Wolverine Results Down But ‘Worst Medicine is Behind Us’
Bolstered by some momentum at the key Merrell brand and modest growth in the U.S. market, Wolverine World Wide declared that it would reach its target of a 12% operating margin for 2018 as it reported net income of $23.2 million, down 52% from $48.2 million for the 13 weeks ended Sep. 30 as revenues declined 4% to $581.3 million from $603.7 million. WWW noted that adjusted revenue was down 8% accounting for a calendar change but underlying revenue adjusted for store closures, licensing the Sperry brand and the disposal of certain businesses was up 1%. Operating margin in Q3 ... Log in to view full article.