Latest news with #ChrisHufnagel
Yahoo
7 days ago
- Business
- Yahoo
WWW Q1 Earnings Call: Tariff Uncertainty Tempers Strong Brand Momentum
Footwear conglomerate Wolverine Worldwide (NYSE:WWW) fell short of the market's revenue expectations in Q1 CY2025 as sales rose 4.4% year on year to $412.3 million. Its non-GAAP EPS of $0.18 per share was 64.2% above analysts' consensus estimates. Is now the time to buy WWW? Find out in our full research report (it's free). Revenue: $412.3 million (4.4% year-on-year growth) Adjusted EPS: $0.18 vs analyst estimates of $0.11 (64.2% beat) Revenue Guidance for Q2 CY2025 is $445 million at the midpoint, roughly in line with what analysts were expecting Adjusted EPS guidance for Q2 CY2025 is $0.22 at the midpoint, below analyst estimates of $0.24 Operating Margin: 4.8%, up from -0.8% in the same quarter last year Market Capitalization: $1.35 billion Wolverine Worldwide's first quarter results reflected continued progress in reinvigorating its key brands, as management emphasized robust growth in Saucony and Merrell. CEO Chris Hufnagel highlighted sequential improvements in top-line trends, crediting a disciplined approach to inventory management and reduced promotional activity for driving higher gross margins. Saucony's performance was attributed to new product launches like the Endorphin Elite 2 and expanded lifestyle distribution, while Merrell benefited from product innovation in trail and hike categories. Management acknowledged ongoing challenges in the Work Group and Sweaty Betty brands, but noted meaningful gross margin gains in Sweaty Betty through a shift toward full-price sales and reduced discounting. Looking ahead, Wolverine Worldwide is focused on mitigating the impact of recently announced tariffs and navigating a fluid consumer environment. Management withdrew full-year guidance, citing significant uncertainty around trade policy and consumer sentiment. CEO Chris Hufnagel outlined plans to leverage a diversified supply chain, implement targeted price increases, and intensify operational cost controls to offset an estimated $30 million profit impact from tariffs. While the company expects continued revenue growth from its largest brands and a more balanced approach to inventory, CFO Taryn Miller cautioned that the second half of 2025 could bring greater margin pressures as tariff effects intensify. Management attributed first quarter gains to strong demand for Saucony and Merrell, strategic pricing, and improved inventory discipline, but highlighted new tariff headwinds and mixed performance in smaller brands. Saucony's performance run and lifestyle growth: Saucony delivered 30% year-over-year revenue growth, driven by new launches in both performance running (e.g., Endorphin Elite 2) and lifestyle segments, with expanded distribution into over 900 new doors. Merrell innovation and market share: Merrell achieved double-digit revenue growth, gaining share in hike, trail, and lifestyle categories. The brand's focus on modernizing core franchises and launching visually distinctive products like the SpeedARC Surge Boa contributed to its momentum. Sweaty Betty profitability focus: Management prioritized margin expansion at Sweaty Betty, shifting away from promotions to a more full-price strategy. Gross margin improved by nearly 1,000 basis points, although this came at the expense of top-line growth. Work Group challenges: The Work Group saw revenue declines, partially due to lapping prior-year discounting and challenges in the product offering. Management is introducing new products and expects performance to stabilize as inventory normalizes. Supply chain diversification and tariff mitigation: Wolverine has reduced U.S. sourcing from China to less than 10%, aiming for near zero by 2026. Management is leveraging a nimble supply chain and dual sourcing to limit tariff exposure and redirect product to international markets. Wolverine Worldwide's outlook is shaped by efforts to counter tariff headwinds, strengthen its largest brands, and adapt spending in response to an uncertain economic environment. Tariff mitigation and pricing actions: Management expects incremental tariffs to impact 2025 profit by about $30 million before mitigation. To address this, the company is accelerating supply chain diversification and implementing selective price increases, though these are not expected to fully offset cost pressures. Investment in core brands and retail expansion: Continued investment in Saucony and Merrell, including new product launches and international store openings, is expected to drive revenue growth. The company is also ramping up retail marketing and city activations to build brand awareness despite a more cautious approach to discretionary spending. Operational cost controls and cautious inventory management: The company is scrutinizing SG&A (selling, general and administrative) costs and managing inventory more conservatively, particularly in categories facing softer demand. Management's new integrated business planning group is tasked with aligning inventory levels to expected demand and preventing excess stock in the event of a consumer slowdown. In coming quarters, the StockStory team will