Wolverine World Wide Inc. raised its full-year guidance after posting strong third-quarter earnings that beat Wall Street expectations.
For the quarter ended Sept. 7, the company earned $54.4 million, or $1.08 a share. That was a 66 percent increase over the year-ago period, when Wolverine’s net income was $32.8 million, or 66 cents.
Revenue more than doubled, to $716.7 million, thanks in part to the addition of new brands.
Driven by strong growth of Sperry Top-Sider in the lifestyle group and Merrell in the performance group, both earnings and sales came in above analyst expectations. (Market watchers predicted revenue of about $713 million on earnings per share of $1.02.)
“Double-digit revenue increases across many of our brands, such as Merrell, Sperry Top-Sider, Saucony, Keds, Chaco and Cushe, helped drive the phenomenal earnings performance,” Wolverine CEO Blake Krueger said in a statement. “Additionally, solid single-digit revenue growth in North America and excellent double-digit growth in Latin America, Asia Pacific and [the] EMEA region reflect the impressive global momentum of our business.”
Wolverine raised earnings guidance for the second time this year. The company now expects EPS of $2.73 to $2.83, above the $2.60-to-$2.75 range offered in July.