Wolverine World Wide ( (WWW) ) has released its Q3 earnings. Here is a breakdown of the information Wolverine World Wide presented to its investors.
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Wolverine World Wide, Inc., founded in 1883 and based in Rockford, Michigan, is a prominent global marketer and licensor of branded footwear and apparel, known for its diverse portfolio that includes Merrell, Saucony, and Sweaty Betty, among others. The company operates in the casual, active lifestyle, work, outdoor sport, and athletic sectors, and is also the global footwear licensee for popular brands like Cat and Harley-Davidson.
Wolverine World Wide reported its third-quarter 2024 earnings, showcasing revenue and earnings that surpassed expectations. The company highlighted significant progress in its turnaround strategy, with Merrell and Saucony leading the charge and contributing to record gross margins and earnings more than doubling compared to the previous year.
The financial metrics revealed a total revenue of $440.2 million for the quarter, a decline from the previous year’s $527.7 million, attributable to divestitures such as Keds and Sperry. However, the company’s gross margin improved to 45.3% due to reduced supply chain costs and lower end-of-life inventory sales. Operating expenses decreased by 12.8%, and diluted earnings per share rose significantly to $0.28 from $0.11, marking a 154.5% increase.
Looking forward, Wolverine World Wide has raised its revenue and earnings guidance for fiscal year 2024, expecting ongoing business revenue to reach between $1.730 and $1.745 billion. The company aims to continue its growth trajectory, driven by a healthier balance sheet, a refined brand portfolio, and a focused team, as it seeks to maximize the potential of its brands and deliver enhanced value to shareholders.