be watching (1) the effectiveness of tariff mitigation strategies and their impact on margins, (2) the ability of Saucony and Merrell to sustain growth amid increased pricing and operational changes, and (3) signs of improved stability or turnaround in the Work Group and Sweaty Betty brands. Execution on inventory management and the balance between pricing actions and consumer demand will also be critical markers of success. Wolverine Worldwide currently trades at a forward P/E ratio of 15×. At this valuation, is it a buy or sell post earnings? See for yourself in our full research report (it's free). Donald Trump's victory in the 2024 U.S. Presidential Election sent major indices to all-time highs, but stocks have retraced as investors debate the health of the economy and the potential impact of tariffs. While this leaves much uncertainty around 2025, a few companies are poised for long-term gains regardless of the political or macroeconomic climate, like our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 183% over the last five years (as of March 31st 2025). Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,545% between March 2020 and March 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today. 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Fashion Network
22-05-2025
- Business
- Fashion Network
Wolverine Worldwide unveils renovated global headquarters in Michigan
Home › News › Industry Download Print Wolverine Worldwide has unveiled a renovated global headquarters in Rockford, Michigan, aimed at modernizing its facilities and centralizing operations to attract and retain top talent. Wolverine Worldwide unveils renovated global headquarters in Michigan. - Wolverine Worldwide The project includes a complete overhaul of 40,000 square feet of space, now named "The Factory", which will serve as the new home for Wolverine's flagship brands Merrell and Saucony. Notably, Saucony recently relocated from Boston to Rockford. 'Our company is driven by a new vision to Make. Every Day. Better. – for our team, customers, consumers, shareholders, and community,' said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide. 'We believe that to create amazing, thoughtful, trend-right, innovative products and experiences that improve our consumers' lives and drive growth, we must provide our team members with great environments to work and win together.' Built in 1963 and originally used as a footwear factory, the space was converted into offices in the 1990s. The newly redesigned factory combines the site's industrial heritage with modern functionality. It now features exposed structural elements, concrete floors, floor-to-ceiling windows, 224 workstations, brand-specific product and marketing rooms, 31 collaboration and meeting spaces, a café, and state-of-art design and marketing technologies. The factory joins other enhancements across Wolverine's 300,000-square-foot campus, including on-site amenities such as a subsidized daycare and early education center for children, a fitness center, four miles of on-campus nature trails, an on-site, subsidized cafeteria, and dog daycare services. The project is supported by a $1-million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center (MEDC) and The Right Place, Inc. Copyright © 2025 All rights reserved. Tags : Fashion Footwear Industry Business
Fashion Network
22-05-2025
- Business
- Fashion Network
Wolverine Worldwide unveils renovated global headquarters in Michigan
Wolverine Worldwide has unveiled a renovated global headquarters in Rockford, Michigan, aimed at modernizing its facilities and centralizing operations to attract and retain top talent. The project includes a complete overhaul of 40,000 square feet of space, now named "The Factory", which will serve as the new home for Wolverine's flagship brands Merrell and Saucony. Notably, Saucony recently relocated from Boston to Rockford. 'Our company is driven by a new vision to Make. Every Day. Better. – for our team, customers, consumers, shareholders, and community,' said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide. 'We believe that to create amazing, thoughtful, trend-right, innovative products and experiences that improve our consumers' lives and drive growth, we must provide our team members with great environments to work and win together.' Built in 1963 and originally used as a footwear factory, the space was converted into offices in the 1990s. The newly redesigned factory combines the site's industrial heritage with modern functionality. It now features exposed structural elements, concrete floors, floor-to-ceiling windows, 224 workstations, brand-specific product and marketing rooms, 31 collaboration and meeting spaces, a café, and state-of-art design and marketing technologies. The factory joins other enhancements across Wolverine's 300,000-square-foot campus, including on-site amenities such as a subsidized daycare and early education center for children, a fitness center, four miles of on-campus nature trails, an on-site, subsidized cafeteria, and dog daycare services. The project is supported by a $1-million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center (MEDC) and The Right Place, Inc.
