Shares of Wolverine World Wide Inc. were indicated down more than 1% in premarket trading Wednesday, after the footwear company, which brands include Saucony, Hush Puppies, Sperry and Keds, topped third-quarter profit expectations but missed on sales and cut its full-year earnings outlook. TThe company had about zero income, after net income of $22.4 million, or 27 cents a share, in the year-ago period. Excluding nonrecurring items, such as costs related to acquisition of Sweaty Betty, adjusted earnings per share of 62 cents beat the FactSet consensus of 60 cents. Revenue grew 29.1% to $636.7 million, below the FactSet consensus of $652.7 million, with e-commerce revenue rising 45%. The company estimates that supply chain disruptions, including Vietnam factory closures, acted as a $60 million drag on revenue. For 2021, the company cut its adjusted EPS guidance range to $2.05 to $2.10 from $2.20 to $2.30. The stock has gained 2.0% over the past three months while the S&P 500 has tacked on 5.6%.
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