All Wolverine Worldwide articles
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ArticleFootwear stocks treaded water in a quarter marked by shareholder activism
The prices of stocks monitored by Shoe Intelligence grew by 1.3 percent on average in the first quarter of 2024, compared with the previous three months, in very volatile trade. The quarter was marked by shareholder activism. Tabor Asset Management, a US investment company that has a 1.1 percent stake ...
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ArticleWolverine makes progress on turnaround but more bumps likely
Six months on the job, Wolverine World Wide’s president and CEO, Chris Hufnagel, had to oversee changes in many aspects of the group’s overall business, including excess inventory, shedding businesses, lowering debt levels, and improving the supply chain. Progress has been made, but the turnaround will take more time ...
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ArticleWolverine World Wide sells the Sperry brand to ABG and the inventory to Aldo
Wolverine World Wide has sold the rights to the Sperry brand to Authentic Brands Group (ABG) and part of the brand’s inventory to the Aldo Group for a total of about $130 million to be largely cashed in the first quarter. Wolverine will use the proceeds to pay down debt ...
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ArticleWolverine’s inventory and debt are below expectations at the end of 2023
Wolverine World Wide confirmed its sales and earnings guidance released in November, while inventory and net debt are below expectations. The U.S. company expects full-year and fourth-quarter revenues of approximately $2.24 billion and $527 million, respectively. The annual and quarterly revenues for the ongoing business are estimated at $2.20 billion ...
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News briefs
Wolverine Worldwide appoints a chief supply chain officer
Wolverine World Wide, Inc. has announced the appointment of Bishu Jayaram to the newly created position of chief supply chain officer. In this position, he will be responsible for global sourcing, distribution, logistics and integrated planning. Jayaram, a seasoned executive with over 20 years of supply chain and sourcing experience, ...
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ArticleWolverine sells assets in Asia for $70m
Wolverine Worldwide announced the sale of assets in Asia that will generate a combined $70 million in proceeds and further streamline the group’s structure. The U.S. company will raise $61 million by exercizing an option to sell a minority ownership interest in the entity that owns the Saucony intellectual property ...
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ArticleWolverine lowers outlook as overhaul moves forward
Wolverine World Wide’s third-quarter results weren’t pretty, but they did exceed Street estimates on several fronts as the Merrell, Saucony, and Sweaty Betty parent moved forward with numerous initiatives aimed at reducing annualized costs by $215 million and turning the company’s fortunes in the right direction again. Net income ...
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ArticleWolverine accelerates its transformation plan
Wolverine World Wide, the owner of a large brand portfolio, including Merrell, Saucony, Sperry, Sweaty Betty, Hush Puppies and Wolverine, announced actions to accelerate its ongoing strategic transformation into a “brand-led and consumer-obsessed growth company.” Chris Hufnagel, President and CEO, said: “We are moving with speed and urgency to transform ...
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ArticleThe stocks of footwear companies continued to be under pressure in Q3
The prices of stocks monitored by Shoe Intelligence fell by 7 percent on average in the third quarter of 2023 compared with the previous three months amid ongoing concern about the economic outlook due to weak demand, higher interest rates and stubborn inflation. In the second quarter, the panel was ...
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News briefs
Wolverine Boots celebrates 140 years by selling 140 pairs at $1.40
Wolverine Boots is celebrating 140 years by giving 140 people the opportunity to purchase the 140th-anniversary 1000 Mile Boot for just $1.40 a pair. From Sept. 29 to Oct.16 customers are invited to visit wolverine.com/140. Winners will be notified on Oct. 24 and given priority access to purchase. The remaining ...
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ArticleWolverine sells Hush Puppies IP in China, Hong Kong, Macau, divests U.S. leather business
Wolverine World Wide announced additional steps in the ongoing streamlining of its brand portfolio, including the sale of Hush Puppies intellectual property in China, Hong Kong and Macau, and the sale of its U.S. Wolverine Leathers business. The portfolio transformation is expected to help the company become more efficient, direct ...
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ArticleWolverine’s new CEO to spearhead turnaround as Q2 results tumble
Chris Hufnagel, who was named president and CEO on Aug. 10, of Wolverine Worldwide, Inc (WWW) with immediate effect following the sudden departure of Brendan Hoffman, faces numerous headwinds from day one, with the group’s second-quarter figures now released. They range from getting inventory and debt to proper levels and ...
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News briefs
Ponto names a new brand president
Ponto, a footwear brand based in Encinitas, California, has appointed Barry McGeough as brand president. ”McGeough’s appointment marks a significant milestone in Ponto’s journey towards growth and sustainability,” the company said in a statement. He previously held leadership roles at VF, PVH, Google and Wolverine World Wide. Most recently, McGeough ...
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ArticleWolverine Worldwide appoints new company president and key brand leaders
Wolverine World Wide, Inc. (WWW), owner of lifestyle and footwear brands including Merrell, Saucony, Sperry, Sweaty Betty, Hush Puppies, Wolverine, Chaco and Stride Rite, this week made several executive appointments. The changes were made “to help drive future growth and accelerate its global brand-building efforts” and build on the strategic ...
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News briefs
Wolverine looking for new Saucony brand president
Anne Cavassa, who joined Saucony as the brand’s first woman president in May 2018 after more than 20 years working for the likes of Brooks Running, Timberland, Nike, and Reebok, recently left Wolverine Worldwide. Senior company executives disclosed her departure during the conference call on first-quarter earnings. In the quarter, ...
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ArticleU.S. footwear stocks tumble after Foot Locker’s profit warning
Shares in U.S. footwear companies nosedived after Foot Locker issued a profit-warning due to the softening of market conditions and the need to increase markdowns to reduce inventories. Mary Dillon, Foot Locker’s president and chief executive officer, said that since the launch of the company’s Lace Up Strategy at its ...
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ArticleWolverine explores options for Sperry
Wolverine Worldwide reported better-than-expected first-quarter results and said it was exploring options for its Sperry footwear and apparel brand as it works to reshape its business amid a deterioration in market trends since the start of the year, macroeconomic concerns and a cold spring selling season that has hit consumer ...
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ArticleThe stocks of former IPO stars Allbirds and Dr. Martens continue their freefall in Q1
The prices of stocks monitored by Shoe Intelligence rebounded by about 5 percent overall in the first quarter of 2023 compared with the previous three months driven by some key clusters such as large U.S. footwear companies, online retailers and luxury goods groups. However, both Allbirds and Dr. Martens, previously ...
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News briefs
Wolverine Worldwide names new chairman, directors
Tom Long, the lead independent director for Wolverine Worldwide and former CEO of MillerCoors, LLC, will become chairman of Wolverine on May 4 following the retirement of Blake Krueger, chairman and retired CEO. Meanwhile, earlier this week, the parent of the Merrell and Saucony brands, among others, named three ...
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ArticleWolverine Worldwide forecasts meaningful profit progress in H2
Wolverine Worldwide, having already taken numerous actions in Q4 that included staff cuts and the divestiture of its Keds business, is targeting flat to 2 percent sales growth in FY23 and a 210-basis point improvement in adjusted gross margin to approximately 42.0 percent as it continues to transform its business, ...
