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Wolverine World Wide profit holds relatively steady YOY in fiscal Q1

Wolverine World Wide Inc. said its normalized net income for the fiscal first quarter ended March 28 came to 34 cents per share, compared with the S&P Capital IQ consensus estimate of 34 cents per share.

In the prior-year period, the per-share result came in at a profit of 34 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $33.8 million, compared with $33.6 million in the prior-year period.

The normalized profit margin fell to 5.4% from 5.4% in the year-earlier period.

Total revenue totaled $631.4 million, compared with $627.6 million in the prior-year period, and total operating expenses grew year over year to $568.8 million from $561.9 million.

Reported net income grew 9.6% year over year to $39.4 million, or 39 cents per share, from $36.0 million, or 36 cents per share.