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Wolverine World Wide stock slides after shoe maker cuts profit view and names new CEO

Wolverine World Wide Inc. (WWW) stock was down 30.5% in premarket trades on Thursday after the shoe and sneaker maker cut its adjusted 2023 profit forecast to 45 cents to 55 cents a share, well below the FactSet consensus of $1.42 a share. The company's outlook includes about 11 cents a share negative impact from foreign currency exchange rate fluctuations. "The trading environment is challenging, especially in global wholesale channels where order demand has slowed as retailers manage their businesses more cautiously," said the maker of Merrell, Saucony, Sperry, Hush Puppies and Stride Rite footwear. Wolverine also said its president Christopher E. Hufnagel would become chief executive officer effective immediately to succeed Brendan L. Hoffman, who is no longer with the company. Wolverine's second-quarter profit fell to $24 million, or 30 cents a share, from $124.6 million, or $1.53 a share, in the year-ago quarter. Adjusted profit of 19 cents a share matched the FactSet consensus forecast. Revenue fell 17% to $589.1 million, ahead of the analyst estimate of $583 million.

-Steve Gelsi

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08-10-23 0702ET

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