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Wolverine World Wide Boosts 2013 Profit Outlook

Wolverine World Wide reported its second-quarter profit fell 11% to $18.1 million, or 36 cents a share, from $20.3 million, or 42 cents a share, a year earlier. Adjusted earnings were 46 cents a share. Revenue surged 88% to $587.8 million, from $312.7 million a year earlier, the footwear maker said on Tuesday. Analysts had expected earnings of 34 cents a share on revenue of $590.8 million, according to FactSet. Wolverine said it benefited from better-than-expected earnings from four recently-acquired brands: Sperry Top-Sider, Saucony, Stride Rite and Keds. It hiked its full-year adjusted earnings outlook to $2.60 to $2.75 per share. Analysts had been expecting $2.31. Shares were up 7% in premarket trading.Copyright © 2013 MarketWatch, Inc....

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