Latest news with #Hufnagel
Yahoo
21-05-2025
- Business
- Yahoo
Wolverine Targeting China Sourcing to be ‘Near Zero' by 2026 as Company Aims to ‘Mitigate' Risks From Trump Tariff War
Wolverine Worldwide is not waiting around for President Trump to resolve his ongoing trade war with China. In the company's first quarter 2025 earnings call on Thursday, president and chief executive officer of Wolverine Worldwide Chris Hufnagel told analysts that he is 'optimistic' amid the ongoing tariff dispute since the company has been working since the pandemic to diversify its sourcing. More from WWD Wolverine Worldwide Unveils 'Major Renovation' to Michigan HQ Featuring New Merrell and Saucony Spaces + More Amenities How Leaders Tackle Tariffs, Supply Chain Costs and Geopolitical Uncertainty Amer Sports Raises 2025 Guidance, Tariffs Not Major Concern Hufnagel noted that six years ago, nearly 40 percent of products sold in the U.S. by the company were sourced from China. This year, the company expects that to be just high single digits, primarily within its Work Group brands like its namesake line Wolverine boots. '[In 2025], less than 10 percent of our products are now expected to be sourced from China, down from the mid teens just earlier this year,' the CEO said. 'We're targeting to push this down to near zero in 2026.' But even with this decrease in reliance on China sourcing, Hufnagel noted that the company expects the incremental tariff rates of 145 percent for China, and 10 percent for other sourcing countries, to translate to an estimated $30 million profit impact in 2025, hitting the company's gross margin profit. Still, Hufnagel is pushing ahead on his growth plans for the company. 'I'm pleased to report our business is strong and growing outside the U.S., up mid-teens year over year in the first quarter, with a good outlook for the balance of the year,' he said. 'We have a solid plan to protect profitability, while also working to protect the momentum we generated across a range of model scenarios.' This plan consists of three components, Hufnagel mentioned. The first is to mitigate the impact of tariffs, which includes a 'holistic balance set of actions across the entire value chain.' 'We plan to leverage our diversified supply chain and dual sourcing flexibility to the maximum extent possible to limit our exposure to elevated tariffs on goods sourced from China into the U.S.,' the CEO said. 'In addition, we're in discussion with our supply chain partners on the financial impact of the tariffs and redirecting products into our vast international distribution network where we have demand tailwinds without onerous tariffs.' The last component is to implement 'strategic and surgical price adjustments.' 'Taking price increases is not something we do without significant consideration, but we believe our brands and momentum, positioning in the marketplace, and product innovation pipelines will help limit potential demand headwinds,' Hufnagel said. 'To navigate what is still a very fluid situation going forward, we've formed a dedicated internal team which is meeting daily, helping surface insights, align planning, and drive action at pace across the global enterprise.' This plan 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. 'We're obviously anxious to see what happens with the trade war and where that is,' Hufnagel added on Thursday's call. 'At the same time, we're moving quickly to mitigate the risks that we see today and then certainly work to exploit the opportunities that we believe we have or that we may have in the future. At the same time, trying to run the company really responsibly in the face of this sort of unprecedented event. 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 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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
Business Wire
20-05-2025
- Business
- Business Wire
Wolverine Worldwide Unveils Renovated Global Headquarters in West Michigan
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: 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,
Fibre2Fashion
12-05-2025
- Business
- Fibre2Fashion
US' Wolverine's Q1 earnings rebound with record gross margin of 47.3%
American footwear manufacturer Wolverine Worldwide has reported a total revenue of $412.3 million in the first quarter (Q1) of 2025 ended March 29, a rise of 4.4 per cent year-over-year (YoY), or 5.6 per cent on a constant currency basis. The ongoing total revenue increased by 5.5 per cent YoY, driven primarily by strong performances from Merrell and Saucony brands, which saw revenue growth of 13.2 per cent and 29.6 per cent YoY respectively. Wolverine Worldwide has reported revenue of $412.3 million in Q1 2025, up 4.4 per cent YoY, driven by strong growth in Merrell and Saucony. The gross margin rose to a record 47.3 per cent, and EPS improved to $0.13. For Q2, revenue is expected between $440â€'$450 million, with EPS of $0.17â€'$0.22. Due to tariff-related uncertainty, full-year guidance has been withdrawn. The active group recorded a 12.7 per cent revenue increase, while the work group and other segments declined by 17 per cent and 28 per cent respectively. International sales surged by 16.4 per cent. However, direct-to-consumer (DTC) sales declined by 9.4 per cent on a reported basis and by 6.9 per cent on an ongoing basis. The gross margin of the group improved significantly to 47.3 per cent, up 140 basis points (bps), due to a favourable sales mix, reduced promotional activity, and supply chain cost efficiencies, Wolverine said in a press release. The operating margin rose to 4.8 per cent from a negative 0.8 per cent, and diluted earnings per share (EPS) improved to $0.13 from a loss of $0.19. On an adjusted basis, operating margin increased to 6 per cent and adjusted EPS reached $0.18. 