NEW YORK - Wolverine World Wide, Inc. (NYSE:WWW) reported second-quarter earnings that surpassed analyst expectations, despite a significant year-over-year revenue decline. The footwear and apparel company posted adjusted earnings per share of $0.15, beating the analyst estimate of $0.11 by $0.04.
Revenue for the quarter came in at $425.2 million, exceeding the consensus estimate of $411.2 million. However, this figure represents a 17.4% decrease compared to the same quarter last year. The company did not provide specific reasons for the revenue decline in the press release.
"We delivered better-than-expected revenue and earnings in Q2, as our brand and operational initiatives continue to gain traction," said Mike Stornant, Executive Vice President and Chief Financial Officer. "We remain focused on executing our profit improvement plan to drive meaningful margin expansion and debt paydown in the second half of the year."
The company did not provide specific guidance for the upcoming quarters or the full fiscal year in the press release. Additionally, no information was given regarding the stock's movement following the earnings announcement.
Wolverine World Wide, known for brands such as Merrell, Saucony, and Hush Puppies, continues to navigate a challenging retail environment. The company's ability to exceed analyst expectations despite the revenue decline suggests some success in its operational strategies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.