8-K
filed August 10, 2023, 7:59 PM ET
ticker WWW
CIK 0000110471
earnings
confidence high
sentiment negative
materiality 0.85
Wolverine Worldwide reports Q2 revenue down 17.4%, lowers FY outlook; CEO replaced by Hufnagel
WOLVERINE WORLD WIDE INC /DE/
2023-Q2 EPS reported
$0.53
revenue$1,188,500,000
- Q2 revenue $589.1M (-17.4% YoY); diluted EPS $0.30 vs $1.53; adjusted EPS $0.19 vs $0.65
- FY 2023 guidance lowered: ongoing revenue $2.26B-$2.28B, adjusted EPS $0.45-$0.55
- CEO Brendan Hoffman terminated without cause effective Aug 6; replaced by Christopher Hufnagel
- Gross margin fell to 38.7% from 43.0%; inventory $647.9M, down $97.3M sequentially
- Net debt $930M, leverage 3.5x; plans to sell at least $50M non-core assets
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
WOLVERINE WORLD WIDE INC /DE/ reported the second quarter ended July 1, 2023 results: revenue $589.1 million, EPS $0.30.
- Period
- the second quarter ended July 1, 2023
- Revenue
- $589.1 million
- EPS
- $0.30
- Result
- reported results
Exact text from the filing
bps Adjusted Operating Margin 5.8% 11.4% (560) bps Adjusted Diluted Earnings Per Share $0.19 $0.65 (70.8)% Constant Currency Earnings Per Share $0.21 $0.65 (67.7)% Revenue of $589.1 million declined 17.4% versus the prior year and declined 17.3% on a constant currency basis. Revenue from the ongoing business was $578.2 million and declined 13.8% on a constant
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
WOLVERINE WORLD WIDE INC /DE/ reported full-year 2023 results: revenue $2.26 billion to $2.28 billion, EPS $0.43 to $0.53. Guidance lowered.
- Period
- full-year 2023
- Revenue
- $2.26 billion to $2.28 billion
- EPS
- $0.43 to $0.53
- Guidance
- lowered
- Result
- guidance update
Exact text from the filing
Revenue from our ongoing business is expected to be in the range of $2.26 billion to $2.28 billion, representing a decline of approximately 10.7% to 10.0% versus the prior year
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Brendan Hoffman was terminated as Chief Executive Officer at WOLVERINE WORLD WIDE INC /DE/.
- Action
- terminated
- Role
- Chief Executive Officer
Exact text from the filing
Effective as of August 6, 2023, the Board of Directors (the “Board”) of the Company terminated the employment of Brendan Hoffman as the Company’s Chief Executive Officer without Cause
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Christopher E. Hufnagel was appointed as Director at WOLVERINE WORLD WIDE INC /DE/.
- Action
- appointed
- Role
- Director
Exact text from the filing
to serve as a director of the Company
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Christopher E. Hufnagel was appointed as President and Chief Executive Officer at WOLVERINE WORLD WIDE INC /DE/.
- Action
- appointed
- Role
- President and Chief Executive Officer
Exact text from the filing
Effective as of August 6, 2023, the Board appointed Christopher E. Hufnagel as President and Chief Executive Officer
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Brendan Hoffman resigned as Director at WOLVERINE WORLD WIDE INC /DE/.
- Action
- resigned
- Role
- Director
Exact text from the filing
effective as of August 6, 2023, Mr. Hoffman resigned as a director of the Company.
View on SEC.gov
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