Wolverine Q3 net income up 27 percent
Wolverine World Wide (NYSE: WWW), parent of Merrell and Chaco, said its third-quarter net income climbed on strong results across its segments.
For the quarter ended Sept. 11, net income increased 27 percent to $34.1 million, or $0.70 per share, from $26.8 million, or $0.54 per share, a year ago.
Revenue rose 12 percent to $320.4 million from $286.8 million.
"Our standout financial performance was broad-based, with all of our branded business units, including the consumer direct and leathers divisions, contributing to the strong revenue increase," Chairman and CEO Blake Krueger said in a statement.
Wolverine also lifted its full-year earnings forecast for a second time. It now expects full-year adjusted earnings of $2.04 to $2.08 per share on revenue between $1.2 billion and $1.22 billion. Its prior outlook called for adjusted net income of $1.98 to $2.04 per share on revenue of $1.19 billion to $1.22 billion.
--Compiled by Wendy Geister
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