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Wolverine World Wide fiscal Q1 profit climbs 14.4% YOY

Wolverine World Wide Inc. said its normalized net income for the fiscal first quarter ended April 1 was 30 cents per share, compared with the S&P Capital IQ consensus estimate of 31 cents per share.

EPS increased 14.7% year over year from 26 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $28.5 million, a gain of 14.4% from $24.9 million in the first quarter ended March 26, 2016.

The normalized profit margin rose to 4.8% from 4.3% in the year-earlier period.

Total revenue rose on an annual basis to $591.3 million from $577.6 million, and total operating expenses totaled $534.1 million, compared with $529.0 million in the year-earlier period.

Reported net income fell 5.8% year over year to $16.3 million, or 17 cents per share, from $17.3 million, or 18 cents per share.