GAPS Wolverine World Wide, Inc. (NYSE:WWW) reported the company's Q2 results on the 7th of August in pre-market hours, beating Wall Street revenue and EPS estimates by a considerable margin. Yet, the stock fell by -7% to the results, seemingly as the brands' sales declines still don't have a near-term end in sight. In my previous article on the stock, "Wolverine World Wide: Sales Improvements Need To Start Showing Soon," I remained at a Hold rating for Wolverine as the turnaround potential was nearly fairly ...

Wolverine World Wide (WWW) came out with quarterly earnings of $0.15 per share, beating the Zacks Consensus Estimate of $0.10 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 50%. A quarter ago, it was expected that this footwear maker would post earnings of $0.05 per share when it actually produced earnings of $0.05, delivering no surprise. Over the last four quarters, the company ...

Revenue Performance - Second quarter 2024 total revenue was $425.2 million, a decrease of 27.8% compared to $589.1 million in the same quarter of 2023[3] - Active Group revenue declined by 20.2% year-over-year to $305.9 million, while Work Group revenue decreased by 10.9% to $105.0 million[3] - The company expects full-year 2024 revenue from ongoing business to be approximately $1.71 to $1.73 billion, reflecting a decline of 14.2% to 13.2% compared to 2023[6] - Revenue for Q2 2024 was $425.2 million, a decrease of 27.8% compared to $589.1 million in Q2 2023[21] - Total revenue for Fiscal 2023 was $2,242.9 million, with adjustments for divestitures leading to an adjusted revenue of $1,992.1 million[34] - Fiscal 2024 revenue guidance is projected between $1,714 million and $1,734 million, with adjusted revenue expected to be between $1,710 million and $1,730 million[36] - Adjusted ongoing business revenue for Fiscal 2023, excluding divestitures, was $1,992.1 million[42] Profitability Metrics - Gross margin improved to 43.1%, up 440 basis points from 38.7% in the prior year, attributed to lower supply chain costs and reduced promotional eCommerce sales[3] - Projected gross margin for 2024 is approximately 44.5%, an increase of 460 basis points compared to 2023[6] - Gross profit for Q2 2024 was $183.2 million, with a gross margin of 43.1%, compared to $227.8 million and 38.7% in Q2 2023[24] - Operating profit for Q2 2024 was $29.1 million, resulting in an operating margin of 6.8%, compared to $46.1 million and 7.8% in Q2 2023[19] - Operating expenses for Fiscal 2024 Q2 were reported at $154.1 million, a decrease from $181.7 million in Q2 2023, reflecting a 15.3% reduction[25] - The company reported an operating profit loss of $68.2 million for Fiscal 2023, with adjustments resulting in an operating profit of $77.8 million[34] - Operating margin for Fiscal 2024 is projected at 6.0% on a GAAP basis, increasing to 7.4% when adjusted[36] Earnings Per Share - Diluted earnings per share are expected to range from $0.53 to $0.63, compared to the previous outlook of $0.43 to $0.63[6] - Diluted EPS for Fiscal 2024 is guided between $0.53 and $0.63 on a GAAP basis, with adjusted EPS expected to be between $0.75 and $0.85[36] - Diluted EPS for Fiscal 2024 Q2 was $0.17, a decline from $0.30 in Q2 2023, with adjusted EPS on a constant currency basis at $0.16[28] Debt and Cash Management - Net debt at the end of the quarter was $666 million, down $271 million from the previous year[4] - The company plans to reduce net debt to approximately $565 million by year-end, a reduction of $175 million from the prior year[6] - Cash and cash equivalents at the end of Q2 2024 were $148.3 million, a decrease from $176.5 million at the end of Q2 2023[17] Inventory Management - Inventory at the end of the quarter was $297.1 million, down approximately 54.1% from the prior year[4] - Inventory for Q2 2024 was reported at $297.1 million, down from $647.9 million in Q2 2023, indicating a significant reduction in inventory levels[30] Tax and Liabilities - The company reported an effective tax rate of 13.1% for Q2 2024, compared to 19.8% in Q2 2023[19] - Total current liabilities decreased to $665.6 million as of June 29, 2024, from $964.2 million as of July 1, 2023[17] Future Outlook and Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[22] - The company plans to close the Sperry business and stores that were not divested in 2024, impacting financial results[38] - The company is transitioning Merrell and Saucony Kids to a licensing model in 2024 as part of its business model changes[42] Environmental and Other Costs - Environmental and related costs for Q2 2024 amounted to $15.7 million, impacting overall profitability[27] - The impact of divestitures on revenue for Q2 2024 included $0.4 million from the Sperry business, totaling $4.5 million year-to-date[32] - The company experienced a net earnings per share impact of $(0.11) due to divestitures in 2023[32] - Adjustments for Q2 2024 included $3.5 million related to divestitures, affecting the overall operating margin[27] Asset Management - Total assets decreased to $1,796.3 million as of June 29, 2024, down from $2,357.3 million as of July 1, 2023[17] - The company experienced a net cash used in operating activities of $(10.5) million for the year-to-date period ending June 29, 2024[19]

Core Concept - Wolverine has launched a limited-edition 1000 Mile Boot to commemorate the University of Michigan's Team 144 National Championship victory in 2023, emphasizing the values of resilience and hard work [1][4]. Product Details - The limited-edition boot is priced at $500 and is available for purchase on wolverine.com [2]. - Features include a custom 144 foil-stamp, Block M tongue label, Block M debossed on heel, blue leather with contrasting maize stitching, Vibram tap sole for durability, and a commemorative leather hangtag keychain [3][5]. - The boot is crafted in the USA and incorporates Wolverine's century-old patterns and commitment to quality craftsmanship [5]. Company Background - Wolverine is a 141-year-old boot and clothing company dedicated to honoring the spirit of the American worker and supporting the next generation of skilled tradespeople [3][4]. - Through Project Bootstrap, Wolverine has contributed nearly $2 million to organizations that support skilled trades [3].

