The footwear giant issued a bullish outlook for 2022.
Wolverine Worldwide, riding strong revenue gains, posted a profit for 2021 and sharply reduced its fourth-quarter loss, leading to a bullish outlook for 2022.
Fourth-quarter revenue rose 24.7 percent to $635.6 million from $509.6 million. Excluding Sweaty Betty, revenue increased 9.4 percent versus the prior year and decreased 8.2 percent versus 2019. Adjusted diluted earnings per share were $0.41 last quarter compared to $0.21 in the year-ago quarter. Excluding Sweaty Betty, adjusted diluted earnings per share were $0.31 compared to $0.21 in the prior year.
Hoffman said this is “a pivotal time” for the company, adding, “Our strong portfolio of iconic brands combined with the operational foundation built over the last decade positions us to capitalize on very favorable consumer and category trends. Excluding Sweaty Betty, fiscal 2021 revenue exceeded 2019 which speaks to our team’s resolve and tenacity in overcoming the impact of COVID-19.
For 2021, diluted earnings per share were $0.81, compared to a loss of $1.70 in the prior year. Adjusted diluted earnings per share were $2.09. Excluding Sweaty Betty, adjusted diluted earnings per share were $1.98 compared to $0.93 in the prior year.
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