Merrell sales boost Wolverine World Wide results

Profit for the quarter ended Sept. 6 rose to $31.2 million, or 62 cents per share, from $29.5 million, or 54 cents per share a year earlier.

Revenue rose 3 percent to $318.9 million from $310.2 million last year.

Analysts polled by Thomson Reuters, on average, predicted a profit of 60 cents per share on revenue of $323.8 million.

"The company's financial performance in the quarter was highlighted by the Merrell brand, which delivered a high single-digit revenue gain and a double-digit increase in earnings contribution," said company Chief Executive Blake W. Krueger in a statement.

The company also raised its full-year earnings guidance based on the strong third-quarter results, but cut revenue guidance due to the difficult economic environment.