The Hurricane showcases a revolutionary transformation, boasting a dual cushioning system of PWRRUN PB and PWRRUN, delivering the brand's ultimate cushioning experience ROCKFORD, Mich., July 8, 2024 /PRNewswire/ -- Saucony, a leading global performance running lifestyle brand, has launched the completely redesigned Hurricane 24, featuring an all-new dual-cushioning system for all-day comfort and protection. Transformed from the ground up, the brand's new flagship max-cushioned trainer pairs plush, energy-re ...

Game-changing super shoe features a new next-level foam designed to unlock performance potential ROCKFORD, Mich., July 1, 2024 /PRNewswire/ -- Saucony, a leading global performance running lifestyle brand, has announced that three-time Canadian Olympic marathoner and Saucony athlete Malindi Elmore will be wearing the game-changing Endorphin Elite 2 during the upcoming marathon in Paris. The Elite 2 is the brand's race-ready super shoe featuring a new groundbreaking foam designed to unlock every runner's per ...

Financial Data and Key Metrics Changes - First quarter revenue for the ongoing business was $390.8 million, exceeding the outlook of $360 million, with a significant improvement in demand trends and selling execution [43][44] - Adjusted gross margin reached 46.5%, better than the expected 46% and improved by 540 basis points year-over-year, attributed to a healthier sales mix and lower e-commerce promotions [45] - Adjusted operating margin was 5%, exceeding expectations, while adjusted diluted earnings per share were $0.05, also better than anticipated [47] Business Line Data and Key Metrics Changes - Merrell and Saucony led the balanced performance across the portfolio, with Merrell's Moab Speed 2 recognized as a top new product in the hiking category, driving strong sell-through [8][22] - Saucony's new product launches, including the Ride and Guide 17 and Triumph 22, have shown significant retail performance, with the Triumph 22 driving over 80% growth in its first week [19][20] - Wolverine brand's Trade Wedge and Rancher franchises are performing well, consistently beating sell-through forecasts [25] Market Data and Key Metrics Changes - Average weekly replenishment orders from wholesale partners accelerated from Q4 2023 to Q1 2024, indicating improved market conditions [12] - E-commerce demand has improved each month, with growth inflecting in March and accelerating further in April [12] - Saucony's global search interest increased by over 20% year-to-date compared to 2023, indicating growing consumer interest [32] Company Strategy and Development Direction - The company aims to stabilize and transform its operations, focusing on building strong global brands through innovative products and effective storytelling [8][15] - Continued investment in brand marketing is prioritized to capitalize on current momentum and build brand equity for the future [9] - The transition to a licensing model for Merrell and Saucony Kids is expected to simplify operations and leverage the global licensing team [48] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while progress has been made, challenges remain in the marketplace, and the company is focused on optimizing operations and driving growth [14][80] - The outlook for fiscal 2024 revenue is projected to be between $1.68 billion and $1.73 billion, reflecting a decline from 2023 due to non-recurring revenue items [49] - The company expects significant gross margin expansion to precede an inflection to growth in the latter half of the year, with a focus on improving inventory management and cash flow [61][62] Other Important Information - Taryn Miller has been appointed as the new Chief Financial Officer, succeeding Mike Stornant, who is retiring after nearly three decades with the company [40][41] - The company is proactively addressing new product regulations related to PFAS, ensuring compliance in the future [56] Q&A Session Summary Question: Was there any revenue pull-forward outside of Europe? - Management indicated that there may have been an additional $2 million to $3 million in pull-forward across the business, but nothing significant outside of Europe [70][71] Question: Why was the sales guide unchanged despite the Q1 beat? - Management explained that while there were encouraging trends, a conservative approach was taken due to the need for sequential improvement and inventory management [73][75] Question: What is the outlook for Saucony? - Management expressed optimism about Saucony's prospects, highlighting strong product momentum and a focus on cleaning up the business while rationalizing the product line [84][86] Question: What are the drivers for gross margin expansion? - Management attributed gross margin expansion to improved supply chain performance, cost structure, and a healthier inventory mix, expecting these trends to continue [100][102] Question: What is the expected interest expense for the year? - The expected interest expense is projected to be about $40 million, down from $63 million in the previous year due to debt reduction efforts [97]

Wolverine Worldwide Investor Presentation | First Quarter 2024 Ending March 30th, 2024 + Investor Presentation | 1Q24 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding: the commercial drivers, competitive advantages and efficiencies of the Company's global platforms; the pace and urgency of the Company's strategic turnaround; the opportunity for inventory improvement; the Company's transformation and inflection to growth; future profitability; e ...

Exhibit 99.1 9341 Courtland Drive NE, Rockford, MI 49351 Phone (616) 866-5500 FOR IMMEDIATE RELEASE CONTACT: Alex Wiseman (616) 863-3974 WOLVERINE WORLDWIDE EXCEEDS FIRST QUARTER REVENUE AND EARNINGS EXPECTATIONS AND POSTS RECORD GROSS MARGIN Company reaf irms earnings guidance and updates revenue outlook for full year to reflect recent business model changes ROCKFORD, Mich., May 8, 2024 – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended March 30, 2024. "We ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-06024 WOLVERINE WORLD WIDE, INC. (Exact name of registrant as specified in its charter) | Delaware | | 38-1185150 | | --- | --- | --- | | State ...