Wolverine Wordwide Net Up as Merrell Accelerates
Led by high-teens growth at its flagship outdoor brand, Wolverine Worldwide reported net income of $55.5 million, up 171% from $20.5 million, for the second quarter ended Jun. 30. Sales were down 5% to $566.9 million from $598.8 million as WWW continues to pare its unprofitable store fleet and revise its business model and portfolio, but it calculates that its underlying sales on comparable businesses were up 4%. It upped guidance for the year to sales of $2.24-2.32 billion with gross margin gains of 100-130 b.p. and EPS of $2.05-2.12 ($198.1 mm).
The Outdoor and Lifestyle group had 5% sales growth ... Log in to view full article.