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Mar 30, 2024
Wolverine Q1 2024 Earnings Report
Exceeded first quarter revenue and earnings expectations and posted record gross margin.
Key Takeaways
Wolverine Worldwide reported better-than-expected revenue and earnings in Q1 2024, with a record gross margin, acceleration in direct-to-consumer business, improving order trends across wholesale operations, and a healthier balance sheet.
Delivered better-than-expected revenue and earnings in the first quarter.
Achieved record gross margin in the quarter.
Experienced acceleration in direct-to-consumer business.
Observed improving order trends across wholesale operations.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Full year 2024 outlook is as follows:
Positive Outlook
- Revenue from our ongoing business is now expected to be approximately $1.68 billion to $1.73 billion.
- Gross margin is expected to be approximately 44.5%.
- Operating margin is expected to be approximately 5.7% and adjusted operating margin is expected to be approximately 7.0%.
- Diluted earnings per share are expected to be between $0.43 and $0.63, and adjusted diluted earnings per share are expected to be between $0.65 and $0.85.
- Net Debt at year end is now expected to be approximately $565 million, a reduction of $175 million from the prior year end.
Challenges Ahead
- Revenue from our ongoing business is now expected to be approximately $1.68 billion to $1.73 billion, which is adjusted for the new licensing model recently announced on May 1 for our Merrell and Saucony kids business. This range represents a decline compared to 2023 of approximately 15.7% to 13.2% and constant currency decline of approximately 15.5% and 13.0%.
- These full-year EPS projections include an approximate $0.10 negative impact from foreign currency exchange rate fluctuations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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