Wolverine Worldwide’s Q2 revenues decline

For the second quarter, Wolverine Worldwide reported a revenue decline of 17.4 percent to 425.2 million dollars and adjusted earnings per share of 15 cents.

“We delivered better-than-expected revenue and earnings in the second quarter, while continuing to execute our ambitious turnaround plan,” said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide.

For fiscal 2024, the company expects revenue to be approximately 1.71 to 1.73 billion dollars compared to the previous outlook of approximately 1.68 to 1.73 billion dollars and represents a decline of approximately 14.2 percent to 13.2 percent and a constant currency decline of approximately 14.1 percent to 13.1 percent compared to 2023.

Gross margin is forecasted to be approximately 44.5 percent, up 460 basis points, operating margin to be approximately 6 percent and adjusted operating margin to be approximately 7.4 percent, up 350 basis points compared to 2023.

The company expects diluted earnings per share in the range of 53 cents to 63 cents and adjusted diluted earnings per share in the range of 75 cents to 85 cents.