Apparel/Garments US' Wolverine Worldwide posts revenue of $394.9 mn in Q1 FY24 09 May '24 2 min read Pic: Wolverine Insights American firm Wolverine Worldwide reported a sharp 34.1 per cent decrease in Q1 FY24 revenue, totalling $394.9 million. The company saw a notable improvement in gross margin, increasing to 45.9 per cent. However, operating margin dropped dramatically to minus 0.8 per cent in Q1 FY24, and diluted earnings per share turned negative at $0.19. Wolverine Worldwide, a leading US-based firm in footwear and apparel, has reported a decline in total revenue in the first quarter of fiscal 2024 (Q1 FY24), dropping 34.1 per cent year-on-year (YoY) to $394.9 million from $599.4 million. This decline was consistent across all business segments, with the active group seeing a 24.9 per cent decrease, the Work Group down by 21.3 per cent, and the other segment plummeting by an alarming 84.8 per cent.Despite these setbacks, there was a notable improvement in gross margin, which increased to 45.9 per cent from 39.4 per cent the previous year, marking a gain of 650 basis points. Selling, general, and administrative expenses saw a modest decrease of 3.4 per cent to $184.5 million, the company said in a press release.However, operating margin showed a significant downturn, from a positive 7.6 per cent in the prior year to a negative 0.8 per cent, an 840-basis point decline. This was reflected in the diluted earnings per share, which shifted from a positive $0.23 in the previous year to a negative $0.19.American firm Wolverine Worldwide reported a sharp 34.1 per cent decrease in Q1 FY24 revenue, totalling $394.9 million. The company saw a notable improvement in gross margin, increasing to 45.9 per cent. However, operating margin dropped dramatically to minus 0.8 per cent in Q1 FY24, and diluted earnings per share turned negative at $0.19.Inventory levels also indicated a shift, with a dramatic 51.2 per cent reduction from the previous year, totalling $354.3 million.Looking ahead, Wolverine Worldwide has set its fiscal 2024 (FY24) revenue expectations to between $1.68 billion and $1.73 billion, projecting a decline of about 13.2 per cent to 15.7 per cent compared to 2023. Despite the forecasted drop in revenue, the company anticipates an increase in gross margin to approximately 44.5 per cent and an operating margin of about 5.7 per cent, with an adjusted operating margin reaching around 7 per cent.“We delivered better-than-expected revenue and earnings in the first quarter, and we are beginning to see proof points emerge as early validation of our strategy and execution—including record gross margin in the quarter, acceleration in our direct-to-consumer business, improving order trends across our wholesale operations, and a healthier balance sheet,” said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide. Fibre2Fashion News Desk (DP) More Wolverine World Wide Inc News... More Apparel/Garments News - United States Of America...

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Apparel/Garments US' Wolverine Worldwide hires Tom Long as lead independent director 08 Nov '22 2 min read Nicholas T Long, Wolverine World Wide lead independent director. Pic: Wolverine World Wide American apparel and footwear company Wolverine World Wide, Inc has announced the appointment of Nicholas T Long as lead independent director of its board of directors, effective November 4, 2022. Long, a Wolverine Worldwide director since 2011 and current chair of the compensation committee, succeeds Dr. David T Kollat, who will remain on the board.Long, 63, is a veteran of multiple consumer-focused brands and brings exceptional global experience from his over thirty-year career, according to a press release by Wolverine World Wide. From 2011 until his retirement in 2015, Long served as chief executive officer of MillerCoors LLC, a joint venture between two publicly traded beverage companies. Previously, Long was chief executive officer and chief marketing officer of Miller Brewing Company. Before entering the beer industry, Long spent 17 years at The Coca-Cola Company as president of the Northwest Europe division, president of the Great Britain and Ireland division, and in several senior marketing positions.American apparel and footwear company Wolverine World Wide, Inc has announced the appointment of Nicholas T Long as lead independent director of its board of directors, effective November 4, 2022. Long, a Wolverine Worldwide director since 2011 and current chair of the compensation committee, succeeds Dr. David T Kollat, who will remain on the board.“We are very pleased to announce Tom’s appointment as our next lead independent director,” said Brendan Hoffman, Wolverine Worldwide’s president and chief executive officer. “He brings an enormous depth and breadth of both boardroom leadership and management experience to the lead independent director role for Wolverine Worldwide. Tom’s expertise in global brand-building, strategic marketing, and consumer-obsessed businesses will be critical in helping to set and deliver against the company’s strategic objectives.”“On behalf of the entire board of directors, I would like to express our gratitude and deep appreciation to David Kollat for his strong leadership and sound judgement as lead independent director,” said Blake W Krueger, executive chairman of Wolverine Worldwide. “David has served in this role since 2007, as the company transitioned CEOs, secured multiple transformative acquisitions, and thrived through a variety of differing market conditions.”Long holds a bachelor’s degree from the University of North Carolina and an MBA from Harvard Business School. He also serves on the board of directors of Amcor Limited and several private company boards. Fibre2Fashion News Desk (NB) More Wolverine World Wide Inc News... More Apparel/Garments News - United States Of America...

