Wolverine World Wide’s earnings up 20% in Q2
Wolverine World Wide, Inc. has reported record revenue and net earnings for its second quarter of 2005, making this the fourteenth consecutive record quarter of both revenue and net earnings for the company. The revenue totalled $215.7 million, an 8.5% increase over second quarter 2004 revenue of $198.8 million. Earnings increased 20% to $13.3 million from $11 million a year earlier. For the first half of 2005, revenue reached $460.9 million, an 8.8% gain over the $423.6 million reported for the first half of 2004. In
"Our strong performance in the second quarter of 2005 was highlighted by the Outdoor Group, with Merrell leading the way among our portfolio of brands," stated Timothy J. O'Donovan, the company's chairman and CEO. "Of our four branded operating groups, the Heritage Group, the Hush Puppies Company and the Outdoor Group all experienced double-digit revenue and earnings increases. The Wolverine Footwear Group did not experience a revenue increase due to the impact of the planned reduction in Bates military shipments.”
The publishing of the figures coincided with the company’s 40 years on the stock exchange. To celebrate this partnership between the New York Stock Exchange and WWW, Timothy J. O'Donovan rang the Closing Bell on July 13. The company expects to reach its previously stated 2005 annual estimates of revenue ranging from $1.045-$1.065 billion.
