Wolverine beats 1st quarter estimates, raises outlook

ROCKFORD, Mich. (AP) -- Shoe and boot maker Wolverine World Wide Inc. reported first-quarter net income rose 31 percent to $36 million as revenue increased and the company trimmed costs.

Wolverine, which sells shoes under the Patagonia, Hush Puppies and other brands, also raised its full-year predictions for revenue and earnings. Its stock rose 41 cents to $38 by midday Tuesday.

Revenue rose 16 percent to $331 million, beating analysts' predictions of $323 million. Earnings per share were 72 cents, beating predictions of 66 cents.

CEO Blake Krueger said in a statement that the company's new products are helping set it apart from competitors. He cited the launch of the Merrell Barefoot line in February as an example.

The company noted rising prices for its products but didn't give details. It said it has passed along "strategic price increases" to customers and also has stocked up on some core products in anticipation of price increases.

Published: Thu, Apr 21, 2011