Core Concept - Saucony has launched a global brand campaign titled "Run as One," which aims to celebrate the connections formed through running and its cultural significance [1][2]. Group 1: Campaign Overview - The "Run as One" campaign emphasizes that running transcends mere physical activity, serving as a cultural phenomenon that unites people globally [2]. - The campaign features a 30-second anthem video showcasing the collective experience of running, highlighting the shared journey of runners, regardless of their experience level [2][5]. - The campaign will include a series of global run club events, both in-person and virtual, starting on March 4th, 2025, with coffee shop residencies in major cities [3][5]. Group 2: Event Details - The coffee shop residencies will begin at Ludlow Coffee Supply in New York City and expand to cities like Grand Rapids, Boston, and London, inspired by a previous successful collaboration [3]. - Each residency will host exclusive events with brand collaborators, fostering community and connection through running [3]. Group 3: Creative Development - The campaign was developed by Saucony's Creative Director Gus Johnston in collaboration with The Agency and produced by The Den, alongside director Cam Hicks and photographer Will Reid [4]. Group 4: Marketing Strategy - The campaign will utilize a diverse media mix, including out-of-home advertising in key markets such as NYC, Toronto, Boston, London, and Paris, as well as CTV, OLV, and social media channels [5]. Group 5: Company Background - Saucony, a division of Wolverine World Wide, Inc., is recognized as a leading global performance running brand, known for its innovative technologies and commitment to inspiring a better life through running [6].

Employee Engagement and Culture - The Company had approximately 3,100 employees as of December 28, 2024, focusing on maximizing engagement and attracting top talent [38]. - The Company is committed to creating an inclusive culture and has launched initiatives to enhance inclusion and belonging among employees [44]. - The Company’s talent strategy includes leadership development programs in partnership with Harvard Business School to foster managerial skills [42]. Market Competition - The Company operates in a highly competitive footwear and apparel market, facing competition from larger companies with greater resources [35]. - Changes in consumer preferences and economic conditions can adversely affect the Company's sales and profitability [78]. Financial Risks and Fluctuations - The Company's financial results may be adversely impacted by foreign currency exchange rate fluctuations, affecting revenues and costs [73]. - The Company’s quarterly sales and earnings may fluctuate due to various uncontrollable factors, potentially leading to stock price volatility [74]. - Inflationary pressures, including increased costs of raw materials and labor, may negatively impact the Company's results if not offset by price increases [79]. - Rising costs of raw materials, labor, and services may negatively affect the Company's operational results [90]. - An increase in the Company's effective tax rate could adversely impact its financial position and results of operations [91]. - The Company faces potential impairment of goodwill and intangibles, which could negatively affect its results [93]. - The Company's current level of indebtedness may decrease business flexibility and increase borrowing costs [94]. Regulatory and Compliance Risks - Environmental regulations and climate change concerns may pose risks to the Company's operations and financial performance [83]. - Increases in customs duties, tariffs, and trade restrictions could adversely impact the Company's sales and profitability [89]. - Legal and regulatory risks related to intellectual property could harm the Company's competitive position [96]. - Changes in employment laws may lead to higher employment and pension costs, adversely affecting the Company's financials [99]. - Increasing scrutiny regarding environmental, social, and governance (ESG) practices may impose additional costs and risks on the Company [100]. - The Company is subject to data privacy and cybersecurity laws, which could lead to compliance costs and potential liabilities [102]. - Environmental and workplace safety regulations may result in increased costs or claims against the Company [106]. Corporate Governance - Provisions of Delaware law and the Company's certificate of incorporation could prevent or delay beneficial changes in control or management for stockholders [108]. - The Company's bylaws may discourage or delay mergers, acquisitions, or other changes in control that could benefit stockholders [108]. - The provisions are designed to provide continuity for the Company's Board of Directors and encourage negotiations with potential acquirers [108]. - The Company has a classified Board of Directors, with one-third of directors standing for election each year [108]. - These provisions could discourage proxy contests and complicate efforts for stockholders to replace the majority of directors [108]. - The intent of these provisions is to protect the interests of the Company's stockholders [108].

