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Wolverine World Wide profit holds relatively steady YOY in fiscal Q4

Wolverine World Wide Inc. said its normalized net income for the fiscal fourth quarter ended Jan. 2 amounted to 24 cents per share, compared with the S&P Capital IQ consensus estimate of 28 cents per share.

EPS increased year over year from 23 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $23.4 million, compared with $23.4 million in the prior-year period.

The normalized profit margin climbed to 3.1% from 2.9% in the year-earlier period.

Total revenue decreased 7.1% on an annual basis to $751.2 million from $808.9 million, and total operating expenses decreased 6.4% from the prior-year period to $707.1 million from $755.5 million.

Reported net income grew 6.9% on an annual basis to $10.8 million, or 11 cents per share, from $10.1 million, or 10 cents per share.

For the year, the company's normalized net income totaled $1.27 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $1.41.

EPS declined 9.1% from $1.40 in the prior year.

Normalized net income was $127.0 million, a decline of 9.2% from $139.8 million in the prior year.

Full-year total revenue declined from the prior-year period to $2.69 billion from $2.76 billion, and total operating expenses declined on an annual basis to $2.45 billion from $2.49 billion.

The company said reported net income fell 7.8% year over year to $120.1 million, or $1.20 per share, in the full year, from $130.3 million, or $1.30 per share.