | March 22, 2014 | ||||||
OPERATING ACTIVITIES: | |||||||
Net earnings | $ | 40.1 | $ | 37.2 | |||
Adjustments to reconcile net earnings to net cash used in operating activities: | |||||||
Depreciation and amortization | 10.9 | 12.6 | |||||
Deferred income taxes | 2.3 | 2.2 | |||||
Stock-based compensation expense | 6.7 | 4.6 | |||||
Excess tax benefits from stock-based compensation | (3.4 | ) | (3.5 | ) | |||
Pension expense | 6.4 | 3.0 | |||||
Restructuring costs (gain) | (1.0 | ) | 0.4 | ||||
Other | 1.8 | 1.6 | |||||
Changes in operating assets and liabilities | (106.8 | ) | (114.2 | ) | |||
Net cash used in operating activities | (43.0 | ) | (56.1 | ) | |||
INVESTING ACTIVITIES: | |||||||
Additions to property, plant and equipment | (6.4 | ) | (5.6 | ) | |||
Investment in joint ventures | — | (0.7 | ) | ||||
Other | (0.7 | ) | (0.4 | ) | |||
Net cash used in investing activities | (7.1 | ) | (6.7 | ) | |||
FINANCING ACTIVITIES: | |||||||
Net borrowings under revolving credit agreement | 14.5 | 34.0 | |||||
Payments of long-term debt | (58.0 | ) | (9.7 | ) | |||
Cash dividends paid | (6.1 | ) | (6.3 | ) | |||
Purchases of shares under employee stock plans | (7.4 | ) | (9.3 | ) | |||
Proceeds from the exercise of stock options | 5.8 | 2.8 | |||||
Excess tax benefits from stock-based compensation | 3.4 | 3.5 | |||||
Net cash provided by (used in) financing activities | (47.8 | ) | 15.0 | ||||
Effect of foreign exchange rate changes | (4.6 | ) | 0.4 | ||||
Decrease in cash and cash equivalents | (102.5 | ) | (47.4 | ) | |||
Cash and cash equivalents at beginning of the year | 223.8 | 214.2 | |||||
Cash and cash equivalents at end of the period | $ | 121.3 | $ | 166.8 |
GAAP Basis Fiscal 2015 Q1 | Foreign Exchange Impact | Fiscal 2015 Q1 Constant Currency Basis | GAAP Basis Fiscal 2014 Q1 | Constant Currency Growth | Reported Growth | ||||||||||||||||
Revenue: | |||||||||||||||||||||
Performance Group | $ | 243.4 | $ | 10.6 | $ | 254.0 | $ | 248.8 | 2.1 | % | (2.2 | )% | |||||||||
Lifestyle Group | 243.0 | 3.6 | 246.6 | 238.0 | 3.6 | % | 2.1 | % | |||||||||||||
Heritage Group | 126.1 | 3.1 | 129.2 | 120.7 | 7.0 | % | 4.5 | % | |||||||||||||
Other | 18.9 | — | 18.9 | 20.1 | (6.0 | )% | (6.0 | )% | |||||||||||||
Total | $ | 631.4 | $ | 17.3 | $ | 648.7 | $ | 627.6 | 3.4 | % | 0.6 | % |
GAAP Basis Operating Profit | Adjustments (1) | As Adjusted Operating Profit | |||||||||
Fiscal 2015 Q1 | $ | 63.6 | $ | (1.0 | ) | $ | 62.6 | ||||
Operating margin | 10.1 | % | 9.9 | % | |||||||
Fiscal 2014 Q1 | $ | 63.7 | $ | 2.0 | $ | 65.7 | |||||
Operating margin | 10.1 | % | 10.5 | % |
(1) | Fiscal 2015 Q1 Adjustments include a Net Restructuring Gain. Fiscal 2014 Q1 Adjustments include Acquisition-Related Integration and Restructuring Costs. |
GAAP Basis EPS | Adjustments (1) | As Adjusted EPS | |||||||||
Fiscal 2015 Q1 | $ | 0.39 | $ | (0.02 | ) | $ | 0.37 | ||||
Fiscal 2014 Q1 | $ | 0.36 | $ | 0.02 | $ | 0.38 |
(1) | Fiscal 2015 Q1 Adjustments include a Net Restructuring Gain. Fiscal 2014 Q1 Adjustments include Acquisition-Related Integration and Restructuring Costs. |
As Adjusted EPS | Foreign Exchange Impact | As Adjusted EPS Constant Currency Basis | |||||||||
Fiscal 2015 Q1 | $ | 0.37 | $ | 0.02 | $ | 0.39 | |||||
Fiscal 2015 Q1 | Fiscal 2014 Q1 | ||||||
GAAP reported debt | $ | 857.3 | $ | 1,174.3 | |||
Cash and cash equivalents | (121.3 | ) | (166.8 | ) | |||
Net debt | $ | 736.0 | $ | 1,007.5 |
Constant Currency Growth | Foreign Exchange Impact | GAAP Basis Reported Growth | ||||||
Revenue growth: | ||||||||
U.S. | 1.2 | % | — | % | 1.2 | % | ||
EMEA | (2.1 | ) | (11.6 | ) | (13.7 | ) | ||
Canada | 4.8 | (12.1 | ) | (7.3 | ) | |||
Asia Pacific | 51.7 | (1.1 | ) | 50.6 | ||||
Latin America | 7.2 | (5.1 | ) | 2.1 |
GAAP Basis Full-Year 2015 Guidance | Foreign Exchange Impact | Full-Year 2015 Guidance Constant Currency Basis | |||||
Revenue | $ 2,820 - 2,870 | $ | 70.0 | $ 2,890 - 2,940 | |||
Percentage growth | 2.1 - 3.9% | 4.7 - 6.5% |
GAAP Basis Full-Year 2015 Guidance | Restructuring Costs | As Adjusted Full-Year 2015 Guidance | |||||
Diluted earnings per share | $ 1.42 - 1.49 | $ | 0.11 | $ 1.53 - 1.60 |
As Adjusted Full-Year 2015 Guidance | Foreign Exchange Impact | As Adjusted Full-Year 2015 Guidance Constant Currency Basis | |||||
Diluted earnings per share | $ 1.53 - 1.60 | $ | 0.18 | $ 1.71 - 1.78 |
* | To supplement the consolidated financial statements presented in accordance with Generally Accepted Accounting Principles ("GAAP"), the Company describes what certain financial measures would have been if acquisition-related integration costs and restructuring costs were excluded. The Company believes these non-GAAP measures provide useful information to both management and investors to increase comparability to the prior period by adjusting for certain items that may not be indicative of core operating measures and to better identify trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. The Company has defined net debt as debt less cash and cash equivalents. The Company believes that netting these sources of cash against debt provides a clearer picture of the future demands on cash to repay debt. The Company evaluates results of operations on both a reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding results of operations, consistent with how the Company evaluates performance. The Company calculates constant currency by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to our current period reported results. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitution for, financial information prepared in accordance with GAAP. A reconciliation of all non-GAAP measures included in this press release, to the most directly comparable GAAP measures, are found in the financial tables above. |
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