Wolverine says turnaround plan is working
16/05/2024
Financial results for 2024, and comparable results from 2023, exclude the impact of Keds, which was sold in February 2023; the US Wolverine Leathers business, which was sold in August 2023; the non-US Wolverine Leathers business, which was sold in December 2023; and the Sperry business, which was sold in January 2024.
Revenues of $395 million in the first quarter were 34% down against last year.
Chris Hufnagel, CEO of Wolverine Worldwide, said: “We’re executing our turnaround and transformation with pace and continue to make meaningful progress towards realising the full potential of our brands, platforms, and teams. While we have more work to do, I’m encouraged by the great work of our teams and the power of our brand-building model – focused squarely on creating awesome products, telling amazing stories, and driving the business.”
Last autumn, it announced job losses and sell-offs to stem losses.
Mike Stornant, chief financial officer, added: “We continued to strengthen the balance sheet by reducing inventory for our ongoing business by $251 million year-over-year and net debt by $55 million since year-end 2023 – both nicely ahead of our plan. We remain on track to achieve our financial objectives for the year, and we are encouraged by the progress we have made in such a short time frame.”
The group’s portfolio includes Merrell, Saucony, Sweaty Betty, Hush Puppies, Wolverine and Chaco.
Share this story:
