Wolverine World Wide Hits EPS Guidance Despite Soft Sales in Q2
Preliminary results for the period are expected to show that reported revenues declined 4-5%, and revenues adjusted for currency, the exit of the Patagonia license and the closure of retail stores were flat; however, adjusted EPS will still be within the $0.47-49 range ($49.5 mm) of its earlier guidance. WWW said that besides currency, it saw weaker than expected sales in its brick-and-mortar stores, particularly in Stride Rite, and also experienced higher than expected cancellations and lower reorders as inventories built up at key retailers during the quarter.
WWW was able to protect the bottom line with a combination of lowering ... Log in to view full article.