Wolverine World Wide sees Q4 and FY22 EPS at low end of prior guidance

The company guided Q4 EPS at (15c)-(5c) and FY22 EPS at $1.41-$1.51. Consensus for Q4 is (11c) and for FY22 at $1.45. CEO Brendan Hoffman states: "During the fourth quarter, we achieved our revenue, inventory management and cash flow goals. The acceleration of our inventory reduction efforts is expected to pressure fourth-quarter earnings toward the low end of our guidance. We are executing well against a 100-day action plan that establishes near-term operational improvements needed to set the foundation for growth and profit improvement moving forward. The continued liquidation of end-of-life inventory is critical to this plan and we are encouraged by the progress made and options available to further clear these goods in early 2023."