Wolverine doubles Q2 profit
Wolverine World Wide (NYSE: WWW) said its fiscal second-quarter net income more than doubled as sales grew across all categories. Wolverine is parent of Merrell and Chaco, as well as the licensee of Patagonia Footwear.
For the quarter ended June 19, the company’s net income rose to $17.2 million, or $0.35 per share, from $7.9 million, or $0.16 per share a year earlier. Excluding restructuring costs, Wolverine's net income was $0.39 per share.
Revenue rose 5 percent to $258.2 million, up from $246.4 million last year. It said lower closeout sales and a large shipment to a distributor being postponed cut into revenue.
The company raised its forecast for full-year net income to $1.98 to $2.04 per share, excluding one-time items. It earlier predicted $1.92 to $2 per share. For revenue, it now expects $1.19 billion to $1.22 billion, up from $1.16 billion to $1.19 billion.
West Marine’s Q2 revenue up 8 percent in 2Q
West Marine (Nasdaq: WMAR) said its second-quarter revenue rose 8 percent, boosted by wholesale growth.
For the quarter ended July 3, revenue rose to $233.4 million from $215.4 million last year. Same-store sales rose 9.4 percent.
CEO Geoff Eisenberg said in a statement, “From a geographic perspective, we believe our sales benefited from unusually warm and favorable weather in the northeastern part of the country, which helped motivate boaters to prepare and use their boats earlier and more often.”
He added that the oil spill in the Gulf of Mexico hurt sales in the South, but that was offset by sales of products connected to fighting the oil spill.
--Compiled by Wendy Geister
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