Wolverine World Wide Inc. (WWW) is eyeing to emerge as the world leader in premier footwear and apparel industry. The company to increase the visibility and sales of its multiple brands has appointed Nicholas T. Long to the company's board. Nicholas Long is the Chief Executive Officer of MillerCoors, a leading beverage company.
Nicholas carries vast experience at different senior roles in global operations and strategic marketing. Further, he will be enriching and developing the customer relationships of Wolverine with his marketing expertise.
Additionally, Wolverine announced a quarterly dividend of 12 cents a share. The announced dividend will be paid on November 1, 2011 to shareholders of record as of October 3, 2011.
Earlier, the company posted strong second-quarter 2011 results that topped the Zacks expectation on the heels of double-digit growth witnessed across its brands. The company also reiterated its outlook for fiscal 2011 on the back of better-than-expected results.
The quarterly earnings of 48 cents a share outpaced the Zacks Consensus Estimate of 46 cents and grew 23.1% from 39 cents earned in the prior-year quarter.
Wolverine, the seller of products under Harley-Davidson Footwear, Hush Puppies, Merrell and other brands, declared that its total revenue for the quarter climbed 20.1% to $310.1 million from the prior-year quarter, handily beating the Zacks Consensus Estimate of $294 million.
The company’s multi-brand portfolio, multi-distribution channel strategy and higher prices remain its key growth drivers.
Rockford, Michigan-based Wolverine enjoyed increased momentum in fiscal 2010 that continues into fiscal 2011. Moreover, we believe that the company remains well positioned to increase its market share on the strength of its brand portfolio. The Merrell brand has been the key growth driver in the past decade, and we expect it to catalyze future growth.
Currently, we maintain a long-term ‘Neutral’ rating on the stock. Moreover, Wolverine, which competes with Timberland Co. (TBL), Deckers Outdoor Corporation (DECK) and Skechers USA Inc. (SKX), holds a Zacks #2 Rank, which translates into a short-term ‘Buy’ recommendation.
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