Wolverine World Wide Shares Jump on Strong 1Q Performance

Dow Jones05-08

By Dean Seal

Shares of Wolverine World Wide climbed after the footwear maker beat analyst expectations on first-quarter revenue and adjusted earnings.

The stock was up 11% at $12.72 in early trading. Shares have gained 43% year-to-date.

The Rockford, Mich.-based company said Wednesday morning that revenue in the first three months of the year fell 34% to $394.9 million, but still came in ahead of analyst projections for $361.4 million, according to FactSet.

The company swung to a loss of $14.5 million from a profit of $19 million a year ago, but adjusted earnings, which strip out one-time items, came in at five cents a share. Analysts polled by FactSet had been expecting the company to break even on an adjusted per-share basis.

Chief Executive Chris Hufnagel said the top-line decline wasn't as bad as expected, serving as evidence that its turnaround efforts are taking hold.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 08, 2024 10:49 ET (14:49 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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