Wolverine Worldwide sales down in Q1 as group is busy restructuring
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.
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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