×
79 107
Fashion Jobs
LULULEMON
Full-Time Visual Merchandising Specialist | East Cobb
Permanent · Marietta
LULULEMON
Community Specialist | Westfarms
Permanent · West Hartford
LULULEMON
Community Specialist | Stanford Shopping Center
Permanent · Palo Alto
LULULEMON
Community Specialist | Montgomery Village
Permanent · Santa Rosa
LULULEMON
Visual Merchandising Specialist | Suburban Square
Permanent · Ardmore
NORDSTROM
Asset Protection - Agent - Michigan Avenue
Permanent · Chicago
NORDSTROM
Manager - Asset Protection - Distribution Center 299 - Dubuque, IA
Permanent · Dubuque
NORDSTROM
Retail Stock - Metro Center Rack
Permanent · Washington
NORDSTROM
Asset Protection - Agent - Denton Crossing Rack
Permanent · Denton
NORDSTROM
Program Manager 2 – Supply Chain Planning – Hybrid
Permanent · Seattle
NORDSTROM
Retail Stock - Tysons Corner Rack
Permanent · Vienna
UNIQLO
Loss Prevention Supervisor (Full-Time)
Permanent · Glendale
DESIGNER BRANDS
Raw Materials Specialist (on Site)
Permanent · New York
DESIGNER BRANDS
Brand Operations Specialist, Keds - Latam (Remote)
Permanent · Burlington
TIFFANY & CO
Branch Security Officer - Miami Design District
Permanent · Miami
ESTÉE LAUDER
Keyholder - Cosmetics Company Store - 35 Hrs. - Carolina Premium Outlets - Smithfield, North Carolina
Permanent · Smithfield
ESTÉE LAUDER
Keyholder - Aveda - 32 Hrs. - Lenox Mall - Atlanta, Georgia
Permanent · Atlanta
ESSILORLUXOTTICA GROUP
Operations - Associate Technician-Mat Handler (1st Shift)
Permanent · GREENSBORO
ESSILORLUXOTTICA GROUP
Oakley - Sales Supervisor
Permanent · TORRANCE
UNDER ARMOUR
Stock Keyholder, FT
Permanent · BOSTON
NEW BALANCE
Material Handler (Stockroom Support)
Permanent · Norridgewock
ZARA
General Manager
Permanent · SEATTLE
Published
Jan 10, 2023
Reading time
2 minutes
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Wolverine Worldwide updates full-year guidance

Published
Jan 10, 2023

Wolverine World Wide, Inc. on Monday updated its outlook for fiscal 2022 revenue, earnings, inventory and net debt, just weeks after the footwear company revealed plans to divest its Keds and leather business.


Keds


For the twelve-month period ending December 31, 2022, the Rockford, Michigan-based company said it now forecasts full-year revenue of $2.685 billion (representing approximately 11% growth and 14% on a constant currency basis). For the fourth quarter, it expects revenue to be approximately $665 million (representing approximately 5% growth and 8% on a constant currency basis).

Both fiscal 2022 and fourth quarter adjusted diluted earnings are forecast to be at the low end of its previous guidance, pending the year-end financial close.

The company expects to count year-end inventory of approximately $805 million, down from $880 million at the end of Q3. The year-end inventory includes approximately $40 million for Keds and Wolverine Leathers, two businesses that are each currently in an active sale process.

Year-end net debt is expected to be at $1 billion, down from $1.3 billion at the end of Q3, it added.

​“During the fourth quarter, we achieved our revenue, inventory management and cash flow goals,” said Brendan Hoffman, president and CEO. “The acceleration of our inventory reduction efforts is expected to pressure fourth-quarter earnings toward the low end of our guidance. We are executing well against a 100-day action plan that establishes near-term operational improvements needed to set the foundation for growth and profit improvement moving forward.

"The continued liquidation of end-of-life inventory is critical to this plan and we are encouraged by the progress made and options available to further clear these goods in early 2023," concluded Hoffman.

Last month, Wolverine announced plans to divest its leather and Keds brands from its brand portfolio, following news in November of a business reorganization and management reshuffle.

Copyright © 2023 FashionNetwork.com All rights reserved.