Wolverine World Wide(US:WWW)2024-02-21 15:47Financial Performance & Strategic Turnaround - Wolverine Worldwide generated approximately $380 million in proceeds from portfolio rationalization between 1Q23 and 1Q24, including the divestiture of Sperry and Keds brands[8] - The company reduced net debt by $280 million year-over-year, resulting in a bank-defined debt leverage of 29x at year-end[8, 12] - The company anticipates approximately $215 million of annual run rate savings and a 70% operating margin in FY24, a 310 basis points increase compared to FY23[9] - Inventory was reduced by nearly 40% year-over-year, adjusted to reflect the exclusion of Sperry, consolidated China joint ventures, Keds, and Wolverine Leathers businesses[11] Q4 2023 & FY2023 Results (Ongoing Business) - Q4 2023 adjusted revenue was $521 million, a 179% year-over-year decrease[20, 21] - Full year 2023 adjusted revenue was $220 billion, a 131% year-over-year decrease[21] - Q4 2023 adjusted operating margin was -35%, a 170 basis points year-over-year decrease[20, 28] - Full year 2023 adjusted operating margin was 31%, a 370 basis points year-over-year decrease[21, 29] FY24 Outlook (Ongoing Business) - The company projects revenue between $170 billion and $175 billion, representing a 134% decrease versus FY23 at the midpoint of guidance[30] - The company anticipates an adjusted gross margin of approximately 445%[32] - The company expects an adjusted operating margin of approximately 70%[9, 34]