Wolverine World Wide(US:WWW)2024-11-08 05:05Financial Performance & Outlook - Wolverine Worldwide's 3Q24 adjusted revenue was $440 million, a 7% year-over-year decrease, or 7.4% on a constant currency basis[21] - The adjusted gross margin for 3Q24 was 45.3%, an increase of 380 basis points year-over-year[21] - Adjusted operating margin for 3Q24 was 7.7%, up 210 basis points year-over-year[21] - Adjusted EPS for 3Q24 was $0.29, a 163.6% increase year-over-year, or 154.5% on a constant currency basis[21] - The company expects FY24 revenue to be in the range of $1730 million to $1745 million, a decline of 12.8% compared to FY23[29] - Wolverine Worldwide anticipates adjusted gross margin of approximately 44.5% and adjusted operating margin of approximately 7.2% for FY24[29] Debt & Inventory Management - Net debt at the end of 3Q24 was $563 million, down $373 million from the prior year[12, 27] - Inventory at the end of 3Q24 was $286 million, a 38% decrease from the previous year for the ongoing business[12, 27] - The company expects to reduce year-end inventory by approximately $85 million compared to the end of 2023[29] Strategic Initiatives - Wolverine Worldwide is executing a turnaround strategy focused on stabilization, transformation, and inflection to growth[12] - The company has generated approximately $394 million of proceeds since January 2023 from portfolio rationalization[12] - Wolverine Worldwide is targeting annual run rate savings of approximately $215 million from profit improvement initiatives[12, 15]