Wolverine World Wide Restructuring Pushes Ahead
WWW accelerated its Way Forward transformation plan in Q1, closing 104 stores and liquidating $20 million in inventory resulting in $9.2 million loss which pulled net income down 4% to $16.7 million from $17.4 million on 2% higher revenue at $591.3 million vs. $577.6 million. Revenue decreased 5% without the additional week in Q1 this year. Gross margin increased 10 basis points to 39.7% and was up 120 b.p. constant currency to 41.7%. Inventory plunged 26% to $356.5 million and the liquidations continue with another 76 stores closed in the first month of Q2 including the last of the Stride ... Log in to view full article.