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Wolverine smashes full-year forecast

Footwear group Wolverine, the parent company of footwear brands CAT, Sebago and Merrell, has beaten its fourth quarter and full-year estimates.

For the three months to December 31, the group reported a 5.6% increase in revenue to $406.5m (£257.9m), up from the same period in the previous year. Revenue growth slowed, however, as this time last year the company reported a 22% increase in revenues on the previous year.

For the full-year, Wolverine said revenues rose 12.9% to a record $1.4bn (£890m), driven by double-digit growth from each of the company’s branded operating groups – the outdoor group, the lifestyle group and the heritage group.

“Each of our three branded operating groups and our direct-to-consumer business contributed to the year’s outstanding results,” said chairman and chief executive Blake Kreuger.

“Additionally, all major international regions reported double-digit revenue growth, as our newly created International Group focused on the significant opportunities outside of North America.”

The group added that it had maintained its gross margin, at 39.5%, in part due to the higher-margin Merrell Barefoot collection.

Last year Sebago opened its first two company stores outside of the US in the UK. The first, in Bath, opened in March last year while its flagship Regent Street store opened in November.

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