Core Insights - Wolverine World Wide, Inc. reported fourth-quarter 2024 results with earnings and revenues exceeding Zacks Consensus Estimates, indicating a return to growth despite a revenue decline year over year [1][2] Financial Performance - Adjusted earnings were 42 cents per share, surpassing the Zacks Consensus Estimate of 41 cents, and a significant improvement from an adjusted loss of 26 cents in the prior-year quarter [4] - Total revenues were $494.7 million, down 6.1% year over year, but above the Zacks Consensus Estimate of $485 million [5] - Ongoing revenues increased by 3% on a reported basis, with direct-to-consumer revenues at $151.7 million, down 7% year over year [5] Segment Performance - Active Group revenues decreased by 2.8% year over year to $331.7 million, while Work Group revenues increased by 20.6% to $151.1 million [6] - Revenues for the Other segment plummeted 80.2% year over year to $11.9 million, but still exceeded the consensus estimate [6] Brand Performance - Merrell's revenues rose 1% to $163.4 million, while Saucony's revenues fell 5.3% to $99.6 million [7] - Wolverine's revenues improved by 20.5% to $62.4 million, and Sweaty Betty's revenues decreased by 5.9% to $63.4 million [7] Margins and Costs - Adjusted gross profit was $217.7 million, up 19.9% year over year, with an adjusted gross margin increase of 620 basis points to 44% [8] - Adjusted operating costs decreased by 14.6% to $167 million, with a percentage of revenues decline of 330 basis points to 33.8% [8] Balance Sheet and Financial Health - The company ended the quarter with cash and cash equivalents of $152.1 million and long-term debt of $568 million [10] - Net debt decreased by $246 million year over year to $496 million, and inventory was down 35.6% to $241 million [10] 2025 Outlook - For fiscal 2025, Wolverine expects revenues between $1.80 billion and $1.83 billion, indicating year-over-year growth of 2.5-4.3% [11] - Projected gross margin is 45.5%, with an expected operating margin of 7.7% and adjusted operating margin of 8.3% [11] - Earnings per share are anticipated to be between 95 cents and $1.10, with adjusted EPS between $1.05 and $1.20 [12]

Financial Data and Key Metrics Changes - Fiscal 2024 revenue for ongoing business was $1.75 billion, a decline of 12.1% compared to the prior year, primarily due to discrete items in 2023 [38] - Full-year adjusted gross margin was 44.6%, an increase of 470 basis points versus last year, reflecting cost-saving actions and improved sales mix [39] - Fourth-quarter revenue was $495 million, exceeding expectations, with ongoing business revenue growing 3% year-over-year [42] - Fourth-quarter adjusted gross margin was 44%, a year-over-year increase of 620 basis points [45] - Full-year diluted earnings per share was $0.91, compared to $0.15 in 2023, indicating significant profitability improvement [41] Business Line Data and Key Metrics Changes - Saucony grew 7% in the fourth quarter, with low teens growth in the US and over 20% in EMEA, driven by strong demand and improved product offerings [17][43] - Merrell posted a 1% revenue increase in the fourth quarter, continuing to gain market share in the US hiking category [25][43] - Sweaty Betty's revenue was down 6% in the fourth quarter, although profitability improved with nearly 900 basis points of gross margin improvement [30][43] - Wolverine brand's revenue performance was encouraging, but trends remained inconsistent [32] Market Data and Key Metrics Changes - Saucony's running business gained market share in the US run specialty channel for the second consecutive quarter [17] - Merrell gained significant market share in the US hiking category, marking the eighth time in the last nine quarters [25] - The work group revenue increased by 21% in the fourth quarter, driven by strong demand for core franchises [44] Company Strategy and Development Direction - The company is focused on stabilizing its foundation and driving growth through brand-building investments and product innovation [10][66] - Plans include expanding Saucony's lifestyle offerings and enhancing marketing efforts, particularly in key city activations [66] - The company aims to modernize its product line management tools and enhance e-commerce capabilities to improve consumer experiences [68] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's direction and brand-building strategies, highlighting the potential for significant growth [65] - The outlook for 2025 includes expected revenue growth of 2.5% to 4.3%, with a focus on new product launches and lifestyle expansion [51] - Management acknowledged the need for continued investment in brands and technology to drive long-term sustainable growth [63] Other Important Information - The company successfully reduced net debt to $496 million, a 33% reduction compared to 2023 [48] - Inventory at the end of the fourth quarter was $241 million, down approximately 36% from last year, indicating improved planning and execution [47] Q&A Session Summary Question: Saucony's growth and new doors - Management confirmed plans for 900 new doors for Saucony, with many being online, and emphasized the importance of driving sell-through [73][76] Question: Merrell's new doors and reception - Management noted that Merrell is also opening new doors, particularly in the female consumer segment, and is encouraged by early returns [74][78] Question: Gross margin sustainability - Management expressed satisfaction with gross margin improvements and indicated ongoing opportunities for further expansion [81][84] Question: Long-term operating margin aspirations - Management stated that while it's too early to provide a specific timeline for mid-teen operating margins, they are encouraged by recent progress [90][93] Question: Inventory management - Management characterized current inventory levels as healthy and close to target, with plans for modest investment in inventory for 2025 [145]

