Wolverine World Wide Shares Rise on Higher FY Sales View
Dow Jones08-13
Shares of Wolverine World Wide were higher after the company lifted its full-year outlook.
The stock gained 13% at $20.36 in premarket trading Thursday. Through the prior close, shares were roughly flat this year.
The footwear and apparel company, which owns Merrell and Saucony shoes, now expects annual revenue to be $1.98 billion to $2.0 billion, up from its previous guidance of $1.96 billion to $1.99 billion.
It also anticipates adjusted earnings per share will be $1.55 to $1.65, compared with its earlier outlook of $1.43 to $1.58.
Revenue in the second quarter increased 6% to $506.4 million.
Profit rose to $31.2 million, or 37 cents a share, from $26.8 million, or 32 cents a share, the year before.
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