UPDATE: Wolverine Posts Upbeat Q4 Profit
Wolverine World Wide (NYSE: WWW) 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.
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