Feb 3, 2010
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Wolverine fourth quarter profit in line, sees weak 2010 earnings

Feb 3, 2010

Feb 3 (Reuters) - Wolverine World Wide Inc (WWW.N) posted an adjusted fourth-quarter profit that was in line with market expectations, but the shoemaker forecast weak 2010 earnings.

Photo: www.wolverineworldwide.com

The company, which sells a range of casual, rugged outdoor and work footwear, said it expects 2010 adjusted earnings of $1.92 to $2.00 a share, compared with analysts' expectation of $1.98 a share, according to Thomson Reuters I/B/E/S.

Wolverine, whose brands include Caterpillar, Harley-Davidson and Hush Puppies, said quarterly earnings shrunk 31 percent to $16.7 million, or 33 cents a share, from $24.1 million, or 49 cents a share, a year earlier.

Excluding restructuring charges, the company earned 45 cents a share.

Revenue at Wolverine, whose rivals include Timberland Co (TBL.N) and Sketchers USA Inc (SKX.N), fell 10 percent to $312.5 million.

Analysts were expecting earnings of 45 cents a share, on revenue of $318.5 million.

Shares of the Rockford, Michigan-based company closed at $27.15 Tuesday 2 February on the New York Stock Exchange.

For the alerts, double-click (Reporting by Shradhha Sharma in Bangalore)

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