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Apr 01, 2023
Wolverine Q1 2023 Earnings Report
Wolverine Worldwide reported first quarter results in line with guidance and reaffirmed its full-year 2023 outlook.
Key Takeaways
Wolverine World Wide, Inc. reported first quarter results in line with guidance, with 15% constant currency revenue growth from the Active Group. Earnings results slightly exceeded expectations, and progress was made on reducing inventory. The company is exploring strategic alternatives for Sperry.
Delivered first quarter results in line with guidance, including 15% constant currency revenue growth from the Active Group.
Earnings results slightly exceeded expectations and progress was made on reducing inventory.
Reaffirmed full-year outlook despite a challenging environment.
Exploring strategic alternatives for Sperry while positioning the brand for long-term success.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Wolverine Worldwide reaffirms revenue and earnings guidance for fiscal 2023.
Positive Outlook
- Revenue from ongoing business is expected to be in the range of $2.53 billion to $2.58 billion, representing growth of approximately 0.0% to 2.0% and constant currency growth of approximately 1.0% to 3.0%.
- Gross margin is expected to be approximately 41.3% and adjusted gross margin is expected to be approximately 42.0%
- Operating margin is expected to be approximately 8.7%, and adjusted operating margin is expected to be approximately 8.5%
- The effective tax rate is expected to be approximately 21.0%.
- Diluted earnings per share are expected to be between $1.50 to $1.70 and adjusted diluted earnings per share are expected to be between $1.40 to $1.60.
Challenges Ahead
- These full-year EPS expectations include an approximate $0.14 negative impact from foreign currency exchange rate fluctuations.
- Diluted weighted average shares are expected to be approximately 79.3 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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