Wolverine Q1 adjusted EPS $0.09 vs $0.38; exploring Sperry strategic alternatives

WOLVERINE WORLD WIDE INC /DE/

2023-Q1 EPS reported $0.23 revenue$599,400,000

Reported revenue $599.4M (-2.5% YoY); ongoing business constant currency growth +2.9%.
Active Group constant currency revenue +15% led by Merrell (+20.3%) and Saucony (+24.5%).
Adjusted gross margin 40.0% (down 350 bps); inventory $725.9M, down $19M sequentially.
Full-year 2023 outlook reaffirmed: ongoing revenue $2.53-2.58B, adjusted EPS $1.40-1.60.
Exploring strategic alternatives for Sperry, continuing portfolio optimization after Keds sale.

item 2.02 item 7.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WOLVERINE WORLD WIDE INC /DE/ reported first quarter ended April 1, 2023 results: revenue $599.4 million, EPS $0.23. Guidance reaffirmed.

Period: first quarter ended April 1, 2023
Revenue: $599.4 million
EPS: $0.23
Guidance: reaffirmed
Result: reported results

Exact text from the filing

bps Adjusted Operating Margin 5.1% 8.2% (310) bps Adjusted Diluted Earnings Per Share $0.09 $0.38 (76.3)% Constant Currency Earnings Per Share $0.12 $0.38 (68.4)% Revenue of $599.4 million declined 2.5% versus the prior year and declined 0.5% on a constant currency basis. Revenue from the ongoing business was $580.4 million representing constant currency growth of

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Source: SEC EDGAR

accession 0000110471-23-000062

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