Wolverine World Wide's stock tumbles 14% on news company to speed up transformation and cut jobs

Wolverine World Wide Inc. (WWW) said Thursday it's accelerating a transformation plan that's expected to generate $215 million in annualized savings, including a global workforce restructuring. The company did not offer details of job cuts, but said it would consolidate its North American commercial structure to align Canadian operations with its U.S. ones. The Hush Puppies parent will also create a new center of excellence to house its creative and public relations teams and set up an in-house creative production studio. It's also planning a new global licensing function and a new global planning function to improve demand, inventory and supply chain management and make it easier to respond to changes in consumer and market dynamics. The company has already sold its Keds brand, sold Hush Puppies IP in China, Hong Kong and Macau, sold its North American Wolverine Leathers business and said it's considering options for its Sperry brand. The company also posted third-quarter earnings showing EPS in line with estimates and revenue that was ahead of consensus but lowered its guidance. The stock was down 14% premarket and has fallen 24% in the year to date, while the S&P 500 has gained 14%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

11-09-23 0644ET

Copyright (c) 2023 Dow Jones & Company, Inc.