Apr 22, 2009
Wolverine World Wide Q1 profit ahead of Street
Apr 22, 2009
April 22 (Reuters) - Shoe maker Wolverine World Wide Inc (WWW.N) posted a first-quarter profit that beat market expectations, as strong sales at key brands and lower operating expenses helped offset some of the hit from unfavorable foreign exchange rates.
The maker of Wolverine, Hush Puppies and Caterpillar shoes also said it was backing its full-year forecast adjusting for costs related to a restructuring plan announced in January.
In a statement, Chief Executive Blake Krueger said the company's exposure to different consumer groups and distribution channels helped "mitigate our exposure to any single market, fashion or consumer trend."
The company reported a 11.4 percent fall in revenue in the first quarter to $255.3 million, but said the fall would have been 5.2 percent adjusted for the impact of foreign exchange rates.
Wolverine posted a profit of $10.49 million or 21 cents, compared with $23.7 million or 46 cents a year ago. However, adjusting for restructuring costs it posted earnings of 41 cents this quarter.
Analysts on average were expecting the company to earn a 30 cents a share, before special items, on revenue of $252.8 million for the quarter.
Shares of the company closed at $18.90 Tuesday on the New York Stock Exchange. (Reporting by Sumedha Mukherjee in Bangalore; Editing by Anthony Kurian) (([email protected]; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800 +1 646 897 1898; Reuters Messaging: [email protected]))
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