UPDATE: Wolverine Posts Upbeat Q4 Profit

Wolverine World Wide

posted a loss in the fourth quarter. Wolverine posted a quarterly loss of $3.5 million, or $0.08 per share, versus a year-ago profit of $23 million, or $0.47 per share. Excluding one-time items, Wolverine earned $0.48 per share. Its revenue surged 60% to $652.2 million. However, analysts were expecting earnings of $0.17 per share on revenue of $652 million. Its gross margin declined to 36.7% from 36.9%. For the year, the company projects earnings of $2.50 to $2.65 per share on revenue of $2.7 billion to $2.8 billion. However, analysts projected earnings of $2.86 per share on revenue of $2.72 billion. Wolverine shares closed at $42.90 on Friday.