Yahoo
21-05-2025
- Business
- Yahoo
Wolverine Worldwide Unveils ‘Major Renovation' to Michigan HQ Featuring New Merrell and Saucony Spaces + More Amenities
Wolverine Worldwide has upgraded its global headquarters. The footwear company has wrapped up a 'major renovation' of its HQ in Rockford, Mich. as part of its continued efforts to 'modernize facilities, centralize core business operations, and attract and retain top-tier talent.' More from WWD Wolverine Targeting China Sourcing to be 'Near Zero' by 2026 as Company Aims to 'Mitigate' Risks From Trump Tariff War Saucony and Merrell See Double-Digit Growth in Q1 as Turnaround Takes Hold at Wolverine Worldwide Saucony Reveals New Elevated Footwear Collection Rooted in 'Technology and High-Fashion Influences' The centerpiece of the project is a top-to-bottom renovation of 40,000-square-feet of space to house the company's two biggest brands, Merrell and Saucony, the latter of which the company recently relocated to Rockford from Boston. Originally constructed in 1963, the expansive space served as a footwear factory for several decades before transitioning to dedicated office space in the 1990s. Now known as 'The Factory,' it features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café, and state-of-art technology for product design, marketing, and global collaboration. The Factory is the latest improvement to Wolverine Worldwide's 300,000-square-foot global headquarters. Additional on-site amenities for team members include subsidized daycare and early education center for children six-weeks-old to five-years-old; a fitness center including personal training and group classes taught by certified personal trainers; four miles of on-campus hiking and nature trails; an on-site subsidized cafeteria; and dog daycare. 'Our company is driven by a new vision to Make. Every Day. Better. – for our team, customers, consumers, shareholders, and community,' Chris Hufnagel, president and chief executive officer of Wolverine Worldwide, said in a statement. 'We believe that to create amazing, thoughtful, trend-right, innovative products and experiences that improve our consumers' lives and drive growth, we must provide our team members with great environments to work and win together.' The company noted that this project is supported by a $1 million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center (MEDC) and The Right Place, Inc. 'Today's investment announcement by Wolverine Worldwide further advances the state's outdoor recreation industry heritage,' Matt McCauley, senior vice president of regional development at the MEDC. 'This announcement further proves Team Michigan's successful execution of the 'Make it in Michigan' economic development strategy focusing on People, Places and Projects. The company could have chosen to expand anywhere in the country, or world for that matter, and we remain thankful for their commitment to Michigan and the talented workforce in West Michigan.' This renovation comes after Wolverine Worldwide opened a new global Innovation Hub in Boston last October. The hub, located in the west end of Boston, houses employees from the company's design and product teams, including Saucony product team members in design, development, product management and merchandising. Wolverine Worldwide also opened new office space in Zhuhai, China, and a workspace in Hong Kong last year. What's more, the company's Sweaty Betty brand relocated to new offices last summer following renovations to the company's King's Place office in London. This also comes as the company's Saucony and Merrell brands both posted double-digit growth in the first quarter. The Rockford, Mich.-based footwear company said total revenue in the first quarter of 2025 was $412.3 million, up 4.4 percent from $394.9 million the same time last year. Ongoing total revenue in Q1 – which excludes the results of the Sperry business, which was sold in January 2024 – was also $412.3 million, an increase of 5.5 percent from $390.8 million the prior year period. Looking ahead, the company said it expects to see 'continued momentum' as it moves into the second quarter. Revenue in Q2 is expected to be approximately $440 million to $450 million, representing growth of approximately 3.7 percent to 6.0 percent compared to the second quarter of 2024. Best of WWD Mikey Madison's Elegant Red Carpet Shoe Style [PHOTOS] Julia Fox's Sleekest and Boldest Shoe Looks Over the Years [Photos] Crocs Collaborations From Celebrities & Big Brands You Should Know
