Jefferies Comments On Wolverine World Wide Sales Results

According to Jefferies, Wolverine World Wide WWW posted 48c vs. 46c cons, a 2c beat (+1c tax related). Jefferies said that sales came in slightly above while GM% slightly below. No major surprises, but the absence of a stronger beat and raise (mgmt reaffirming FY guidance) is, in our opinion, not enough to maintain the stock's upward momentum. “We expect WWW to be down ~5% today on profit taking as this is the company's least convincing beat in a while with shares already at their highs.” Wolverine World Wide closed yesterday at $42.60.