Wolverine World Wide Inc. on Wednesday reported a second-quarter loss of $1.6 million after reporting a profit in the same period a year earlier.
The company, based in Rockford, Mich., said it had a loss of 2 cents per share. Earnings, adjusted for non-recurring costs, came to 8 cents per share.
The results topped Wall Street expectations.
The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 13 cents per share.
The footwear maker posted revenue of $349.1 million in the period, also topping Wall Street forecasts. Seven analysts surveyed by Zacks expected $321.4 million.
Wolverine shares have dropped 30% since the beginning of the year. The stock has fallen 12% in the last 12 months.
