Oct 7 (Reuters) - Shoemaker Wolverine World Wide Inc (WWW.N) posted a better-than-expected quarterly profit, helped by cost cuts, and raised its profit outlook for the full year.

Chaco, a Wolverine brand

For the third quarter, the company, which sells casual, rugged outdoor and work footwear, earned $26.8 million, or 54 cents a share, compared with $31.2 million, or 62 cents a share, a year ago.

Excluding restructuring and related charges, the company earned 62 cents.

Revenue fell 10 percent to $286.8 million.

Analysts on average were looking for a profit of 56 cents a share, before items, on revenue of $292.3 million, according to Thomson Reuters I/B/E/S.

Wolverine's operating expenses fell 6 percent to $77.8 million, while inventory was down 5.2 percent.

Wolverine, whose rivals include Timberland Co (TBL.N) and Sketchers USA Inc (SKX.N), sees full-year profit between $1.65 to $1.75 per share, excluding items, up from its earlier view of $1.55 to $1.73 a share.

The company narrowed its full-year revenue view to a range of $1.08 billion to $1.11 billion. Its prior forecast was $1.07 billion to $1.12 billion.

Shares of the Rockford, Michigan-based company, which have gained 44 percent in the last six months, closed at $25.20 Tuesday 6 October on the New York Stock Exchange. (Reporting by Vidya Lakshmi in Bangalore; Editing by Anne Pallivathuckal)