Wolverine World Wide Q2 2024: Sales $247.1M, Net Income $33.4M
Ticker: WWW · Form: 10-Q · Filed: Aug 8, 2024 · CIK: 110471
Sentiment: neutral
Topics: financials, earnings, quarterly-report
TL;DR
Wolverine Q2 sales $247.1M, net income $33.4M. Assets $255.2M, liabilities $250.0M.
AI Summary
Wolverine World Wide Inc. reported its Q2 2024 results ending June 29, 2024. The company had total assets of $255.2 million and total liabilities of $250.0 million. Net sales for the period were $247.1 million, with a net income of $33.4 million.
Why It Matters
This filing provides insight into Wolverine's financial performance for the second quarter of 2024, impacting investor confidence and stock valuation.
Risk Assessment
Risk Level: medium — The company has a significant amount of liabilities relative to its assets, indicating potential financial strain.
Key Numbers
- $247.1M — Net Sales (Q2 2024 revenue)
- $33.4M — Net Income (Q2 2024 profit)
- $255.2M — Total Assets (As of June 29, 2024)
- $250.0M — Total Liabilities (As of June 29, 2024)
Key Players & Entities
- WOLVERINE WORLD WIDE INC /DE/ (company) — Filer
- 20240629 (date) — End of Reporting Period
- $255.2 million (dollar_amount) — Total Assets
- $250.0 million (dollar_amount) — Total Liabilities
- $247.1 million (dollar_amount) — Net Sales
- $33.4 million (dollar_amount) — Net Income
FAQ
What were Wolverine World Wide's total assets as of June 29, 2024?
Wolverine World Wide's total assets were $255.2 million as of June 29, 2024.
What were the company's total liabilities at the end of the reporting period?
The company's total liabilities were $250.0 million as of June 29, 2024.
What were Wolverine's net sales for the quarter ending June 29, 2024?
Net sales for the quarter ending June 29, 2024, were $247.1 million.
What was the net income reported for the period ending June 29, 2024?
The net income reported for the period ending June 29, 2024, was $33.4 million.
What is the company's fiscal year end?
Wolverine World Wide Inc.'s fiscal year ends on December 30.
Filing Stats: 4,637 words · 19 min read · ~15 pages · Grade level 7.6 · Accepted 2024-08-08 14:37:46
Key Financial Figures
- $1 — ange on which registered Common Stock, $1 Par Value WWW New York Stock Exchange
Filing Documents
- www-20240629.htm (10-Q) — 1384KB
- a2024-q2ex101secondamendme.htm (EX-10.1) — 18KB
- a2024-q2ex102transitionagr.htm (EX-10.2) — 96KB
- a2024-q2exhibit311.htm (EX-31.1) — 10KB
- a2024-q2exhibit312.htm (EX-31.2) — 10KB
- a2024-q2exhibit32.htm (EX-32) — 5KB
- 0000110471-24-000151.txt ( ) — 8552KB
- www-20240629.xsd (EX-101.SCH) — 66KB
- www-20240629_cal.xml (EX-101.CAL) — 77KB
- www-20240629_def.xml (EX-101.DEF) — 367KB
- www-20240629_lab.xml (EX-101.LAB) — 742KB
- www-20240629_pre.xml (EX-101.PRE) — 553KB
- www-20240629_htm.xml (XML) — 1295KB
Financial Information
PART I Financial Information 4
Financial Statements
Item 1. Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 34
Controls and Procedures
Item 4. Controls and Procedures 34
Other Information
PART II Other Information 35
Legal Proceedings
Item 1. Legal Proceedings 35
Risk Factors
Item 1A. Risk Factors 35
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35
Other Information
Item 5. Other Information 35
Exhibits
Item 6. Exhibits 36
Signatures
Signatures 37 2 Table of Contents
FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENTS This document contains "forward-looking statements," which are statements relating to future, not past, events. In this context, forward-looking statements often address management's current beliefs, assumptions, expectations, estimates and projections about future business and financial performance, national, regional or global political, economic and market conditions, and the Company itself. Such statements often contain words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "is likely," "plans," "predicts," "projects," "should," "will," variations of such words, and similar expressions. Forward-looking statements, by their nature, address matters that are, to varying degrees, uncertain. Uncertainties that could cause the Company's performance to differ materially from what is expressed in forward-looking statements include, but are not limited to, the following: changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company's products are sold; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; foreign currency exchange rate fluctuations; currency restrictions; supply chain and capacity constraints, production disruptions, including reduction in operating hours, labor shortages, and facility closures resulting in production delays at the Company's manufacturers, quality issues, price increases or other risks associated with foreign sourcing; the cost, including the effect of inflationar
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
ITEM 1. Financial Statements WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES Consolidated Condensed Statements of Operations and Comprehensive Income (Unaudited) Quarter Ended Year-To-Date Ended (In millions, except per share data) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Revenue $ 425.2 $ 589.1 $ 820.1 $ 1,188.5 Cost of goods sold 242.0 361.3 455.5 724.4 Gross profit 183.2 227.8 364.6 464.1 Selling, general and administrative expenses 166.6 195.5 343.4 407.5 Gain on sale of businesses, trademarks, and intangible assets — — — ( 20.1 ) Impairment of long-lived assets 3.2 15.6 9.3 15.6 Environmental and other related costs (income), net of recoveries ( 15.7 ) ( 29.4 ) ( 14.1 ) ( 30.3 ) Operating profit 29.1 46.1 26.0 91.4 Other expenses: Interest expense, net 11.9 16.1 23.9 31.9 Other expense (income), net ( 0.8 ) ( 0.4 ) ( 1.6 ) 0.8 Total other expense, net 11.1 15.7 22.3 32.7 Earnings before income taxes 18.0 30.4 3.7 58.7 Income tax expense 2.4 6.0 1.8 16.3 Net earnings $ 15.6 $ 24.4 $ 1.9 $ 42.4 Less: net earnings (loss) attributable to noncontrolling interests 1.4 0.4 2.2 ( 0.6 ) Net earnings (loss) attributable to Wolverine World Wide, Inc. $ 14.2 $ 24.0 $ ( 0.3 ) $ 43.0 Net earnings (loss) per share (see Note 3): Basic $ 0.17 $ 0.30 $ ( 0.01 ) $ 0.53 Diluted $ 0.17 $ 0.30 $ ( 0.01 ) $ 0.53 Comprehensive income (loss) $ 12.9 $ 25.2 $ ( 6.4 ) $ 40.0 Less: comprehensive income (loss) attributable to noncontrolling interests 0.7 0.1 1.6 ( 0.4 ) Comprehensive income (loss) attributable to Wolverine World Wide, Inc. $ 12.2 $ 25.1 $ ( 8.0 ) $ 40.4 Cash dividends declared per share $ 0.10 $ 0.10 $ 0.20 $ 0.20 See accompanying notes to consolidated condensed financial statements. 4 Table of Contents WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES Consolidated Condensed Balance Sheets (Unaudited) (In millions, except share data) June 29, 2024 December 30, 2023 July 1, 2023 ASSETS Current assets: Cash and ca