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On Feb. 4, 2009,

Wolverine World Wide

(WWW) - Get Report

reported a 5.8% fall in its Q4 FY08 earnings on lower revenue. Net earnings declined to $24.12 million or $0.49 per share from $25.60 million or $0.49 per share in Q4 FY07. The latest quarterly earnings beat the consensus estimate of $0.45 per share.

Wolverine's revenue decreased 3.2% to $346.12 million from $357.42 million a year ago. Unfavorable foreign exchange rates adversely affected revenue by 3.3%. On a constant currency basis, the company reported relatively flat revenue in the quarter. Meanwhile, gross profit margin increased somewhat to 38.52% from 38.46% a year ago, whereas operating margin fell 133 basis points to 9.34% from 10.67% due to higher selling and administrative expenses.

In January 2009, WWW announced a restructuring plan which includes consolidation of certain operations and reduction of staffing and fixed costs. On implementation of the plan, the company expects a net reduction of about 450 positions and annualized pretax benefit of $17.00 million to $19.00 million. Moreover, the company acquired Cushe and Chaco footwear brands. Recently, the company paid a quarterly cash dividend of $0.11 per share to common stockholders.

For FY08, revenue grew 1.8% to $1.22 billion from $1.20 billion in the previous year, supported by growth in the company's Outdoor group, Heritage brands group and Wolverine footwear group. Consequently, earnings rose 3.2% to $95.82 million or $1.90 per share from $92.89 million or $1.70 per share.

Looking forward to FY09, Wolverine expects earnings in a range of $1.50 per share to $1.70 per share based on expected revenue of $1.16 billion to $1.24 billion on a constant currency basis.

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