Footwear and apparel maker Wolverine World Wide, Inc. (WWW) reported Wednesday a decrease in third-quarter net earnings, hurt by a 10.1% decrease in revenues and restructuring charges. Excluding charges and foreign exchange losses, earnings per share rose 8.1%. The company also raised its full-year earnings guidance.
For the third quarter, net earnings decreased to $26.79 million or $0.54 per share from $31.19 million or $0.62 per share in the previous year.
The results of the latest quarter included restructuring and related costs of $5.1 million. Excluding one-time charges, earnings were $0.62 a share, flat with the previous year. Adjusting for both charges and the foreign exchange translation losses, earnings grew 8.1% to $0.67 per share.
On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.55 per share for the third quarter. Analysts' estimate typically excludes special items.
Revenue for the period dropped 10.1% to $286.76 million from $318.85 million in the third quarter of the prior fiscal year. On a constant currency basis, revenue came down 6.9% to $296.8 million. Eight analysts were expecting revenue of $291.44 million.
Blake Krueger, Wolverine's chief executive, said, "Our key strategic objectives remain unchanged as we stay focused on growing our proven brands via greater wholesale penetration, expanding our consumer-direct initiatives and further extending into apparel and accessories."
For the nine-month period, net earnings declined to $45.19 million or $0.91 per share from $71.70 million or $1.41 per share in fiscal 2008. Revenue slid to $788.53 million from $874.45 million in the same period last year.
Looking ahead, considering the negative foreign exchange impact and higher pension expense, the company lifted its full-year adjusted earnings guidance range to $1.65 - $1.75 per share from the earlier provided range of $1.55 - $1.73 a share. Wolverine sees revenue to range between $1.08 billion to $1.11 billion, with the midpoint of the range unchanged at $1.095 billion. Analysts expect the company to earn $1.69 per share, on revenues of $1.12 billion.
Wolverine now forecasts reported earnings to range from $1.15 to $1.25 per share for the year. Earlier the company forecast reported earnings of $1.07 - $1.25 per share.
Further, the company is projecting restructuring and related costs of $33 million to $36 million for the full year.
WWW closed Tuesday's regular trading hours at $25.20 on the NYSE.
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