March 26, 2020
The lulunatics finished 2019 with a 36% jump in profits to $298,021,000 in the final quarter ended Feb. 2 from $218,465,000 on 20% higher revenues of $1,397,491,000 up from $1,167,458,000 that included a 20% blended comp gain, lapping a 17% increase last year.
While business around the globe continues to show momentum, North America suffered a 36% decline in revenue and swung to a loss from a profit in Q4 as the company overall reported a more than 12-fold increase in profit to KRW 51,512 million ($38.7 mm) from KRW 3,873 million on sales of KRW 789,557 million ($593.5 mm), up 4% from KRW 761,678 million.
Net income dropped 9% to $9,683,000 over $10,629,000 for the fourth quarter ended Feb. 1 as revenue gained 6% to $258,152,000 over $242,683,000.
Wolverine Worldwide expects to generate $150 million of positive operating cash flow in 2020, bolstered by about $500 million net cash from delaying most capital projects, suspending share repurchases and significantly cutting operating expenses.
The Ravens quarterback says Amazon is infringing on his publicity rights by selling t-shirts and other apparel using his name and slogans, including Action Jackson, Lamarvelous, and Not Bad for a Running Back.