Wolverine Worldwide reported a relatively strong fourth quarter, as the footwear group's turnover was off by 2.9 percent to $729.6 million but its underlying sales inched up by 0.1 percent, despite an unfavorable retail environment. The U.S. group behind Merrell, Saucony and several other brands raised its adjusted operating margin in constant currencies by 1.4 percentage point to 7.3 percent for the quarter. For the full year, Wolverine Worldwide's sales dwindled to $2,494.6 million, down by 7.3 percent in dollars and by 4.9 percent in constant currencies. The group's adjusted gross profit and operating profit margins improved slightly for the year in constant currencies. However, the reported margins were lower and the group ended 2016 with net earnings of $87.5 million, down from $123.2 million. The year was marked by the implementation of the Wolverine Way Forward, a strategic platform that is meant to make the company more consumer-focused and to raise earnings through operational improvements. With these investments, Wolverine says it's well-positioned to perform in a consumer and retail environment it previously described as “the new normal.” For the current fiscal year, the company predicts that sales will tumble by 5 to 9 percent, while the trend for underlying revenue should range from a decline of 2.3 percent to an increase of 1.9 percent. The adjusted operating margin is predicted to reach between 9.9 and 10.4 percent. More in The Outdoor Industry Compass.

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