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Merrell parent granted $9.6 million boot contract
Wolverine World Wide (NYSE: WWW), parent of Merrell, said it has received a contract worth up to nearly $9.6 million to provide boots for the U.S. Navy.
The work is being done at the company’s locations in Rockford and Cedar Springs, Mich. The work, granted through the Defense Logistics Agency, is expected to be complete in August 2011.
Dick’s receives analyst downgrade
A Raymond James analyst lowered his rating on Dick’s Sporting Goods (NYSE: DKS), saying the company’s operations and tough macro-economic pressures pose significant challenges.
The company has made poor capital spending decisions and has delivered operating earnings performance that is less than stellar, analyst Dan Wewer wrote in a client note.
While the company plans to increase its selling space in the coming fiscal year, but the decision to expand during the grip of a long recession increases its business risk, Wewer wrote. He also noted that Dick’s is trading at a premium to its peers who are delivering superior sales and margin improvement.
Raymond James lowered the rating on Dick’s to “underperform” from “market perform.”
–Compiled by Wendy Geister
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