Financial Data and Key Metrics Changes - Fiscal 2024 revenue for the ongoing business was $1.75 billion, a decline of 12.1% compared to the prior year, primarily due to discrete items in 2023 [38] - Full-year adjusted gross margin was 44.6%, an increase of 470 basis points versus last year, reflecting cost-saving measures and improved sales mix [39] - Fourth-quarter revenue was $495 million, exceeding expectations, with ongoing business revenue growing 3% year-over-year [42] - Fourth-quarter adjusted gross margin was 44%, a year-over-year increase of 620 basis points [45] - Full-year diluted earnings per share was $0.91, compared to $0.15 in 2023, indicating significant profitability improvement [41] Business Line Data and Key Metrics Changes - Saucony grew 7% in the fourth quarter, with low teens growth in the US and over 20% in EMEA, while Merrell posted a 1% increase [17][25] - Sweaty Betty's revenue was down 6% in the quarter, but gross margin improved by nearly 900 basis points [30] - Wolverine brand's revenue performance was encouraging, but trends remained inconsistent [32] Market Data and Key Metrics Changes - Strong growth in wholesale and international distributor channels was noted, partially offset by a decline in direct-to-consumer business [42] - The work group revenue increased by 21% in the fourth quarter, driven by strong demand for core franchises [44] Company Strategy and Development Direction - The company is focused on building brand capabilities and modernizing product lines to align with consumer trends [11] - Strategic investments include opening an innovation hub in Boston and enhancing marketing leadership across brands [12][14] - The company plans to accelerate growth in 2025, with a focus on new product launches and lifestyle expansion [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's direction and brand-building strategies, highlighting the potential for significant growth [65] - The outlook for 2025 includes expected revenue growth of 2.5% to 4.3%, with a focus on maintaining profitability while investing in brand growth [51][54] Other Important Information - The company reduced net debt to $496 million, a 33% reduction from 2023, improving financial stability [48] - Inventory at the end of the fourth quarter was $241 million, down approximately 36% from last year, indicating effective inventory management [47] Q&A Session Summary Question: Saucony's growth and new doors - Management confirmed plans for 900 new doors for Saucony, with many being online, and emphasized responsible growth in the brand [76][77] Question: Merrell's new doors and reception - Management noted that Merrell is also opening new doors, particularly in female-focused specialty retail accounts, with positive early returns [78][79] Question: Gross margin sustainability - Management expressed satisfaction with gross margin improvements and indicated ongoing opportunities for further enhancements [81][84] Question: Interest expense guidance - Expected net interest and other expenses for 2025 are projected to be around $25 to $30 million, down from $39 million in 2024 [105] Question: State of the run specialty channel - Management reported that Saucony is gaining market share in the run specialty channel, driven by product innovation and strong performance [141][142]

Core Insights - Wolverine World Wide reported revenue of $494.7 million for the quarter ended December 2024, reflecting a year-over-year decline of 6.1% [1] - The company's EPS for the same period was $0.42, a significant improvement from -$0.30 a year ago, and exceeded the consensus estimate of $0.41 by 2.44% [1] - The reported revenue surpassed the Zacks Consensus Estimate of $485.18 million, resulting in a surprise of 1.96% [1] Revenue Breakdown - Active Group revenue was $331.70 million, exceeding the two-analyst average estimate of $327.11 million, with a year-over-year change of -2.8% [4] - Other revenue amounted to $11.90 million, significantly higher than the $6.25 million average estimate based on two analysts [4] - Work Group revenue reached $151.10 million, compared to the $99.60 million average estimate, marking a year-over-year increase of 20.6% [4] Stock Performance - Wolverine's shares have returned -18.2% over the past month, contrasting with the Zacks S&P 500 composite's increase of 4.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

+ Investor Presentation | 4Q24 Overview $1.75BFY24 Adjusted Revenue1 Investor Presentation | Fourth Quarter 2024 + Investor Presentation | 4Q24 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding the Company's turnaround and transformation; the Company's outlook for 2025 including, among others: reported, adjusted and constant currency revenue; reported and adjusted gross margin; reported and adjusted operating margin; reported and adjusted net ea ...

