Flynn, The "King Of Tooling", Has Released A New Financial Report, But The Situation Is Not Optimistic.

Flynn group (WOLVERINE) is the oldest in the United States.

Since 1883, labor has been produced for various jobs.

Boots and outdoor leisure sports shoes have become world-famous "king of tooling".

In 1914, WOLVERINE group founded its WOLVERINE brand under its name, specializing in the design and manufacture of shoes and boots suitable for outdoor work and sports, and providing comfort and safety for wearers.

Informal design, practical fashion design and comfortable fit become the most distinctive feature of WOLVERINE.

With these two core competencies, WOLVERINE resisted the impact of cheap Latin American and Asian imports in 1980s, and successfully developed a large number of consumers.

When WOLVERINE shoes entered the fashion capital of Paris in 1996, they were sought after by the fastidious European consumers, and became high-end brands in Eastern Europe and Japan.

As one of the largest and most famous shoemaking enterprises in the world, WOLVERINE owns many famous brands, all of which are called classics of the market.

Beijing time July 11th morning news, the American shoe giant

(Wolverine Worldwide Inc) issued a financial report on Tuesday that the net profit in the second quarter decreased by 14%, mainly due to weak sales and rising production costs.

But the company reiterated its annual profit target, leaving much room for market expectations.

In the fiscal quarter of June 16th, net profit fell to $20 million 500 thousand, or 42 cents per share, from 24 million cents a share, or 48 cents a year, lower than the average 44 cents of analysts surveyed by FactSet.

Revenue increased from $310 million in the same period last year to $313 million, slightly below the average analyst estimate of $314 million.

The company blamed the sluggish revenue growth on strong revenue figures for the same period last year, the weakness of the European economy and the adverse exchange rate effect.

Flynn said that the rise in production costs and adverse sales portfolios, including sharp reductions in autumn and winter products, led to a reduction of 37.8% of its gross interest rate from 39.4% in the same period of the previous year.

Based on its expectations for sales in the second half of the fiscal year, the company reiterated that its earnings per share were expected to be 2.70-2.80 US dollars in the year after adjustment, with a revenue of 1 billion 460 million -15 billion dollars.

Analysts expect the company to make a profit of $2.71 per share and $1 billion 600 million in revenue.