Jul 15, 2009
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Wolverine second quarter profit meets Street, raises outlook for 2009

Jul 15, 2009

July 15 (Reuters) - Shoe maker Wolverine World Wide Inc (WWW.N) reported quarterly profit in line with expectations, helped by strong sales at its Merrell brand and recently- acquired Chaco brand, and raised its 2009 outlook.

Merrell - Let's Get Outside

The company, which retails its footwear under brands like Caterpillar, Wolverine, Harley-Davidson and Hush Puppies, expects 2009 earnings of $1.55 to $1.73 a share, excluding items, up from its prior view of $1.50 to $1.70 a share. [ID:nWNAB7259].

Brand power has helped mid-tier footwear makers like Wolverine World Wide and Deckers Outdoor Corp (DECK.O) temper the weak retail environment.

For the second quarter, the company, which bought the Chaco and U.K.-based Cushe footwear brands in January, earned $7.9 million, or 16 cents a share, compared with $16.8 million, or 33 cents a share, a year ago.

Adjusting for restructuring charges, it earned 27 cents a share.

Revenue for the company, whose rivals include Timberland Co (TBL.N) and Sketchers USA Inc (SKX.N), fell about 8 percent to $246.4 million.

Analysts on average had expected a profit of 27 cents a share, before items, on revenue of $242.8 million, according to Reuters Estimates.

Shares of the Rockford, Michigan-based company closed at $22.01 Tuesday 14 July on the New York Stock Exchange.

(Reporting by Viraj Nair in Bangalore; Editing by Aradhana Aravindan)

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