Wolverine World Wide stock rallies after earnings beat and as it explores alternatives for its Sperry brand

Shares of Wolverine World Wide Inc. WWW rallied 3.3% in premarket trading Wednesday, after the casual, active and uniform footwear and apparel, with brands including Saucony, Hush Puppies, Sperry and Stride Rite, reported first-quarter earnings that beat expectations and said it was “exploring strategic alternatives” for its Sperry brand. Net income rose to $19.0 million, or 23 cents a share, from $9.7 million, or 12 cents a share, in the year-ago period.

0 million, or 23 cents a share, from $9.7 million, or 12 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 9 cents beat the FactSet consensus of 4 cents. Revenue fell 25.0% to $599.4 million but was above the FactSet consensus of $577.5 million. “We need to focus our efforts and investments on our Active and Work Groups, specifically our growth brands – Merrell, Saucony and Sweaty Betty.

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