- Wolverine World Wide Inc (NYSE:WWW) reported first-quarter FY22 sales growth of 20.4% year-on-year to $614.8 million, beating the consensus of $603.12 million.
- Revenue from the Michigan group rose 10.6% to $329.3 million, and the Boston group climbed 5.7% to $212.3 million.
- The gross margin for the quarter fell 100 basis points Y/Y to 42.5%.
- The adjusted operating margin contracted 210 basis points to 8.1%.
- The company held $149.6 million in cash and equivalents as of April 2, 2022.
- Inventory at the end of the quarter increased 50.6% Y/Y to $483.3 million.
- Adjusted EPS of $0.41 beat the analyst consensus of $0.39.
- CFO Mike Stornant said, "Looking forward, the continued strong demand for our brands combined with improving inventory flow supports our reiteration of full-year revenue and EPS guidance."
- Outlook: Wolverine reiterated its FY22 sales guidance of $2.775 billion - $2.850 billion, against the consensus of $2.8 billion.
- The company continues to expect FY22 adjusted EPS of $2.50 - $2.65 versus the estimate of $2.58.
- Price Action: WWW shares are trading lower by 3.92% at $17.66 on the last check Wednesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
Wolverine Worldwide Q1 Earnings Beat Street View; Reiterates FY22 Forecast
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks