Wolverine (WWW) reported earnings on Tue 18 Oct 2016 (b/o)

** charts before earnings **

 

** charts after earnings **

 

Wolverine beats by $0.01, misses on revs; reaffirms FY16 guidance :

• Reports Q3 (Sep) earnings of $0.49 per share, excluding non-recurring items, $0.01 better than the Capital IQ Consensus of $0.48; revenues fell 11.1% year/year to $603.7 mln vs the $628.29 mln Capital IQ Consensus.
  • Reported gross margin of 39.3%, compared to 40.0% in the prior year, was slightly better than expected. Adjusted gross margin on a constant currency basis was 40.0%, flat versus the prior year.
• Co reaffirms guidance for FY16, sees EPS of $1.30-1.40, excluding non-recurring items, vs. $1.36 Capital IQ Consensus Estimate; sees FY16 revs of $2.475-2.575 bln vs. $2.54 bln Capital IQ Consensus Estimate.
• Given tepid conditions, the Company now expects full-year reported revenue at the lower end of the range and full-year adjusted diluted earnings per share near the midpoint of the range. Inventory expectations for year end have improved.
  • Inventory levels to be down low teens by year end versus 2015.