Wolverine World Wide still optimistic
16/07/2009
Footwear group Wolverine World Wide has raised its earnings forecast for 2009 in spite of reporting a drop in profits for the second quarter.
"During the quarter, we achieved a double-digit increase in our Merrell business in the US and got off to a strong start with the Chaco brand," said chief executive, Blake Krueger, on announcing the figures.
Second-quarter earnings were $7.9 million, down from $16.8 million for the same period in 2008, on revenues of $246.4 million, compared to revenues of $267.4 million a year ago.
Mr Krueger said the company would continue its efforts to expand its different brands outside the US too. In August, its Hush Puppies brand will open a new concept store in Montreal, with a second following in September. The company also plans to open 50 Hush Puppies stores in India.
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