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Wolverine Falls as Profit Misses Estimates on Slow Growth

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.

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