Footwear-maker Wolverine posts record earnings

The maker of Hush Puppies and Merrell footwear reported record earnings for the second quarter this morning, registering an 8.3% rise in profits. Wolverine earnings for the three months ended June 14 rose to $16.8 million, up from $15.5 million in the same period a year ago, according to a news release from the company. Revenues were up by 6.8% to $267.4 million. “We are pleased to report another record quarter for the company, particularly in light of the generally tough economic conditions in several major global markets,” said Blake W. Krueger, Wolverine’s president and chief executive officer. Earnings per share rose 17.9% to 33 cents from 28 cents in the same period in 2007. The Rockford-based company repurchased 209,700 shares of stock in the quarter for $5.9 million and ended with cash of $77.9 million. Wolverine is maintaining its full-year revenue guidance to $1.23 billion to $1.26 billion and its earnings per share range of $1.83 to $1.90, according to the release. Wolverine’s other footwear brands are Bates, Hytest, Sebago and Wolverine. It is the exclusive footwear licensee for CAT, Harley-Davidson and Patagonia. Its products are sold in nearly 200 countries and territories, the release said.