Wolverine World Wide Sales Slide Again
WWW revenues declined for the fourth straight quarter, falling 7% to $583.7 million from $630.1 million while net income was down 5% to $24.0 million from $25.3 million in Q2 ended Jun. 18. But both numbers were higher than expectations and WWW shares gained 9% on the news. Gross margin contracted 30 basis points to 38.8% benefitting from strategic price increases, better mix and lower closeouts more than offset by 100 b.p. of negative currency effects. Inventories were $439.3 million, down 2.9% from Q2 ’15, and its inventory reduction plans are ahead of schedule with a goal of down high-single ... Log in to view full article.