Wolverine Worldwide Reaffirms FY24 Adj EPS Guidance Of $0.65 - $0.85 (Est $0.75) And Cuts Revenue Outlook From $1.70B-$1.75B To $1.68B-$1.73B (Est $1.721B)
Portfolio Pulse from Benzinga Newsdesk
Wolverine Worldwide has reaffirmed its FY24 adjusted EPS guidance of $0.65 to $0.85 and reduced its revenue forecast from $1.70B-$1.75B to $1.68B-$1.73B, adjusting for a new licensing model for Merrell and Saucony kids business. This updated revenue range represents a 13.2% to 15.7% decline from 2023, with a constant currency decline of 13.0% to 15.5%.
May 08, 2024 | 10:37 am
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Wolverine Worldwide reaffirms its FY24 EPS guidance but lowers revenue projections, indicating a significant revenue decline due to a new licensing model for key brands.
The reduction in revenue forecast, especially when adjusted for a new licensing model, suggests operational challenges that could impact investor sentiment negatively. The reaffirmation of EPS guidance might provide some stability, but the significant expected revenue decline is likely to overshadow this, potentially leading to a negative short-term impact on the stock price.
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