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Feb. 25, 2020, 7:27 a.m. EST

Wolverine World Wide tops profit expectations, but sales miss and outlook is downbeat including coronavirus impact

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By Tomi Kilgore

Branded shoe seller Wolverine World Wide Inc. /zigman2/quotes/209231729/composite WWW +3.36% , which brands include Sperry, Hush Puppies and Stride Rite, reported Tuesday a fourth-quarter profit that topped expectations but revenue that came up shy and provided a downbeat full-year outlook, citing the negative impact of the coronavirus outbreak. The company reported a net loss of $900,000, or 1 cent a share, in the latest quarter, after earnings of $39.3 million, or 39 cents a share, in the year-ago period. Excluding non-recurring items, such as the impact of litigation settlements, adjusted earnings per share came to 59 cents, above the FactSet consensus of 58 cents. Revenue rose 4.8% to $607.4 million, below the FactSet consensus of $613.4 million, as a miss by its Michigan group business offset a beat by its Boston group. For 2020, the company expects adjusted EPS of $2.25 to $2.40, below the FactSet consensus of $2.50, and revenue of $2.29 billion to $2.34 billion, below expectations of $2.37 billion. Wolverine said the outlook includes an estimated revenue impact of $30 million from coronavirus in the first half of 2020, and a negative 10-cent impact to EPS. The stock, which was still inactive in premarket trading, has lost 8.8% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% has gained 2.9%.

/zigman2/quotes/209231729/composite
US : U.S.: NYSE
$ 21.54
+0.70 +3.36%
Volume: 332,079
July 10, 2020 4:00p
P/E Ratio
18.57
Dividend Yield
1.86%
Market Cap
$1.75 billion
Rev. per Employee
$605,189
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/zigman2/quotes/210599714/realtime
US : S&P US
3,185.04
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p
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