In a preliminary statement, Wolverine Worldwide said it expects to achieve this year its target of a 12 percent adjusted operating margin on a 6 percent increase in underlying revenues, in spite of significant incremental investments of more than $40 million to drive future growth. Its international business is expected to grow by a high single digit. For the past financial year, ended Dec. 31, the company expects to report sales and profits at the high end of its latest projections. Revenues reached a level of around $2.35 billion, but the Tax Cuts and Jobs Act passed in the U.S. last Dec. 22 and a cash impairment charge will weigh down on the final results. The legislation will lead the company to repatriate about $300 million in cash currently held by subsidiaries outside the U.S., minimizing U.S. tax costs.
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