Wolverine Worldwide Q3 beats guidance; raises FY2024 revenue and EPS outlook

WOLVERINE WORLD WIDE INC /DE/

2024-Q3 EPS reported $0.28 revenue$1,260,300,000

Q3 ongoing revenue $440.1M (-7.0% YoY); GAAP EPS $0.28, adjusted EPS $0.29, vs $0.11 prior year.
Gross margin 45.3% (up 450 bps); inventory down 49.4% YoY; net debt reduced $373M.
Merrell revenue $159.2M (+1.4% YoY); Saucony $104.8M (-10% YoY) both outpaced forecast.
FY2024 guidance raised: revenue $1.73-1.745B; adjusted EPS $0.80-0.90 (prior $0.75-0.85).
Operating margin guidance adjusted to 5.8% (7.2% adj.) vs prior 6.0% (7.4% adj.); tax rate 16.5%.

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