ROCKFORD, Mich. (Apr. 23, 2009)—Despite a drop in revenue for the first quarter of 2009, Wolverine World Wide, Inc. (WWW) feels solid maintaining its 2009 full-year estimates, with revenue expected in the range of $1.07 billion to $1.15 billion.

Wolverine's Rainierii Dura Shocks 6-inch hiker

For the first quarter of 2009, the company reported revenue at $255.3 million, a decrease of 11.4 percent from the same period during the previous year. According to Wolverine, this figure was significantly impacted by changes in foreign exchange rates and the strengthening U.S. dollar.

The company continues to move forward with its restructuring plan, designed to generate significant efficiencies in distribution, manufacturing and backroom operations. As a result, $14.5 million in non-recurring restructuring and related charges were recorded in the quarter, of which $4.6 million were non-cash asset impairment charges.

“Revenue was above our internal plan for the quarter and helped contribute to an excellent earnings result in a difficult and volatile macroeconomic environment,” says company CEO and president Blake W. Krueger. “Our global operating platform is strong, serving different consumer groups and distribution channels across 180 countries and territories. This business model helps mitigate our exposure to any single market, fashion or consumer trend and allows our brands to successfully compete for market share in a tough consumer climate.”

Krueger continues, “Many of our brands gained market share during the quarter, with the Wolverine and Caterpillar footwear businesses in the U.S. and several of our international operations delivering revenue growth. This was outstanding performance and is a testament to our team’s commitment to deliver superior, innovative product.”

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