NEW YORK (TheStreet) -- Shares of Wolverine World Wide Inc.
(WWW) are down -1.32% to $26.10 after the footwear maker cut its forecast for full-year earnings to $1.32 to $1.38 a share, down from its prior guidance of $1.48 to $1.54 a share, as it cited the "soft retail environment."
As for full year revenue, Wolverine also now expects $2.775 billion, the lower end of its previously provided guidance range of range of $2.775 billion to $2.85 billion.
The maker of Hush Puppies and Stride Rite shoes also said it plans to close about 140 stores to improve profit.
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As a result WWW expects to record pretax charges related to its strategic realignment in the range of $30 million to $37 million, between now and the end of the 2015 fiscal year.
Separately, TheStreet Ratings team rates WOLVERINE WORLD WIDE as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
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