Wolverine World Wide 2024 guidance falls short of expectations

News Snapshot:

Wolverine World Wide (NYSE:WWW) shares were lower in premarket trade after reporting mixed Q4 results and below-consensus guidance for 2024. Shares were down 3.3% before Wednesday's regular open. The company reported a wider-than-expected loss of $0.30 per share versus a loss of $0.13 per share a year ago on a 21% decline in total revenue to $526.7M. This is $8.26M better than expectations. Gross margin expanded by 290 basis points to 36.6% while the adjusted gross margin expanded by 270 basis points to 36.9%. Inventory was down 50% from the same quarter last year as Q4 inventory does not include...