Wolverine Worldwide 3rd-qtr to stumble on Europe weakness
Sept 6 |
Sept 6 (Reuters) - Wolverine Worldwide Inc, maker of Hush Puppies shoes, warned third-quarter results may miss its earlier forecast as conditions in Europe have turned out to be harder than expected, sending its shares down 6 percent in premarket trade.
Europe, which accounted for about a fourth of the company's 2011 sales, is proving to be even more of a challenge than it anticipated, the shoemaker said in a statement prepared for a retail conference.
In July, the Rockford, Michigan-based company had forecast flat per-share earnings and revenue growth of low to mid-single digits for the third quarter.
Wolverine, which also owns brands such as Merrell, Cat and Patagonia footwear, had also reported second-quarter results below expectations, hampered by challenging conditions in Europe.
Shares of the company, which competes with Skechers USA Inc and Deckers Outdoor Corp, closed at $47.10 on Wednesday on the New York Stock Exchange.
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