Wolverine Worldwide Q1 Earnings Beat Street View; Reiterates FY22 Forecast

Wolverine World Wide Inc WWW reported first-quarter FY22 sales growth of 20.4% year-on-year to $614.8 million, beating the consensus of $603.12 million.
Revenue from the Michigan group rose 10.6% to $329.3 million, and the Boston group climbed 5.7% to $212.3 million.
The gross margin for the quarter fell 100 basis points Y/Y to 42.5%.
The adjusted operating margin contracted 210 basis points to 8.1%.
The company held $149.6 million in cash and equivalents as of April 2, 2022.
Inventory at the end of the quarter increased 50.6% Y/Y to $483.3 million.
Adjusted EPS of $0.41 beat the analyst consensus of $0.39.
CFO Mike Stornant said, "Looking forward, the continued strong demand for our brands combined with improving inventory flow supports our reiteration of full-year revenue and EPS guidance."
Outlook: Wolverine reiterated its FY22 sales guidance of $2.775 billion - $2.850 billion, against the consensus of $2.8 billion.
The company continues to expect FY22 adjusted EPS of $2.50 - $2.65 versus the estimate of $2.58.
Price Action: WWW shares are trading lower by 3.92% at $17.66 on the last check Wednesday.

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