Revenue Performance - Second quarter 2024 total revenue was $425.2 million, a decrease of 27.8% compared to $589.1 million in the same quarter of 2023[3] - Active Group revenue declined by 20.2% year-over-year to $305.9 million, while Work Group revenue decreased by 10.9% to $105.0 million[3] - The company expects full-year 2024 revenue from ongoing business to be approximately $1.71 to $1.73 billion, reflecting a decline of 14.2% to 13.2% compared to 2023[6] - Revenue for Q2 2024 was $425.2 million, a decrease of 27.8% compared to $589.1 million in Q2 2023[21] - Total revenue for Fiscal 2023 was $2,242.9 million, with adjustments for divestitures leading to an adjusted revenue of $1,992.1 million[34] - Fiscal 2024 revenue guidance is projected between $1,714 million and $1,734 million, with adjusted revenue expected to be between $1,710 million and $1,730 million[36] - Adjusted ongoing business revenue for Fiscal 2023, excluding divestitures, was $1,992.1 million[42] Profitability Metrics - Gross margin improved to 43.1%, up 440 basis points from 38.7% in the prior year, attributed to lower supply chain costs and reduced promotional eCommerce sales[3] - Projected gross margin for 2024 is approximately 44.5%, an increase of 460 basis points compared to 2023[6] - Gross profit for Q2 2024 was $183.2 million, with a gross margin of 43.1%, compared to $227.8 million and 38.7% in Q2 2023[24] - Operating profit for Q2 2024 was $29.1 million, resulting in an operating margin of 6.8%, compared to $46.1 million and 7.8% in Q2 2023[19] - Operating expenses for Fiscal 2024 Q2 were reported at $154.1 million, a decrease from $181.7 million in Q2 2023, reflecting a 15.3% reduction[25] - The company reported an operating profit loss of $68.2 million for Fiscal 2023, with adjustments resulting in an operating profit of $77.8 million[34] - Operating margin for Fiscal 2024 is projected at 6.0% on a GAAP basis, increasing to 7.4% when adjusted[36] Earnings Per Share - Diluted earnings per share are expected to range from $0.53 to $0.63, compared to the previous outlook of $0.43 to $0.63[6] - Diluted EPS for Fiscal 2024 is guided between $0.53 and $0.63 on a GAAP basis, with adjusted EPS expected to be between $0.75 and $0.85[36] - Diluted EPS for Fiscal 2024 Q2 was $0.17, a decline from $0.30 in Q2 2023, with adjusted EPS on a constant currency basis at $0.16[28] Debt and Cash Management - Net debt at the end of the quarter was $666 million, down $271 million from the previous year[4] - The company plans to reduce net debt to approximately $565 million by year-end, a reduction of $175 million from the prior year[6] - Cash and cash equivalents at the end of Q2 2024 were $148.3 million, a decrease from $176.5 million at the end of Q2 2023[17] Inventory Management - Inventory at the end of the quarter was $297.1 million, down approximately 54.1% from the prior year[4] - Inventory for Q2 2024 was reported at $297.1 million, down from $647.9 million in Q2 2023, indicating a significant reduction in inventory levels[30] Tax and Liabilities - The company reported an effective tax rate of 13.1% for Q2 2024, compared to 19.8% in Q2 2023[19] - Total current liabilities decreased to $665.6 million as of June 29, 2024, from $964.2 million as of July 1, 2023[17] Future Outlook and Strategic Initiatives - The company plans to focus on market expansion and new product development to drive future growth[22] - The company plans to close the Sperry business and stores that were not divested in 2024, impacting financial results[38] - The company is transitioning Merrell and Saucony Kids to a licensing model in 2024 as part of its business model changes[42] Environmental and Other Costs - Environmental and related costs for Q2 2024 amounted to $15.7 million, impacting overall profitability[27] - The impact of divestitures on revenue for Q2 2024 included $0.4 million from the Sperry business, totaling $4.5 million year-to-date[32] - The company experienced a net earnings per share impact of $(0.11) due to divestitures in 2023[32] - Adjustments for Q2 2024 included $3.5 million related to divestitures, affecting the overall operating margin[27] Asset Management - Total assets decreased to $1,796.3 million as of June 29, 2024, down from $2,357.3 million as of July 1, 2023[17] - The company experienced a net cash used in operating activities of $(10.5) million for the year-to-date period ending June 29, 2024[19]

America's original work boot brand and Metallica's workforce education initiative come together to launch a limited-edition Rancher Boot that benefits the skilled trades. ROCKFORD, Mich., Aug. 1, 2024 /PRNewswire/ -- Wolverine®, the 141-year-old boot and clothing company, and Metallica Scholars, the workforce education initiative within Metallica's foundation, All Within My Hands (AWMH) have once again united to champion the next generation of skilled workers. Banding together since 2019, Wolverine and Meta ...

