NEW YORK (AP) — Shares of Wolverine Worldwide, the company behind shoe and clothing brands such as Merrell, Hush Puppies, Saucony, Keds and Stride Rite, rose Tuesday as its first-quarter results beat analysts' expectations after a hard winter.
Bad weather kept many shoppers at home this winter, hurting retailers' results. This year's later Easter also shifted business into the second quarter.
Given the tough first quarter for retailers, the period was positive for Wolverine, said Jim Duffy of Stifel Nicolaus in a client note.
For the period ended March 22, Wolverine Worldwide Inc. said it earned $37.1 million, or 36 cents per share. That compares with $29.8 million, or 30 cents per share, a year ago.
Stripping out costs related to a 2012 acquisition and restructuring, earnings were 38 cents per share.
Analysts, on average, expected earnings of 30 cents per share, according to a FactSet survey. They tempered their predictions during the quarter. At the end of last year, analysts had forecast first-quarter profit of 47 cents per share, on average.
Revenue slipped 3 percent to $627.6 million but Wall Street expected a slightly worse drop, to $626.2 million.
Rockford, Mich.-based Wolverine left its forecast for the year unchanged.
Wolverine's stock gained $2.90, or 11 percent, to $29.40 in midday trading. The shares had dropped 22 percent in 2014.