Reuters: Global Markets: Wolverine Worldwide backs forecast on Collective Brands deal

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Wolverine Worldwide backs forecast on Collective Brands deal Jul 10th 2012, 16:12 Tue Jul 10, 2012 12:12pm EDT (Reuters) - Wolverine Worldwide Inc (WWW.N) backed its full-year forecast, despite quarterly results that missed estimates, as the shoemaker expects its acquisition of Collective Brands' (PSS.N) product lines to be more profitable than anticipated. Shares of the company, which sells a range of casual, work and rugged outdoor footwear, were up about 6 percent at $40.86 at midday on the New York Stock Exchange. "We feel even more confident about delivering true incremental earnings per share in 2013 and 2014 (from the acquisition), at or above the high end of the range previously communicated," Chief Financial Officer Donald Grimes said on a conference call with analysts. Wolverine had earlier indicated that its deal to acquire the Performance+Lifestyle group of products from Collective Brands Inc (PSS.N) will add 25 cents to 40 cents per share to its earnings in 2013. Rockford, Michigan-based Wolverine expects the deal, involving brands such as Stride Rite and Keds, to close in the late third quarter or early fourth quarter. Meanwhile, the company's second-quarter profit fell to $20.5 million, or 42 cents per share, from $24.0 million, or 48 cents per share, a year earlier. Revenue at the company, which competes with Skechers USA Inc (SKX.N), Deckers Outdoor Corp (DECK.O) and Timberland Co TBL.N, rose less than a percent to $312.7 million. Analysts on average expected earnings of 44 cents per share on revenue of $314.5 million, according to Thomson Reuters I/B/E/S. (Reporting by Aditi Shrivastava and Ranjita Ganesan in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

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