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Wolverine World Wide, Inc. reports developments tied to a branded footwear and apparel portfolio that includes Merrell, Saucony, Sweaty Betty, Hush Puppies, Wolverine, Chaco, Bates, HYTEST and Stride Rite, along with licensed Cat and Harley-Davidson footwear. The company designs, markets and licenses casual, outdoor, athletic, kids, industrial work and uniform footwear and apparel sold through retailers in the United States and international markets.
Recurring news covers quarterly results and conference calls, board-declared cash dividends, brand collaborations such as Chaco product collections, Work Group leadership and product-innovation updates, and marketing technology initiatives involving Merrell and Saucony. Company updates also discuss brand performance, direct-to-consumer trends, gross margin drivers, tariffs, foreign currency and portfolio changes such as the prior Sperry sale.
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.