US footwear group Wolverine World Wide has raised its full year earnings outlook, as it reported a slight rise in underlying revenue for the second quarter of 2018.
The group, which owns brands including Keds, Sperry, Cat Footwear and Hush Puppies, announced that underlying revenues rose by 3.9% for the quarter, despite revenues falling by 5.3% to $566.9m (£437.1m).
Revenues for the full year 2018 are now expected to be in the range of $2.24bn (£1.76bn) to $2.32bn (£1.82bn).
Blake W. Kreuger, chairman of Wolverine World Wide noted that the brands Merrell and Sperry had performed particularly well during the period.
“Our underlying revenue growth during the quarter was the highest since the second quarter of 2015, and reflects early progress against our Global Growth Agenda,” said Kreuger. “The strong operating margin expansion and earnings leverage reflects fundamental improvements in our business model related to our recent transformation initiatives.”
Wolverine World Wide’s ‘global growth agenda’ strategy has seen the company invest $20m aimed at driving growth in the first half of 2018. This has included investment in streamlining product development and adding strategic and operational resources internationally.