U.S. markets close in 3 hours 8 minutes
  • S&P 500

    4,234.78
    -12.66 (-0.30%)
     
  • Dow 30

    34,217.29
    -262.31 (-0.76%)
     
  • Nasdaq

    14,121.61
    +52.19 (+0.37%)
     
  • Russell 2000

    2,331.78
    -4.03 (-0.17%)
     
  • Crude Oil

    71.21
    +0.30 (+0.42%)
     
  • Gold

    1,866.50
    -13.10 (-0.70%)
     
  • Silver

    28.07
    -0.08 (-0.27%)
     
  • EUR/USD

    1.2126
    +0.0019 (+0.16%)
     
  • 10-Yr Bond

    1.4970
    +0.0350 (+2.39%)
     
  • GBP/USD

    1.4118
    +0.0002 (+0.01%)
     
  • USD/JPY

    109.9940
    +0.3590 (+0.33%)
     
  • BTC-USD

    39,927.75
    +2,907.63 (+7.85%)
     
  • CMC Crypto 200

    998.20
    +29.36 (+3.03%)
     
  • FTSE 100

    7,146.68
    +12.62 (+0.18%)
     
  • Nikkei 225

    29,161.80
    +213.07 (+0.74%)
     

Wolverine World Wide profit matches forecasts while revenue comes up short, but full-year outlook lifted

·1 min read
Wolverine World Wide profit matches forecasts while revenue comes up short, but full-year outlook lifted
  • Oops!
    Something went wrong.
    Please try again later.

Wolverine World Wide Inc. reported a first-quarter profit that matched expectations but revenue that came up a bit shy, while lifting its full-year outlook amid stronger-than-anticipated ecommerce growth. The stock was still inactive in premarket trading. The footwear and apparel company, which brands include Hush Puppies, Stride Rite and Saucony, said net income tripled to $38.5 million, or 45 cents a share, from $13.0 million, or 16 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to 40 cents, matching the FactSet consensus of 40 cents. Revenue rose 16.3% to $510.7 million, below the FactSet consensus of $511.8 million, with owned ecommerce revenue growing 83.6%. Cost of goods sold increased 12.0%, with gross margin improving to 43.5% from 41.4%. For 2021, the company nudged up its revenue guidance range to $2.24 billion to $2.30 billion from $2.19 billion to $2.25 billion. "Our ongoing investment in digital fueled eCommerce growth of 84%, well ahead of our expectations. Our brands are well positioned in trending, performance-oriented product categories like running, hiking, and work; and their momentum remains strong," said Chief Executive Blake Krueger. "We anticipate growth to continue to accelerate moving forward." The stock has rallied 36.8% year to date, while the S&P 500 has advanced 10.5%.