Wolverine World Wide (NYSE: WWW) reported Tuesday that its first-quarter profit more than doubled, citing lower operating expenses and executives, according to Associated Press.
The maker of Merrell and Hush Puppies shoes also boosted its adjusted full-year profit and revenue forecasts, based both on the strong start to the year and emerging order trends.
Wolverine's earnings surged to $27.5 million, or 54 cents per share, from $10.5 million, or 21 cents per share, a year ago.
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Removing $1.5 million in charges related to its restructuring efforts, profit was 56 cents per share. That easily topped the 49 cents-per-share expected by analysts surveyed by Thomson Reuters. Analyst estimates usually exclude one-time items.
Operating expenses declined to $79.1 million from $87.5 million.
Revenue for the three months ended March 27 climbed 12 percent to $284.9 million from $255.3 million on strong results from its Merrell, Heritage, Hush Puppies and namesake groups. Wall Street expected $273.1 million in revenue.
The company also reduced inventory by 21 percent to $45.8 million.
Wolverine World Wide Inc. lifted its fiscal 2010 adjusted profit outlook to a range of $1.92 to $2 per share, up from a prior forecast of $1.88 to $1.96 per share. The company increased its revenue guidance to a range of $1.16 billion to $1.19 billion. It previously predicted revenue between $1.14 billion and $1.17 billion.
Analysts expect full-year earnings of $1.98 per share on revenue of $1.17 billion.
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