UPDATE: Wolverine Worldwide Posts Higher Q2 Profit, Plans To Close 140 Stores

Wolverine Worldwide

reported a 54% rise in its second-quarter profit and announced its plans to close around 140 retail locations over the next 18 months. The company also announced its plans to consolidate certain consumer-direct functions. The Rockford, Michigan-based company posted its quarterly profit of $27.5 million, or $0.27 per share, compared to $17.9 million, or $0.18 per share, in the year-ago period. Excluding certain items, it earned $0.31 per share. Its revenue rose 4.4% to $613.5 million. However, analysts were projecting earnings of $0.27 per share on revenue of $607.5 million. Gross margin narrowed to 40.1% from 41.0%. The company also reaffirmed its full-year adjusted EPS forecast. Wolverine Worldwide's adjusted operating expenses shrank 2.8% to $190.8 million. It reported outstanding operating free cash flow of $113.6 million. Blake W. Krueger, the Company's Chairman and Chief Executive Officer said, "We are extremely pleased to deliver a record quarter in what continues to be a volatile global retail environment, particularly in the U.S." Wolverine Worldwide shares surged 3.21% to $27.30 in pre-market trading.