The retail partner for the Saucony, Merrell, K·Swiss, and Palladium brands, and now a 40 percent owner of the Saucony IP in China, said 2023 was a landmark year as it celebrated its 15th Anniversary of listing on the Hong Kong Stock Exchange.
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EXEC: Inside the Wolverine Worldwide C-Suite – Assessing the Year Ahead
Fiscal 2024 revenue is expected in the range of $1.7 billion to $1.75 billion, roughly a 5.5 percent decline at the mid-point versus the 2023 revenues. Gross margins are expected to reach 45.5 percent of sales, a record high, and EPS is forecast to improve 5X at the mid-point.
Wolverine Improves Margins in Tough Q4; Sees Double-Digit Decline for 2024
Fourth quarter revenue from the ongoing business was $521.2 million and declined 18.4 percent on a constant-currency basis, with all segments and brands posting declines.
Wolverine World Wide, Inc. Sells Sperry Brand
The sale of Sperry to Authentic Brands Group will reportedly generate total proceeds of approximately $130 million in the first quarter to pay down debt, further strengthening its balance sheet.
Wolverine World Wide Expects 2023 Results In Line with Estimates
The company expects to deliver financial results in line with previous guidance and achieving better-than-anticipated year-end debt and inventory levels.
Wolverine Worldwide Appoints Chief Supply Chain Officer; Jim Zwiers to Exit
Bishu Jayaram was appointed to the newly-created role of chief supply chain officer, responsible for global sourcing, distribution, logistics, and integrated planning. Jim Zwiers, EVP and president of the Global Operations Group, will transition away from the company in early 2024.
Wolverine Transforming Saucony and Merrell Model in China; Sells Asia Leathers Business
Wolverine World Wide, Inc. said it plans to shift its Merrell and Saucony businesses in China from a joint venture model with with Xtep to a license and distribution rights model. It also agreed it sell its Asia-based Wolverine Leathers business. Both actions are expected to simplify Wolvderine’s business model and generate $70 million in proceeds.
VF, Vista Outdoor, Wolverine Worldwide Top Most-Read SGB Articles for November
November 2023 featured to usual articles for the start of the holiday shopping season and the end of the retail fiscal quarter, but it was a dramatic job cutting announcement from VF Corporation, parent of The North Face, Vans, Timberland, Dickies and Jansport that got the most attention over the 30-day period.
Wolverine World Wide Sees Debt Ratings Downgraded
Moody’s downgraded Wolverine World Wide, Inc.’s debt ratings to reflect Wolverine’s “ongoing steep revenue and earnings declines and Moody’s expectations that the challenging retail environment will hinder the company’s ability to realize significant near-term benefits from its turnaround efforts.”
Wolverine Licenses Wolverine Brand Sock Business to Renfro Brands
Wolverine Worldwide’ licensed the Wolverine brand sock business exclusively to Renfro Brands.
EXEC: Inside Wolverine’s Plan for the Future—and the New Realities of 2023
New CEO Chris Hufnagel said WWW continues to reshape its portfolio, reduce inventory and redesign the company to become consumer-obsessed brand builders, focused squarely on building compelling products and telling amazing stories.
Wolverine World Wide Accelerates Transformation Plan as Q3 Plummets
The acceleration of the initiatives comes as the company reported dismal third quarter results that reflected an ongoing business that was down in strong double digits across most of the enterprise.
Wolverine Worldwide Continues Brand Portfolio Consolidation with New Deals
The company has sold the Hush Puppies intellectual property in China, Hong Kong and Macau, to its current sublicensee, Beijing Jiaman Dress Co., Ltd., and sold the U.S. Wolverine Leathers business to New Balance.
Wolverine’s Debt Ratings Lowered by Moody’s
Moody’s Investors Service downgraded the debt ratings of Wolverine World Wide, Inc., reflecting the company’s significant earnings decline in Q2 2023 and Moody’s expectations for continued weak near-term performance. S&P Global Ratings similarly recently reduced its rating.
Wolverine World Wide’s Debt Ratings Lowered by S&P
S&P Global Ratings reduced the debt ratings of Wolverine World Wide, Inc. as the footwear manufacturer continues to underperform its expectations with “tough industry headwinds to continue to pressure the company’s operating performance at least over the next several quarters.”
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