America's original work boot brand and the winningest team in college football come together to launch a limited-edition Team #144 1000 Mile Boot "We take immense pride in our work with the University of Michigan Football players —a partnership that embodies our core values of resilience and hard work," said Scott Schoessel, Wolverine Boots Chief Marketing Officer. "Presenting the Wolverine x University of Michigan Team #144 Commemorative 1000 Mile Boot to fans is a true honor." A limited number of boots ar ...

The Hurricane showcases a revolutionary transformation, boasting a dual cushioning system of PWRRUN PB and PWRRUN, delivering the brand's ultimate cushioning experience ROCKFORD, Mich., July 8, 2024 /PRNewswire/ -- Saucony, a leading global performance running lifestyle brand, has launched the completely redesigned Hurricane 24, featuring an all-new dual-cushioning system for all-day comfort and protection. Transformed from the ground up, the brand's new flagship max-cushioned trainer pairs plush, energy-re ...

Game-changing super shoe features a new next-level foam designed to unlock performance potential ROCKFORD, Mich., July 1, 2024 /PRNewswire/ -- Saucony, a leading global performance running lifestyle brand, has announced that three-time Canadian Olympic marathoner and Saucony athlete Malindi Elmore will be wearing the game-changing Endorphin Elite 2 during the upcoming marathon in Paris. The Elite 2 is the brand's race-ready super shoe featuring a new groundbreaking foam designed to unlock every runner's per ...

Wolverine World Wide, Inc. (NYSE:WWW) Q1 2024 Earnings Conference Call May 8, 2024 8:30 AM ET Company Participants Alex Wiseman – Vice President-Finance Chris Hufnagel – President and Chief Executive Officer Mike Stornant – Executive Vice President and Chief Financial Officer Conference Call Participants Mitch Kummetz – Seaport Research Laurent Vasilescu – BNP Paribas Sam Poser – William's Trading Jonathan Komp – Baird Mauricio Serna – UBS Dana Telsey – Telsey Group Ashley Owens – KeyBanc Capital Markets Op ...

Wolverine Worldwide Investor Presentation | First Quarter 2024 Ending March 30th, 2024 + Investor Presentation | 1Q24 Forward-Looking Statements This presentation contains forward-looking statements, including statements regarding: the commercial drivers, competitive advantages and efficiencies of the Company's global platforms; the pace and urgency of the Company's strategic turnaround; the opportunity for inventory improvement; the Company's transformation and inflection to growth; future profitability; e ...

Exhibit 99.1 9341 Courtland Drive NE, Rockford, MI 49351 Phone (616) 866-5500 FOR IMMEDIATE RELEASE CONTACT: Alex Wiseman (616) 863-3974 WOLVERINE WORLDWIDE EXCEEDS FIRST QUARTER REVENUE AND EARNINGS EXPECTATIONS AND POSTS RECORD GROSS MARGIN Company reaf irms earnings guidance and updates revenue outlook for full year to reflect recent business model changes ROCKFORD, Mich., May 8, 2024 – Wolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the first quarter ended March 30, 2024. "We ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-06024 WOLVERINE WORLD WIDE, INC. (Exact name of registrant as specified in its charter) | Delaware | | 38-1185150 | | --- | --- | --- | | State ...

Wolverine World Wide, Inc. (NYSE:WWW) Q4 2023 Earnings Conference Call February 21, 2024 8:30 AM ET Company Participants Alex Wiseman – Vice President-Finance, FP&A Chris Hufnagel – President and Chief Executive Officer Mike Stornant – Executive Vice President and Chief Financial Officer Conference Call Participants Jonathan Komp – Baird Jim Duffy – Stifel Abbie Zvejnieks – Piper Sandler Ashley Owens – KeyBanc Capital Markets Sam Poser – Williams Trading Mitch Kummetz – Seaport Global Securities Mauricio ...