Wolverine Net Jumps in Q3 but Sales Slow
Net income more than doubled to $58.8 million from $23.2 million in the third quarter as revenues dipped 4% to $558.6 million from $581.3 million on missing sales from divestitures, but comparable revenue was less than 1% higher after 4% growth in Q2. Gross margin expanded 190 basis points to 41.6% on better mix with more e-commerce sales and portfolio changes, as well as lower markdowns and closeouts. WWW credited the progress it’s made on its Way Forward transformation with reducing SG&A by $9 million, or 40 b.p. The bottom line included $23.0 million of restructuring costs last year, and ... Log in to view full article.