Wolverine WW Q3 rev down 24%; guides FY adjusted EPS $0.05-0.10; cuts workforce

WOLVERINE WORLD WIDE INC /DE/

2023-Q3 EPS reported $0.64 revenue$1,716,200,000

Q3 revenue $527.7M (-23.7% YoY); ongoing rev $519.5M (-20.0% YoY).
Reported EPS $0.11; adjusted EPS $0.07 vs $0.47 prior year. Gross margin 40.8% up 60bps.
Inventory down ~33% to $563.8M; net debt $930M; leverage 3.4x.
Lowered FY23 guidance: ongoing rev ~$2.19-2.20B, adjusted EPS $0.05-0.10 (incl $0.18 FX headwind).
Global workforce restructuring; Profit Improvement Office targeting $215M annualized savings in 2024; Sperry strategic review ongoing.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WOLVERINE WORLD WIDE INC /DE/ reported financial results for third quarter ended September 30, 2023.

Period: third quarter ended September 30, 2023
Result: reported results

Exact text from the filing

On November 9, 2023, Wolverine World Wide, Inc. (the “Company”) issued a press release announcing its financial results for the Company’s third quarter of 2023

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Source: SEC EDGAR

accession 0000110471-23-000144

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