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Wolverine Falls as Profit Misses Estimates on Slow Growth

July 10 (Bloomberg) -- Wolverine World Wide Inc., owner of the Hush Puppies shoe brand, advanced the most in more than two months after reaffirming that full-year profit may top analysts’ estimates.

Wolverine climbed 6.9 percent to $40.97 at the close in New York for the biggest gain since May 2. The shares have advanced 15 percent this year.

Profit may increase as much as 13 percent to $2.80 a share in 2012, if retailers boost orders in the second half of the year, Chief Financial Officer Don Grimes told analysts today on a conference call. Most of the growth should occur in the fourth quarter if weather patterns are normal compared to unusually warm temperatures a year earlier, he said.

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 its April 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. will close in the third or fourth quarter.

To contact the reporters on this story: Matt Townsend in New York at mtownsend9@bloomberg.net; Chris Burritt in Greensboro at cburritt@bloomberg.net

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

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