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By
Reuters
Published
Apr 29, 2011
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Wolverine World Wide Q1 tops estimates, raises FY view

By
Reuters
Published
Apr 29, 2011

Wolverine World Wide's quarterly results surpassed market expectations, and the shoe maker raised its forecast for the year, spurred by a strong demand for its top brands.

Wolverine
WWW's eponymous brand Wolverine

The company now expects earnings of $2.40-$2.50 a share on revenue of $1.38-$1.42 billion for the year. Analysts were expecting earnings of $2.43 on revenue of $1.39 billion, according to Thomson Reuters I/B/E/S.

The company, which makes footwear under brands such as Hush Puppies, Harley-Davidson, Sebago and Merrell, posted a first-quarter profit of $35.9 million, or 72 cents a share, compared with $27.5 million, or 54 cents a share a year ago.

Analysts had expected the company to earn 66 cents a share.

Revenue rose 16 percent to $330.9 million, topping estimates of $324.4 million.

The company, which sells a range of casual, rugged outdoor and work footwear, has been revamping its offerings, and launching new products to drive sales. Merrell and Wolverine are among the company's strongest brands.

(Reporting by Viraj Nair in Bangalore; Editing by Saumyadeb Chakrabarty)

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