Investor Alert

Market Pulse Archives

May 10, 2019, 11:14 a.m. EDT

Wolverine World Wide shares slump after weakness in the Sperry brand

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Wolverine World Wide Inc. (WWW)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Tonya Garcia

Wolverine World Wide Inc. /zigman2/quotes/209231729/composite WWW +1.95% shares slumped 4.5% in Friday trading after the company reported weakness in its Sperry brand. Other brands in the Wolverine portfolio include Merrell, Saucony and Keds. Net income for the first quarter totaled $40.6 million, or 43 cents per share, down from $46.6 million, or 48 cents per share, last year. Adjusted EPS of 49 cents, was ahead of the 47-cent FactSet consensus. Sales totaled $523.4 million, down from $534.1 million and below $533.0 million FactSet expectation. "Four of our top-five brands delivered revenue above plan during the quarter, including Merrell and Saucony, and our owned e-commerce business continued to be robust, growing 28% over the prior year," said Blake Krueger, Wolverine's chief executive, in a statement. "This strength helped to offset some unforeseen challenges at Sperry and the late start to Spring which impacted certain product categories." Analysts are bullish, notwithstanding the miss. "Despite back-end weighted guidance, we are confident Wolverine will achieve top- and bottom-line FY19 objectives," wrote Susquehanna Financial Group analysts. "Headwinds faced in the first half should subside in second half." Susquehanna rates Wolverine shares positive, but lowered its price target to $41 from $43. Wolverine still expects revenue in the range of $2.28 billion to $2.33 billion, EPS between $2.00 and $2.15, and adjusted EPS between $2.20 and $2.35. FactSet expects revenue of $2.30 billion and EPS of $2.31. Wolverine stock has fallen 5% for the year to date while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.92% is up 13% for the period.

$ 40.74
+0.78 +1.95%
Volume: 605,688
April 22, 2021 4:04p
P/E Ratio
Dividend Yield
Market Cap
$3.30 billion
Rev. per Employee
-38.44 -0.92%
Volume: 2.39B
April 22, 2021 5:32p

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.