Wolverine Worldwide reported preliminary unaudited revenue and earnings results for the full year ended December 28, 2013. The year included a full 52-week contribution from the Company's October 2012 acquisition of the Sperry Top-Sider, Saucony, Stride Rite, and Keds brands (the "PLG Acquisition"). The Company expects to report full fiscal year 2013 results on February 18, 2014.
On July 11, 2013, the Company's Board of Directors declared a two-for-one stock split, which was paid in the form of a stock dividend on November 1, 2013. All references to the Company's share and per share data are presented on a split-adjusted basis.
On a preliminary unaudited basis, for full fiscal year 2013 ended December 28, 2013, the Company expects:
Revenue to approximate $2.69 billion, representing growth of 5.5% versus prior year pro forma revenue of $2.55 billion and growth of 64.0% versus prior year reported revenue of $1.64 billion.
Adjusted fully diluted earnings – excluding transaction and integration expenses related to the PLG Acquisition, restructuring charges related to the Company's owned manufacturing operations, and expenses related to the October 2013 refinancing – at the high end of the previous earnings guidance of $1.37 to $1.42 per share.
Reported fully diluted earnings at the high end of the previous earnings guidance of $0.85 to $0.90 per share.
Consolidated inventories at year end to be materially lower than at the end of fiscal year 2012.