Citing a weak U.S. footwear environment exacerbated by weather, Wolverine Worldwide net income fell 13% to $40.5 million from $46.7 million for the first quarter ended Mar. 30 as sales declined 2% to $523.4 million from $534.1 million. However, it maintained guidance for the year saying that it was seeing improved sell-throughs of seasonal products with the warmer weather and expressed confidence that its brand initiatives will take hold in H2 in more of the portfolio. While the results were a mild beat of the forecast, the stock traded down nearly 10% on the news.

Hastening the transformation pace, it realigned ... Log in to view full article.