Wolverine World Wide 3Q Profit Falls On Charges

ROCKFORD, Mich. (AP) — The shoe maker Wolverine World Wide Inc. said Wednesday that its profit fell 14 percent in the third quarter, hurt by lower sales, restructuring charges and the stronger dollar.

But its adjusted earnings easily topped Wall Street's expectations, and the maker of Hush Puppies and Wolverine shoes raised its earnings outlook for the year.

Net income slid to $26.8 million, or 54 cents per share, for the three months ended Sept. 12 compared with $31.2 million, or 62 cents per share, a year ago.

Excluding 8 cents per share in restructuring charges and 5 cents per share for the stronger dollar, profit was 67 cents per share.

Analysts predicted earnings of 56 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically exclude one-time items.

Sales declined 10 percent to $286.8 million from $318.9 million on difficult trading conditions in most major markets and the stronger dollar.

The results missed Wall Street's estimate of $292.3 million.