Wolverine World Wide Inc. on Wednesday raised its full-year outlook despite a decline in both earnings and revenue during its third quarter.
Net earnings during the quarter fell 14 percent to $26.8 million, or 54 cents per diluted share, down from $31.2 million, or 62 cents, during the same quarter a year ago. At the same time, sales dipped 10 percent to $286.8 million, compared with $318.9 million the prior year.
“We are very pleased with our third-quarter results, as the company continues to deliver excellent earnings performance in the most challenging economic environment that many of us have ever experienced,” President and CEO Blake Krueger said in a statement. “We remain confident that our multi-brand, multi-country business model and our execution against that model can deliver exceptional results in a variety of economic climates.”
The company also raised its full-year guidance and now expects earnings of $1.65 to $1.75 per share on sales of $1.08 billion to $1.11 billion. Previously, the company had issued an earnings guidance of $1.55 to $1.73.