Profit Rises at Wolverine

Second-quarter profit grew at Wolverine World Wide (WWW), as the company's outdoor shoe division drove sales.

In a press release Wednesday, the company said earnings rose to $11 million, or 27 cents a share, from $9.3 million, or 23 cents a share, a year earlier. The latest results met the consensus analyst estimate.

Sales rose 8% to $198.8 million from $184 million a year earlier. Wall Street had expected revenue of $200.1 million.

The company's shares were recently down amid a broad early market selloff, losing $2.18, or 8.5%, to $23.57.

Wolverine said its outdoor offerings, particularly its Merrell brand, led the company's performance in the quarter.

In addition, gross margin grew to 38%, a 230-basis-point improvement from a year earlier, primarily due to a higher margin business mix, an increase in average selling prices and lower product costs in the company's European operations.

The company expects to meet its previously stated full-year estimates of earnings of $1.44 to $1.52 a share and revenue of $960 million to $980 million.

The consensus analyst estimate for the full year is $1.53 a share.

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