Wolverine Affirms Guidance, but May Sell Sperry
Net income attributable to shareholders nearly doubled in Q1 to $19.0 million from $9.7 million, benefitting from a $20.1 million gain on the sale of Keds, and anniversarying $30.4 million of environment cleanup costs last year that did not recur. Revenue slipped 3% to $599.4 million from $614.8 million, and was down less than 1% constant currency, but revenue from ongoing business increased 1% (+3% CC) to $580.4 million. WWW announced that it had begun a strategic review of Sperry, which may result in a sale, or possibly a joint venture ... Log in to view full article.