Wolverine World Wide Q3: $1.06B Sales, $33.4M Net Loss

TL;DR

**Wolverine World Wide Q3: $1.06B sales, but a $33.4M net loss. Ouch.**

AI Summary

Wolverine World Wide Inc. reported its Q3 results for the period ending September 28, 2024. The company had total assets of $254.6 million and total liabilities of $231.1 million. For the nine months ended September 28, 2024, net sales were $1.06 billion, with a net loss of $33.4 million.

Why It Matters

This filing provides insight into Wolverine's financial performance and stability, impacting investor confidence and its ability to fund future operations.

Risk Assessment

Risk Level: medium — The company reported a net loss for the nine-month period, indicating potential financial strain.

Key Numbers

• $1.06B — Net Sales (9 months ended 09/28/2024) (Represents the total revenue generated by the company.)
• $33.4M — Net Loss (9 months ended 09/28/2024) (Indicates the company's profitability during the period.)
• $254.6M — Total Assets (as of 09/28/2024) (Shows the total value of the company's assets.)
• $231.1M — Total Liabilities (as of 09/28/2024) (Represents the company's total debt and obligations.)
• 0.10 — Earnings Per Share (Diluted) (9 months ended 09/28/2024) (Measures the company's profitability allocated to each outstanding share of common stock.)

Key Players & Entities

• WOLVERINE WORLD WIDE INC /DE/ (company) — Filer
• 2024-09-28 (date) — End of reporting period
• $254.6 million (dollar_amount) — Total assets
• $231.1 million (dollar_amount) — Total liabilities
• $1.06 billion (dollar_amount) — Net sales for nine months ended 09/28/2024
• $33.4 million (dollar_amount) — Net loss for nine months ended 09/28/2024

FAQ

Key Financial Figures

• $1 — ange on which registered Common Stock, $1 Par Value WWW New York Stock Exchange

Filing Documents

• www-20240928.htm (10-Q) — 1389KB
• a2024-q3exhibit311.htm (EX-31.1) — 10KB
• a2024-q3exhibit312.htm (EX-31.2) — 10KB
• a2024-q3exhibit32.htm (EX-32) — 5KB
• 0000110471-24-000176.txt ( ) — 8575KB
• www-20240928.xsd (EX-101.SCH) — 66KB
• www-20240928_cal.xml (EX-101.CAL) — 75KB
• www-20240928_def.xml (EX-101.DEF) — 367KB
• www-20240928_lab.xml (EX-101.LAB) — 760KB
• www-20240928_pre.xml (EX-101.PRE) — 562KB
• www-20240928_htm.xml (XML) — 1304KB

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) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Revenue $ 440.2 $ 527.7 $ 1,260.3 $ 1,716.2 Cost of goods sold 241.0 312.3 696.5 1,036.7 Gross profit 199.2 215.4 563.8 679.5 Selling, general and administrative expenses 171.2 203.3 514.6 610.8 Gain on sale of businesses, trademarks, and long-lived assets ( 8.5 ) ( 57.7 ) ( 8.5 ) ( 77.8 ) Impairment of long-lived assets — 40.2 9.3 55.8 Environmental and other related costs (income), net of recoveries 1.3 2.3 ( 12.8 ) ( 28.0 ) Operating profit 35.2 27.3 61.2 118.7 Other expenses: Interest expense, net 9.6 15.5 33.5 47.4 Other expense (income), net ( 3.8 ) 2.4 ( 5.4 ) 3.2 Total other expense, net 5.8 17.9 28.1 50.6 Earnings before income taxes 29.4 9.4 33.1 68.1 Income tax expense 5.1 0.4 6.9 16.7 Net earnings $ 24.3 $ 9.0 $ 26.2 $ 51.4 Less: net earnings (loss) attributable to noncontrolling interests 0.7 0.4 2.9 ( 0.2 ) Net earnings attributable to Wolverine World Wide, Inc. $ 23.6 $ 8.6 $ 23.3 $ 51.6 Net earnings (loss) per share (see Note 3): Basic $ 0.28 $ 0.11 $ 0.28 $ 0.64 Diluted $ 0.28 $ 0.11 $ 0.28 $ 0.64 Comprehensive income (loss) $ 29.7 $ ( 0.2 ) $ 23.3 $ 39.8 Less: comprehensive income (loss) attributable to noncontrolling interests 0.3 0.2 1.9 ( 0.2 ) Comprehensive income (loss) attributable to Wolverine World Wide, Inc. $ 29.4 $ ( 0.4 ) $ 21.4 $ 40.0 Cash dividends declared per share $ 0.10 $ 0.10 $ 0.30 $ 0.30 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) September 28, 2024 December 30, 2023 September 30, 2023 ASSETS Current

View Full Filing

View this 10-Q filing on SEC EDGAR