UPDATE: Wolverine Q2 Net Profit Drops 14%
Wolverine World Wide (NYSE: WWW) reported a 14% drop in its fiscal second-quarter earnings.
Wolverine's quarterly profit fell to $20.5 million, or $0.42 per share, from $24 million, or $0.48 per share, in the year-ago period.
Its revenue rose 0.8% to $312.7 million. Analysts were expecting earnings of $0.44 per share on revenue of $314.46 million.
Its gross margin declined to 37.8% from 39.4%.
Wolverine shares closed at $38.33 yesterday.
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