The Rockford, Mich., cobbler made $26.1 million, or 46 cents a share, for the quarter ended Sept. 9, up from the year-ago $24.6 million, or 42 cents a share. Revenue rose to $299 million from $279 million a year earlier. The latest quarter was hit by 3 cents a share in expenses tied to stock option expense and investments in Patagonia and Merrell shoe efforts.
Analysts surveyed by Thomson Financial were looking for a 44-cent profit on sales of $298 million.
Wolverine said it expects to make $1.41 to $1.44 a share for the year on sales of $1.12 to $1.14 billion, and $1.56 to $1.62 next year on sales of $1.2 billion to $1.23 billion. Those figures are in line with Wall Street targets.