Yahoo
20-05-2025
- Business
- Yahoo
Wolverine Worldwide Unveils Renovated Global Headquarters in West Michigan
New Merrell and Saucony Workspaces Foster Innovation and Collaboration ROCKFORD, Mich., May 20, 2025--(BUSINESS WIRE)--Wolverine World Wide, Inc. (NYSE: WWW) today announced a major renovation of its global headquarters located in Rockford, Michigan. This investment is part of the Company's continued efforts to modernize facilities, centralize core business operations, and attract and retain top-tier talent by creating new spaces for innovation and collaboration – along with advancing team and culture development. "Our company is driven by a new vision to Make. Every Day. Better. – for our team, customers, consumers, shareholders, and community," said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. "We believe that to create amazing, thoughtful, trend-right, innovative products and experiences that improve our consumers' lives and drive growth, we must provide our team members with great environments to work and win together." The centerpiece of the project is a top-to-bottom renovation of 40,000 square feet of space to house the Company's two biggest brands, Merrell and Saucony, the latter of which the Company recently relocated to Rockford from Boston. Originally constructed in 1963, this space served as a footwear factory for several decades before transitioning to dedicated office space in the 1990s. Now known as The Factory, it features exposed structures and concrete floors, floor-to-ceiling windows, 224 individual workstations, dedicated product and marketing rooms for each brand, 31 collaboration and meeting rooms, a café, and state-of-art technology for product design, marketing, and global collaboration. "We're proud to have been founded 142 years ago here in West Michigan, and to still call Rockford our hometown today," continued Hufnagel. "The Factory further demonstrates our commitment to both growing our business and deepening our roots in this community." The project is supported by a $1-million Michigan Business Development Program grant in collaboration with the Michigan Economic Development Center (MEDC) and The Right Place, Inc. "Today's investment announcement by Wolverine Worldwide further advances the state's outdoor recreation industry heritage. This announcement further proves Team Michigan's successful execution of the 'Make it in Michigan' economic development strategy focusing on People, Places and Projects," said Matt McCauley, SVP Regional Development at the Michigan Economic Development Corporation. "The company could have chosen to expand anywhere in the country, or world for that matter, and we remain thankful for their commitment to Michigan and the talented workforce in West Michigan." The Factory is the latest improvement to Wolverine Worldwide's 300,000-square-foot global headquarters. Additional on-site amenities for team members include: Subsidized daycare and early education center for children six-weeks old to five-years old Fitness center including personal training and group classes taught by certified personal trainers Four miles of on-campus hiking and nature trails On-site, subsidized cafeteria Dog daycare For video and images of the space, visit: ABOUT WOLVERINE WORLDWIDE Founded in 1883, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world's leading designers, marketers, and licensors of branded casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform footwear. The Company's portfolio includes Merrell®, Saucony®, Sweaty Betty®, Hush Puppies™, Wolverine®, Chaco®, Bates®, HYTEST®, and Stride Rite®. Wolverine Worldwide is also the global footwear licensee of the popular brands Cat® and Harley-Davidson®. Based in Rockford, Michigan, for more than 140 years, the Company's products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, View source version on Contacts Emma Wach, (630) 390-8474
