Wolverine World Wide has posted lower sales for its third quarter. Revenue declined 6.9% to $296.8 million as challenging trading conditions continued across most of the company's major markets.

"We are very pleased with our third quarter results, as the company continues to deliver excellent earnings performance in the most challenging economic environment that many of us have ever experienced," said Blake Krueger, the company's CEO and president. "We remain confident that our multi-brand, multi-country business model and our execution against that model can deliver exceptional results in a variety of economic climates.

The company announced it is raising its full-year 2009 earnings guidance. Excluding full-year restructuring and related charges, the company now expects fully diluted earnings per share in the range of $1.65 to $1.75 per share, up from its previous range of $1.55 to $1.73 per fully diluted share. The firm is also narrowing its expectation for full-year revenue to a range of $1.08 billion to $1.11 billion. The midpoint of the revenue range remains unchanged at $1.095 billion.

Mr Krueger added: "Our year-to-date performance and our outlook for the fourth quarter give us the confidence to raise our annual earnings guidance.”