Wolverine Falls as Profit Misses Estimates on Slow Growth

Wolverine World Wide Inc. (WWW), owner of the Hush Puppies shoe brand, fell after second-quarter profit missed estimates and sales were little changed.

Wolverine declined 2.8 percent to $37.25 at 8:58 a.m. in New York before the start of regular trading. The shares had gained 7.5 percent this year through yesterday.

Net income for the quarter ended June 16 declined 14 percent to $20.5 million, or 42 cents a share, from $24 million, or 48 cents, a year earlier, the Rockford, Michigan-based company said in a statement today. Excluding some items, profit was 41 cents. Analysts projected 44 cents, according to estimates compiled by Bloomberg.

Sales rose 0.8 percent to $312.7 million as markets in Europe underperformed, the company said. Analysts on average had estimated $314.6 million, according to the data compiled by Bloomberg.

The company reiterated an annual sales forecast of as much as $1.5 billion. That trailed analysts’ average estimate of $1.6 billion.

Wolverine said its purchase of four brands from Collective Brands Inc. (PSS) will close in the third or fourth quarter.

To contact the reporter on this story: Matt Townsend in New York at mtownsend9@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net