Welcome to our dedicated page for Wolverine World Wide news (Ticker: WWW), a resource for investors and traders seeking the latest updates and insights on Wolverine World Wide stock.
Wolverine World Wide, Inc. (NYSE: WWW), established in 1883, is a leading global marketer and licensor of branded casual, active lifestyle, work, outdoor sport, athletic, children's, and uniform footwear and apparel. The company is headquartered in Rockford, Michigan, and distributes its products in over 170 countries and territories. Wolverine World Wide’s portfolio boasts renowned brands such as Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Chaco, Bates, and Hytest. Additionally, the company is the global footwear licensee for the popular Cat and Harley-Davidson brands.
The company is engaged in designing, manufacturing, sourcing, marketing, licensing, and distributing branded footwear, apparel, and accessories through its diverse business segments: Active Group, Work Group, Lifestyle Group, and Other. The Active Group segment, which includes the Merrell, Saucony, Sweaty Betty, and Chaco brands, generates the maximum revenue.
Recent achievements include the launch of the Marathumb Challenge by Saucony to encourage physical activity over smartphone usage. Saucony, one of Wolverine World Wide’s key brands, introduced the Ride 17 and Guide 17 sneakers, bringing innovations like PWRRUN+ midsole and CenterPath Technology™ to enhance the running experience. The Marathumb Challenge measures the distance users scroll on their phones and compares it to their physical steps, motivating users to move more and scroll less.
Wolverine World Wide has partnered with the American Camp Association (ACA) to promote camp employment through the “Work at Camp” event, aimed at college and university students. This initiative highlights the benefits of working at camps, fostering leadership, time management, and communication skills.
Financially, Wolverine World Wide has maintained a strong market presence with consistent revenue streams from its diverse brand portfolio. The company’s strategy focuses on innovation, expanding its market reach, and building strong consumer relationships. Wolverine World Wide continues to inspire and engage its consumers through high-quality, performance-driven products designed for various activities and lifestyles.
Wolverine World Wide (NYSE: WWW) announced it will report its first quarter fiscal 2023 financial results on May 10, 2023, at 6:30 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss the results and current business trends. Interested parties can join the call by dialing 1-877-407-4018, and a live broadcast will be available on the Investor Relations section of its website. A recorded replay of the call will be accessible until June 10, 2023. The company, founded in 1883, specializes in branded footwear and apparel with a diverse portfolio including brands like Merrell, Saucony, and Hush Puppies, selling in approximately 170 countries.
Merrell has launched the MTL Skyfire 2, its lightest-ever trail running shoe, designed for elite athletes. Weighing under 7 oz., the shoe features a customized webbed Vibram® outsole, FloatPro Foam™ midsole, and FlexPlate™ for optimal comfort and stability on rugged terrains. The MTL Skyfire 2 is engineered for vertical mountain races, combining lightweight performance with durability, as it was developed in collaboration with professional trail runners. Merrell is also promoting a global Fastest Known Time (FKT) challenge, encouraging runners to record their best times in the new shoe. The MTL Skyfire 2 has received accolades from Runner's World and ISPO Awards, further solidifying its position in the competitive outdoor footwear market.
Wolverine Worldwide (NYSE: WWW) announced strategic changes aimed at enhancing the operating performance of Sweaty Betty, a premium women's activewear brand acquired in August 2021. Sweaty Betty will now report to Wolverine's International Group in London, aligning it with global growth opportunities. The company plans to reduce office space in London and implement cost-saving measures, which may include workforce reductions in the UK. These actions aim to optimize Sweaty Betty's cost structure and prepare for future investments. CEO Julia Straus is set to leave in June 2023, with a search for her successor already underway.
Wolverine World Wide (NYSE: WWW) announces the retirement of Blake Krueger as Chairman, effective May 4, 2023, succeeded by Tom Long, the Lead Independent Director. Krueger's nearly 30-year tenure transformed the company into a leading global brand. New Board members Stacia Andersen, Jodi Bricker, and DeMonty Price bring extensive experience in omnichannel retail and brand-building, effective March 14, 2023. The Board also acknowledges David McCreight's resignation to focus on his role at Lulu’s. This transition aims to bolster Wolverine's growth strategy and industry leadership.
Merrell, a leading outdoor footwear brand, announced the addition of ultrarunner Reid Burrows to its international trail team. Based in Canada, Burrows has achieved notable success in trail running since 2019, including first-place finishes in events such as the 2022 Sulphur Springs 50km and the Herring 20k Run. Merrell believes Burrows will enhance its athlete roster while contributing to product development through the Merrell Test Lab. In 2023, Burrows is set to participate in various high-profile races, promoting mental health awareness and community involvement through his initiatives. Merrell is a division of Wolverine World Wide (NYSE: WWW).
Wolverine continues its partnership with 343 Industries by launching a new limited-edition Spartan-inspired boot collection on March 16, 2023. Following the success of the previous Wolverine x Halo Master Chief boot that sold out quickly, this new collection features four unique styles: Wild Kovan, Foxwood Seal, Scorpion Horvath, and Midnight Frost. These boots incorporate design elements inspired by the Halo universe, including a reflective patch, UNSC insignia, and premium materials. Available for $175 on Wolverine.com, buyers will also receive an exclusive Halo Infinite Nameplate Background titled 'Plasma Lock'.
Merrell has been named the winner of the Footwear Plus 24th Annual Plus Awards in the outdoor category for the fourth consecutive year, marking the 14th time since the awards' inception in 1999. The awards highlight design and retail excellence in the footwear market, determined by industry and consumer votes. Merrell aims to continue being a leader in hiking and trail running footwear while expanding into stylish lifestyle options. In 2022, Merrell was recognized as Footwear News's Brand of the Year and received other accolades for its innovative products.
Wolverine World Wide reported fourth quarter revenue of $665 million, a 4.6% growth year-over-year, with an 8.4% increase on a constant currency basis. The Active Group experienced a significant revenue rise of 16.8% to $397.6 million. However, the gross margin declined to 33.7% from 41.3% due to inventory liquidation and increased promotions. The company anticipates a 2023 revenue growth of 0% to 2% and an operating margin around 8.5%. Notably, diluted EPS for the quarter was reported at ($4.59), a significant drop compared to the previous year.
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