Wolverine World Wide Net is Up Despite Steep Revenue Decline
Despite a decline in operating margin to 1.9% from 3.7%, a number of below the line items lifted net earnings 8% to $11.6 million compared to $10.7 million for the final quarter ended Jan. 2 as sales fell 7% to $751.2 million from $808.9 million. Among the factors affecting the top line were currency, exiting the Cushe and Patagonia brands and the closing of 106 stores during the year, primarily in the StrideRite operation, as well as a 53rd week in last year’s results. Factors that boosted the bottom line were a tax credit, lower interest expense and a gain ... Log in to view full article.