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Wolverine Worldwide sales down in Q1 as group is busy restructuring

Translated by
Nicola Mira
Published
today May 12, 2017
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US footwear specialist Wolverine Worldwide is busy implementing the Wolverine Way Forward strategic plan, targeting an adjusted operating margin of 12% by 2018. The plan involves a streamlining of the group's retail structure in the USA: since the start of the year, Wolverine Worldwide has closed down 180 stores, notably the entire set belonging to the Stride Rite franchise.
 

Wolverine Worldwide is streamlining its retail structure - Keds


In the first quarter of the year, Wolverine Worldwide, owner of the Saucony, Sebago, Keds, Sperry-Topsider, Merrell and Wolverine brands, recorded a 4.8% sales shortfall, down to $591 million (€543 million). However, the group was satisfied with the level of its adjusted operating margin, which posted a significant improvement, reaching 11%, with a net income of $16.8 million in the first quarter.

For the entire fiscal year, the forecast is for revenue to reach between $2.27 billion and $2.37 billion, equivalent to a shortfall between 5% and 9% compared to 2016. The forecast for the adjusted operating margin is between 10.2% and 10.7%.

 

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