Footwear maker Wolverine World Wide Inc today (1 October) raised its outlook for the year after posting a 5.8% rise in third quarter profit and record quarterly sales helped by strong demand for its Merrell brand.

In the quarter to 6 September net profit rose 5.8% to $31.2m, or $0.62 a share, from $29.5m, or $0.54 a share, a year earlier.

Revenue rose 2.8% to $318.9m from $310.2m last time, making this the company's 25th consecutive quarter of record revenue and earnings per share results.

Blake W Krueger, chief executive officer and president said the results were helped by the company's focus on a "multi-brand, multi-country and multi-category brand-building model."

He added that Merrell delivered a high single-digit revenue gain and a double-digit increase in earnings contribution.

Wolverine, which also owns the Hush Puppies, Hytest, Sebago brands, said operating margin rose 22 basis points to 14.5%, and inventory levels were down 2.1% for the quarter.

On the strength of these results, the company raised its full-year earnings guidance to a range of $1.87 to $1.92 per share.

This is based on revenues of $1.220bn to $1.240bn and represents growth of 10-13% over 2007 earnings per share of $1.70.