Wolverine World Wide sees FY24 adjusted EPS 65c-85c with items, consensus 85c

Sees FY24 revenue $1.70B-$1.75B, consensus $1.95B. FY24 EPS projections include an approximate 10c negative impact from foreign currency exchange rate fluctuations. The outlook for 2024, and comparable results from 2023, in each case, for our ongoing business now also exclude the impact of Sperry, which was sold in January 2024. “Our expectation of improved FY24 profitability reflects the comprehensive stabilization work completed over the last six months,” said Mike Stornant, Executive Vice President and CFO. “We expect to deliver incremental cost benefits of $140M from recent profit improvement initiatives, allowing reinvestment into demand creation, enhanced technology, among other new capabilities needed to drive sustained growth. Solid inventory reductions already executed will benefit gross margin and allow for an increased flow of new and innovative product offerings. Successful efforts to lower debt are expected to reduce interest expense by approximately $20M. While we expect the macro environment to remain challenging, especially in the first half of the year, we believe firmly that the business is on much stronger footing and poised to drive improved profit, cash flow and growth into the future.”