Wolverine World Wide Inc. completed its comprehensive portfolio management initiatives that were executed and expected to be completed during fiscal 2017, including the closures of underperforming stores, sale of the Sebago brand, licensing of the Stride Rite brand and the recent sale of the company’s Department of Defense (DoD) contract business.
“The portfolio changes we made in the first three quarters of 2017 are an important component of our comprehensive Wolverine Way Forward transformation,” said Blake W. Krueger, Wolverine Worldwide’s chairman, chief executive officer and president. “We’ve taken action to address several underperforming segments of our business, which will allow the company to focus resources on what we believe to be its biggest opportunities for growth. We continue to execute the most comprehensive transformation in the company’s history aimed at optimizing the organization to excel in the fast-evolving consumer and global marketplace.”
“We are very pleased with the progress made in 2017 to improve the performance of our go-forward portfolio,” said Mike Stornant, senior vice president and CFO. “Our team has executed on several meaningful changes in a short time span, allowing us to enter 2018 with a very stable and more profitable foundation to grow from. In order to provide the anticipated financial impact of the 2017 divestitures and store closures, we have provided additional information within the supplemental table to this release which is intended to provide a better understanding of the impact to the business.”
The company’s portfolio of brands includes: Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Chaco, Bates, HYTEST and Soft Style. The company also is the global footwear licensee of the popular brands Cat and Harley-Davidson.
Photo courtesy Merrell