分组1 - Wolverine World Wide reported quarterly earnings of $0.42 per share, exceeding the Zacks Consensus Estimate of $0.41 per share, compared to a loss of $0.30 per share a year ago, representing an earnings surprise of 2.44% [1] - The company posted revenues of $494.7 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.96%, although this is a decrease from year-ago revenues of $526.7 million [2] - Wolverine has surpassed consensus EPS estimates three times over the last four quarters and topped consensus revenue estimates four times in the same period [2] 分组2 - The stock has underperformed the market, losing about 16.5% since the beginning of the year, while the S&P 500 has gained 4% [3] - The current consensus EPS estimate for the coming quarter is $0.24 on revenues of $404.3 million, and for the current fiscal year, it is $1.32 on revenues of $1.84 billion [7] - The Shoes and Retail Apparel industry, to which Wolverine belongs, is currently in the bottom 19% of the Zacks industry rankings, indicating potential challenges ahead [8]

Revenue Performance - Fourth quarter 2024 total revenue was $494.7 million, a decrease of 6.1% compared to $526.7 million in Q4 2023[5] - Ongoing total revenue for 2024 was $1,750.4 million, down 12.1% from $1,992.1 million in 2023[7] - Revenue for Q4 2024 was $494.7 million, a decrease of 6.1% compared to $526.7 million in Q4 2023[25] - Total revenue for Fiscal 2024 was $1,755.0 million, down 21.8% from $2,242.9 million in Fiscal 2023[39] - Adjusted revenue for ongoing business in 2023 was $1,992.1 million after accounting for divestitures, down from $2,242.9 million reported revenue[56] Profitability Metrics - Gross margin improved to 44.0% in Q4 2024, up 740 basis points from 36.6% in Q4 2023[5] - Diluted earnings per share for Q4 2024 was $0.29, a significant increase of 125.2% compared to a loss of $1.15 in Q4 2023[5] - Gross profit increased to $217.7 million in Q4 2024, with a gross margin of 44.0%, up from 36.6% in Q4 2023[18] - Operating profit for the fiscal year ended December 28, 2024, was $101.0 million, compared to a loss of $68.2 million in the previous year[18] - Net earnings attributable to Wolverine World Wide, Inc. for Q4 2024 were $24.6 million, a significant recovery from a loss of $91.2 million in Q4 2023[18] - Operating profit for Fiscal 2024 was $101.0 million, with an operating margin of 5.8%, compared to an operating loss of $68.2 million and an operating margin of (3.0)% in Fiscal 2023[47] Expenses and Cost Management - Operating expenses for Fiscal 2024 totaled $680.5 million, down from $940.7 million in Fiscal 2023, leading to adjusted operating expenses of $650.5 million[44] - Operating expenses for Fiscal 2024 Q4 were $177.9 million, significantly reduced from $379.9 million in Fiscal 2023 Q4, resulting in adjusted operating expenses of $167.0 million[30] Future Projections - The company expects 2025 revenue to be approximately $1.795 to $1.825 billion, representing growth of approximately 2.5% to 4.3% compared to 2024 ongoing business[11] - Projected gross margin for 2025 is approximately 45.5%, an increase of 100 basis points compared to 2024[11] - The effective tax rate for 2025 is expected to be approximately 18.0%[11] - Adjusted diluted earnings per share for 2025 is projected to be in the range of $1.05 to $1.20, including an approximate $0.08 negative impact from foreign currency fluctuations[11] Balance Sheet and Cash Flow - Inventory at the end of Q4 2024 was $241 million, down $133 million or approximately 35.6% year-over-year[6] - Net debt decreased to $496 million, down $246 million or approximately 33.1% compared to the prior year[6] - Cash and cash equivalents at the end of the fiscal year were $152.1 million, a decrease from $184.6 million at the beginning of the year[23] - Total assets decreased to $1,668.8 million as of December 28, 2024, down from $2,062.8 million in the previous year[20] - The company reported a net cash provided by operating activities of $180.1 million for the fiscal year, an increase from $121.8 million in the previous year[23] Strategic Initiatives - The company plans to continue focusing on its direct-to-consumer operations and expanding into new markets[24] - The company is undergoing a transformation strategy to improve its brand portfolio and operational efficiency[24]

ROCKFORD, Mich., Feb. 10, 2025 /PRNewswire/ -- Merrell, the world's leading hiking and outdoor footwear brand, announced it has welcomed Richard McLeod as Chief Marketing Officer. Reporting to Janice Tennant, Merrell's Global Brand President, McLeod will be responsible for leading Merrell's global marketing and directing the creation of modern integrated marketing capabilities to further cement the brand's position as a global leader in the outdoor active and lifestyle space. MERRELL ANNOUNCES RICHARD M ...