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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"We rate WOLVERINE WORLD WIDE (WWW) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, reasonable valuation levels, good cash flow from operations and expanding profit margins. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.