Wolverine World Wide (NYSE: WWW), parent of Merrell and Chaco, as well as the licensee for Patagonia Footwear, reported a sharp rise in fourth-quarter profit on strong sales performance, coupled with a strong double-digit order backlog.
The company said it earned $25.6 million, or $0.52 per share, for the quarter that ended Jan. 1, up from $16.7 million, or $0.33 per share, earned in the same quarter of the prior year.
Revenue rose from $312.5 million to $385 million.
Wolverine said its order backlog has increased 38 percent by the end of the quarter, with growth across all its brands.
For FY 2010, reported revenue was a record $1.249 billion, an increase of 13.4 percent versus prior year revenue of $1.101 billion. It earned $104.4 million, or $2.11 per diluted share, versus $61.9 million, or $1.24 per diluted share, last year.
Looking ahead, the company said it anticipates earning $2.35 to $2.45 per share for the 2011 fiscal year on revenue of $1.35 to $1.39 billion.
Wolverine announced last week that it is reorganizing to better expand its brands globally.
Wolverine shares hit a new 52-week high on Feb. 1 of $34.89. It closed day’s trading at $34.63, up $2.78, or 8.73 percent, from the previous close.
–Compiled by Wendy Geister
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