Wolverine Worldwide Q1 beats expectations on revenue and earnings; record gross margin 46.5%

WOLVERINE WORLD WIDE INC /DE/

2024-Q1 EPS reported -$0.19 revenue$394,900,000

Ongoing revenue $390.8M, down 24.5% YoY; adjusted EPS $0.05 vs $0.11 YoY.
Reported gross margin 45.9%, adjusted gross margin 46.5% (up 540bps YoY).
Inventory down 51% YoY to $354.3M; net debt down $380M YoY to $685M.
FY 2024 outlook: ongoing revenue $1.68-1.73B; adjusted EPS $0.65-0.85.
Board approved $150M stock repurchase program over three years.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WOLVERINE WORLD WIDE INC /DE/ reported first quarter ended March 30, 2024 results: revenue Total Revenue $394.9, EPS Diluted Earnings Per Share ($0.19).

Period: first quarter ended March 30, 2024
Revenue: Total Revenue $394.9
EPS: Diluted Earnings Per Share ($0.19)
Result: reported results

Exact text from the filing

Change Reported Segment Revenue Results: Active Group $289.8 $385.9 (24.9)% (25.6)% Work Group $90.1 $114.5 (21.3)% (21.7)% Other $15.0 $99.0 (84.8)% (84.8)% Total Revenue $394.9 $599.4 (34.1)% (34.6)% Ongoing Total Revenue $390.8 $517.5 (24.5)% (25.1)% Supplemental Revenue Information Merrell $133.0 $180.3 (26.2)% (26.6)% Saucony $100.1 $132.6 (24.5)%

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

WOLVERINE WORLD WIDE INC /DE/ reported Full year 2024 results: revenue Revenue from our ongoing business is now expected to be approximately $1.68 billion to $1.73 billion, EPS diluted earnings per share are expected to be between $0.43 and $0.63. Guidance reaffirmed.

Period: Full year 2024
Revenue: Revenue from our ongoing business is now expected to be approximately $1.68 billion to $1.73 billion
EPS: diluted earnings per share are expected to be between $0.43 and $0.63
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

by the progress we have made in such a short time frame.” Full year 2024 outlook is as follows: • Revenue from our ongoing business is now expected to be approximately $1.68 billion to $1.73 billion, which is adjusted for the new licensing model recently announced on May 1 for our Merrell and Saucony kids business. This range represents a decline compared to

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Source: SEC EDGAR

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