Record Gross Margin Highlights Strong Start to 2024 Despite Revenue Decline
Wolverine (WWW) delivered earnings and revenue surprises of 0% and 9.60%, respectively, for the quarter ended March 2024. Do the numbers hold clues to what lies ahead for the stock?
Footwear conglomerate Wolverine Worldwide (NYSE:WWW) beat analysts' expectations in Q1 CY2024, with revenue down 32% year on year to $394.9 million. On the other hand, the company's full-year revenue guidance of $1.71 billion at the midpoint came in slightly below analysts' estimates. It made a non-GAAP profit of $0.05 per share, down from its profit of $0.09 per share in the same quarter last year.