secwatch.observer — SEC 8-K summary
======================================

Issuer:     WOLVERINE WORLD WIDE INC /DE/ (WWW)
CIK:        0000110471
Form:       8-K
Filed at:   2023-08-10T23:59:59+00:00
Accession:  0000110471-23-000108
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Wolverine Worldwide reports Q2 revenue down 17.4%, lowers FY outlook; CEO replaced by Hufnagel
--------------------------------------------------------------------------------

- 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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/110471/000011047123000108/0000110471-23-000108-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/110471/000011047123000108/www-20230806.htm
  HTML page:      https://secwatch.observer/filing/0000110471-23-000108

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer