Wolverine World Stock Price, News & Analysis

Wolverine Worldwide (NYSE: WWW) has appointed Brendan Hoffman as its new President, effective September 8, 2020. Hoffman, with 30 years of experience in merchandising and digital marketing, previously served as CEO of Vince Holding Corp. and has a solid track record in enhancing eCommerce growth. The leadership transition is part of a multi-year succession plan announced by current CEO Blake W. Krueger. Hoffman aims to drive growth across the company's lifestyle brands and adapt to the evolving global marketplace while focusing on consumer direct strategies.

Wolverine has partnered with Metallica's nonprofit, All Within My Hands, to launch a unique initiative aimed at supporting the American workforce. This collaboration will provide scholarship funding to trade school students and promote two special edition boots inspired by Metallica. The Metallica Scholars 1000 Mile Axel and Hellcat UltraSpring™ boots will be available for pre-order, with all proceeds benefiting AWMH. Each boot is designed with Metallica-themed features and Wolverine's quality materials. The initiative includes a $100,000 grant to three community colleges to bolster workforce education.

Wolverine World Wide reported second-quarter results exceeding expectations despite the pandemic's impact. Revenue was $349.1 million, down 38.6% year-over-year, yet eCommerce revenue surged by 96%. The company achieved a gross margin of 42.2% and generated $116 million in operating cash flow. The total liquidity improved to $1.1 billion, with cash on hand at $423 million. While diluted loss per share was $0.02 compared to earnings of $0.45 last year, adjusted diluted EPS was $0.08. The company remains cautiously optimistic about navigating the ongoing market challenges.

On July 29, 2020, Wolverine World Wide announced a quarterly cash dividend of $0.10 per share, payable on November 2, 2020, to stockholders of record on October 1, 2020. This dividend maintains the previous quarterly amount, indicating an annual dividend of $0.40 per share. Wolverine Worldwide, a leading marketer of various footwear and apparel brands, has a rich history dating back to 1883 and operates in approximately 170 countries.

Wolverine World Wide, Inc. (NYSE: WWW) announced it will report its second quarter 2020 financial results on August 5, 2020, at 6:30 a.m. ET. A conference call will follow at 8:30 a.m. ET to discuss these results and current business trends. The call will be accessible via the Investor Relations section of their website, with a replay available for 30 days. Wolverine World Wide is a leading marketer and licensor of various footwear and apparel brands, operating globally in around 170 countries.

Wolverine World Wide, Inc. (NYSE: WWW) provided a business update ahead of Baird's 2020 Conference. Despite COVID-19 challenges, the company reported better-than-expected sales, with owned eCommerce growing over 90% year-over-year, representing 40% of total revenue. Approximately 70 out of 90 stores are set to reopen by mid-June. Total global revenue was down less than 50% compared to last year. The company anticipates $1 billion in liquidity at the end of Q2, with an expected operating cash flow of $150 million to $200 million for the fiscal year.

Wolverine World Wide announced the pricing of $300 million in 6.375% Senior Notes due 2025, intended to repay borrowings under its revolving credit facility. The offering's closing is expected on May 11, 2020, pending customary conditions. The Notes will be offered to qualified institutional buyers and non-U.S. persons under specific regulations, remaining unregistered under the Securities Act. Caution is advised due to potential risks from COVID-19 and other market uncertainties that could impact future performance.

Wolverine World Wide announced a $300 million offering of senior notes due 2025. The proceeds will be used to repay borrowings under its revolving credit facility, enhancing liquidity. The notes are targeted at qualified institutional buyers and non-U.S. persons, and will not be registered under the Securities Act, meaning they require special exemptions for sales in the U.S. The company cautions that future performance is subject to risks including the ongoing impact of the COVID-19 pandemic on its operations.