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Wolverine World Wide fiscal Q2 profit falls 15.1% YOY

Wolverine World Wide Inc. said its normalized net income for the fiscal second quarter ended June 18 amounted to 22 cents per share, compared with the S&P Capital IQ consensus estimate of 23 cents per share.

EPS declined 10.2% year over year from 25 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $21.6 million, a decrease of 15.1% from $25.4 million in the prior-year period.

The normalized profit margin dropped to 3.7% from 4.0% in the year-earlier period.

Total revenue fell 7.4% year over year to $583.7 million from $630.1 million, and total operating expenses decreased 6.7% on an annual basis to $540.1 million from $578.8 million.

Reported net income came to $23.1 million, or 24 cents per share, compared to $24.4 million, or 24 cents per share, in the prior-year period.