'Our results in the first quarter are further proof of the effectiveness of our strategy and the team's execution. Merrell and Saucony fuelled our growth with double-digit revenue increases, and we more than tripled our earnings year-over-year, again delivering a record gross margin performance,' said Chris Hufnagel, president and chief executive officer (CEO) of Wolverine Worldwide . 'We have worked to reinvent Wolverine Worldwide for the future—focusing squarely on awesome product, amazing stories, and driving the business. While there's uncertainty in the marketplace today, I am excited by the momentum we have generated, and I believe we are well positioned with great global brands, a variety of strategic and operational advantages, and most importantly, a talented and resilient team to navigate the near-term challenges and emerge an even better company,' added Hufnagel. For the second quarter (Q2) of 2025, the company expects continued business momentum, due to its strong Q1 performance. The revenue is projected to range between $440 million and $450 million, reflecting YoY growth of approximately 3.7 to 6 per cent on an ongoing and constant currency basis. The operating margin is anticipated to be around 6.7 per cent, down 10 bps from Q2 2024, while the adjusted operating margin is expected to improve by 90 bps to approximately 7.2 per cent. Diluted EPS are forecast between $0.17 and $0.22, with adjusted diluted EPS expected in the range of $0.19 to $0.24. However, due to ongoing uncertainty surrounding tariffs and macro-economic conditions, the company has withdrawn its full-year 2025 guidance originally issued on February 19, 2025, and is not providing an updated full-year outlook at this time. Fibre2Fashion News Desk (SG)
Yahoo
03-05-2025
- General
- Yahoo
Invasive species found at national wildlife refuge in Kansas
PLEASANTON (KSNT) – Kansas wildlife researchers have confirmed that an invasive pest has invaded the wooded areas of a national park in the eastern part of the state. The Kansas Forest Service (KFS) and Kansas Department of Agriculture (KDA) report that emerald ash borer insects have been found in Linn County at the Marais des Cygnes National Wildlife Refuge. KFS staff found an adult inset on April 24, confirming long-held suspicions the insect is now present at the refuge. 'Although we are pleased to have confirmed ongoing suspicions, the detection of emerald ash borer in Linn County marks another step in the insect's steady spread across Kansas,' said Shad Hufnagel, the forest health program coordinator with the Kansas Forest Service. Federal hiring freeze spreads fear of Kansas lake campgrounds closing Emerald ash borers are beetles that come from eastern Russia and northeastern Asia that are now becoming more common in the U.S. as they infest different forested areas of the nation. The beetles are a big problem as they threaten North America's ash tree species and their cultivars. The KFS notes that 16 counties in Kansas now have confirmed populations of emerald ash borer going back to the first positive identification in 2012. These include the following counties: Wyandotte – 2012. Johnson – 2013. Leavenworth – 2014. Douglas – 2015. Jefferson – 2015. Atchison – 2016. Doniphan – 2017. Shawnee – 2017. Miami – 2019. Jackson – 2019. Brown – 2022. Osage – 2022. Franklin – 2023. Lyon – 2024. Nemaha – 2024. Linn – 2025. 'With this detection, it is important to encourage property owners to begin assessing which ash trees they wish to retain as untreated specimens will likely succumb to future infestations,' Hufnagel said. Kansas men win Alabama fishing tournament with 83-pound catfish The KFS and KDA encourage people, especially landowners, to check local trees for signs of emerald ash borers in their local ash trees such as thinning canopies and D-shaped holes. People can report suspected emerald ash borer activity to the KDA or to the KFS. The Marais des Cygnes National Wildlife Refuge is home to wetlands, prairie and hardwood forests which provide a natural environment that is home to a wide variety of plants and animals., according to the U.S. Fish and Wildlife Service (FWS). The 7,500-acre refuge was established in 1992 for the restoration and protection of bottomland hardwood forest. For more Kansas Outdoors, click here. Keep up with the latest breaking news in northeast Kansas by downloading our mobile app and by signing up for our news email alerts. Sign up for our Storm Track Weather app by clicking here. Follow Matthew Self on X (Twitter): Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
