• Q2 profit soars 117.7% to $17.2m
  • Revenues rose 4.8% to $258.2m
  • Lifts FY revenues, earnings forecasts 

Wolverine World Wide Inc, the maker of Merrell boots and Hush Puppies shoes, has lifted its full-year forecasts after more than doubling its second quarter profit on rising sales.

Net income for the three months to 19 June soared 117.7% to $17.2m or $0.35 per share, the company said Thursday (15 July), up from $7.9m or $0.16 per share a year earlier.

Excluding restructuring charges, Wolverine's earnings were a record $0.39 per share.

Revenues, meanwhile, rose 4.8% to $258.2m from $246.4m last time, despite lower closeout sales and delays of a large shipment to a third-party distributor.

"The momentum in our business this year continued into the second quarter," said Blake W Krueger, chairman and CEO. 

"Our strong financial results were well balanced across our portfolio, with all four major branded operating groups contributing to the outstanding earnings performance."

Gross margin expanded to 40.3%, compared with last year's 37.8%, driven by a lower percentage of closeout sales, lower product costs and higher selling prices.

Buoyed by this momentum and solid order trends, the company increased its full-year revenue forecast to a range of $1.190bn to $1.220bn - up 8.1% to 10.8% on the prior year.  

It also expects full-year earnings in a range of $1.98 to $2.04 per share, which represents growth of 11.9% to 15.3% on last year's $1.77 per share.