Textiles US' Wolverine Worldwide announces new board chairman 20 Mar '23 3 min read (L-R)Blake Krueger and Tom Long. Pic: Business Wire Wolverine Worldwide, Inc, which operates one of the world’s largest portfolios of lifestyle and footwear brands, has announced that its chairman and retired CEO, Blake Krueger, will be retiring from the board on May 4, 2023. Tom Long, the board’s lead independent director, has been appointed to serve as chairman upon Krueger’s retirement.Krueger has been with Wolverine Worldwide for approximately 30 years, through a series of executive roles culminating in his appointment as CEO and board member in 2007, then as CEO and chairman of the board in 2010. He retired as CEO at the end of 2021, and since then has continued to lead the company’s board of directors as executive chairman in 2022 and as chairman this year.Long joined Wolverine Worldwide’s board in 2011 after a 30-year career that included serving as CEO of MillerCoors, LLC, CEO and chief marketing officer of Miller Brewing Company, and in several senior global and marketing roles at Coca-Cola. He was appointed lead independent director of Wolverine Worldwide’s board in 2022, and previously served as chair of the Compensation Committee.Blake Krueger, Wolverine Worldwide's chairman and retired CEO, will be retiring from the board on May 4, 2023. Tom Long, the board's lead independent director, has been appointed to succeed Krueger as chairman. Krueger had been with the company for nearly 30 years and had played a significant role in transforming the company into a consumer-focused firm.“On behalf of the board of directors, I would like to thank Blake for his many years of dedication and service to the Company and its shareholders,” said Long. “During his long tenure the company transformed from a traditional footwear wholesaler into a consumer-focused, global organisation with one of the world’s largest portfolios of footwear and lifestyle brands. I am honored to succeed him as chairman as part of our planned leadership transition.”Brendan Hoffman, Wolverine Worldwide’s president and chief executive officer, said: “I feel fortunate to have had the opportunity to work closely with and learn from Blake since I joined the company in August 2020. I look forward to building on the strong foundation he laid and working with the word-class team he assembled to elevate Wolverine Worldwide’s position as a global leader in the industry.“It has been an absolute privilege and honour to have served Wolverine Worldwide for the past 30 years, and to have played a role in the company’s successful 140-year history,” said Krueger. “I am excited about the company’s future and know that under Brendan’s leadership and the strategic guidance of Long and the board of directors, and with the efforts of our global team, Wolverine Worldwide and its shareholders are in great hands and well-positioned for continued growth and success.”The company also announced the appointment of Stacia Andersen, Jodi Bricker, and DeMonty Price to its board of directors, effective March 14, 2023. Fibre2Fashion News Desk (RR) More Wolverine World Wide Inc News... More Textiles News - United States Of America...

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Apparel/Garments US' Wolverine Worldwide advances transformation initiatives 20 Dec '23 3 min read Pic: Wolverine Worldwide Insights Wolverine Worldwide is executing strategic actions to focus its portfolio and transform into a consumer-oriented growth company. The company is accelerating the sale of a minority ownership interest in its Merrell and Saucony joint venture in China to Xtep for $61mn. Additionally, it is selling its equity interest in the joint venture entities to Xtep. Wolverine Worldwide has announced strategic actions that further focus the company’s portfolio and advance its ongoing transformation into a consumer-obsessed growth company.“We’ve taken fast, bold, and decisive actions to stabilise the company today, while working to transform Wolverine Worldwide for the future," said Chris Hufnagel, president and chief executive officer. “Our actions over the past four months have served to simplify our business model, reduce our cost structure, and strengthen our balance sheet. While our work isn't done, we enter the new year with a clear vision for the future, enhanced ability to invest in our brands and platforms, and ultimately, a better position to deliver stronger returns for our shareholders.”Wolverine Worldwide is executing strategic actions to focus its portfolio and transform into a consumer-oriented growth company. The company is accelerating the sale of a minority ownership interest in its Merrell and Saucony joint venture in China to Xtep for $61mn. Additionally, it is selling its equity interest in the joint venture entities to Xtep.Strategic actions include evolving and optimising the company’s successful Merrell and Saucony joint venture in China by entering into agreements for a total amount of $61 million to accelerate an existing option to sell a minority ownership interest in the entity that owns the Saucony intellectual property in China to Xtep, its joint venture partner, and sell the company’s equity interest in the Merrell and Saucony joint venture entities to Xtep, the company said in a press release.Wolverine Worldwide formed a joint venture with Xtep in 2019 to launch the Merrell and Saucony brands in China. Xtep is a powerful vertical player in the fast-growing sportswear market, with over 8,200 stores in Asia-Pacific, North America, and EMEA, and a strong network of distributors and shopping mall operators.Under the joint venture agreement, Xtep held the option to purchase a 40 per cent minority ownership interest in the entity that owns the Saucony intellectual property in China if the business met certain financial targets. Due to the early success and profitability of Saucony in China, the company and Xtep have agreed to accelerate the exercise of this purchase option.The company and Xtep have also agreed for the company to sell its equity interest in the Merrell and Saucony joint venture entities to a wholly-owned subsidiary of Xtep, transitioning the business from a joint venture model to a license and distribution rights model under which Xtep will exclusively carry out the development, marketing and distribution of footwear, apparel and accessories for the Saucony and Merrell brands in China. This evolution underscores the growth prospects of these two brands in China, and is the result of the early success and maturity of the joint venture. The new operating model is expected to further leverage Xtep’s expertise and significant resources in China, unleashing the brands’ full potential in this key market while allowing Wolverine Worldwide to focus on brand-building by developing awesome products and telling amazing stories across its global footprint.Wolverine Worldwide has entered into a definitive agreement to sell its Asia-based Wolverine Leathers business to Interhides Public Company Limited, a current materials vendor of the company, for approximately $9 million. This completes the company’s previously announced objective to sell its Wolverine Leathers business – further focusing the company’s portfolio. Fibre2Fashion News Desk (RR) More Wolverine World Wide Inc News... More Apparel/Garments News - United States Of America...

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