Wolverine Worldwide raises its full-year outlook

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Wolverine Worldwide raised its full-year outlook for a second time since July.

The shoe and clothing company now foresees full-year adjusted earnings of $2.73 to $2.83 per share. Its prior outlook was for $2.60 to $2.75 per share. In July Wolverine lifted its guidance from $2.50 to $2.65 per share.

The company took this action after reporting that its fiscal third-quarter net income climbed 66 percent as footwear sales improved across many of its brands.

For the period ended Sept. 7, Wolverine earned $54.4 million, or $1.08 per share, up from $32.7 million, or 66 cents per share, a year earlier.

Wolverine completed its $1.25 billion buyout of the performance and lifestyle group from Collection Brands in October 2012. The performance and lifestyle group includes the Sperry Top-Sider, Saucony, Stride Ride and Keds brands.

THE STOCK

Wolverine Worldwide (WWW)

Tuesday’s close:

$58.95 ▲ 1.10, or 1.90%

52-week range $38-60

Annual dividend $0.48

Dividend yield 0.8%

Price-earnings ratio * 30

Total return YTD 45%

1-year ** 38%

5-year ** 22%

10-year ** 18%

Market value $3 billion

Note: Total returns through Oct. 8

* Trailing 12 months; ** Annualized

Source: FactSet, Associated Press


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