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By
Reuters
Published
Feb 4, 2009
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Wolverine's Q4 results beat estimates on strong sales

By
Reuters
Published
Feb 4, 2009

* Q4 EPS beats est by 5 cents

* Strong sales offset forex headwinds

* Q4 rev beats analysts' estimates by $2 mln

* Gives FY09 view in line with estimates

* Stronger dollar to hurt 2009

Feb 4 (Reuters) - Shoe maker Wolverine World Wide Inc (WWW.N) reported higher-than-expected fourth-quarter results as strong sales of its core brands offset foreign exchange headwinds, and forecast 2009 earnings in line with analysts' estimates.


Cushe spring-summer 2009

The company, whose brands include Wolverine, Merrell and Hush Puppies, said it expects more challenging selling conditions and comparisons in the first half of the year mainly citing a stronger U.S. dollar.

Net profit at the Rockford, Michigan-based shoe maker fell 6 percent to $24.1 million from a year earlier.

Revenue fell 3.2 percent to $346.1 million.

For 2009, the company expects to earn $1.77 a share to $1.97 a share, before items, on revenue of $1.16 billion to $1.24 billion.

Analysts on average expect the company to report earnings of $1.84 a share, before items, on revenue of $1.20 billion for the same period, according to Reuters Estimates.

The company expects foreign exchange-related losses to hurt 2009 revenue by about $90 million.

Shares of the company were up more than a percent at $18.55 in trading before the bell. They had closed at $18.30 Tuesday on the New York Stock Exchange. (Reporting by Poojya Trivedi in Bangalore; Editing by Himani Sarkar)

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