Wolverine Worldwide’s Q3 results weren’t pretty, but they did exceed Street estimates on several fronts as the Merrell, Saucony, and Sweaty Betty parent moved forward with numerous initiatives aimed at reducing annualized costs by $215 million and turning the company’s fortunes in the right direction again. Net income slid by 77% to $9.0 million from $38.8 million on a 24% decline in total revenues to $527.7 million from $691.4 million for the period ended Sep. 30. Ongoing total revenue from continuing businesses was down by 20% to $519.5 million.

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