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Wolverine Worldwide posts 2nd-quarter loss but beats expectations

Wolverine Worldwide HQ sign file photo
Posted at 7:19 AM, Aug 05, 2020
and last updated 2020-08-05 07:19:29-04

ROCKFORD, Mich. (AP) — Wolverine World Wide Inc. on Wednesday reported a second-quarter loss of $1.6 million after reporting a profit in the same period a year earlier.

The company, based in Rockford, Mich., said it had a loss of 2 cents per share. Earnings, adjusted for non-recurring costs, came to 8 cents per share.

The results topped Wall Street expectations.

The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.

The footwear maker posted revenue of $349.1 million in the period, also topping Wall Street forecasts. Seven analysts surveyed by Zacks expected $321.4 million.

Wolverine shares have dropped 30% since the beginning of the year. The stock has fallen 12% in the last 12 months.