Wolverine 4Q profit slips on higher expenses
01.01.70
Wolverine Worldwide Inc.'s net proceeds fell 10 percent in the fourth quarter, weighed down in part by higher operating expenses.
Earlier this month the boot and shoe maker cautioned that its monetary full-year earnings would come in near the low end of its previous guidance, saying its exhibition was hindered a bit by milder fall weather in the U.S. and Europe.
Wolverine, which makes Hush Puppies, Merrell and other brands, reported on Monday that it earned $23 million, or 47 cents per divide up, for the period ended Dec. 31. That's down from $25.6 million, or 52 cents per allotment, a year earlier.
Analysts surveyed by FactSet expected earnings of 46 cents per equity.
Operating expenses climbed to $119.2 million from $111.6 million.
Take rose 6 percent to $406.5 million from $385 million on improve performances across all of its business segments. Wolverine said a little over two weeks ago that its net income was likely to come in at about $407 million. Aside from the milder deteriorate attack weather, Wolverine said at that time that its revenue performance was pinched by fiscal conditions, a conservative outlook by some retailers and a softening retail conditions in Europe, particularly in the U.K.
Source: BusinessWeek