Wolverine Worldwide, a leading US-based footwear and apparel company, has released its financial outlook for fiscal 2023 (FY23). The company anticipates revenue from its ongoing business to range between $2.53 billion and $2.58 billion. This projection reflects a growth rate of 0 per cent to 2 per cent, with constant currency growth estimated between 1 per cent and 3 per cent.

The gross margin and adjusted gross margin are projected to be approximately 41.3 per cent and 42.0 per cent, respectively. The company's operating margin is expected to be around 8.7 per cent, while the adjusted operating margin is forecasted to be slightly lower at approximately 8.5 per cent, Wolverine Worldwide said in a press release.

Diluted earnings per share (EPS) are anticipated to fall within the range of $1.50 to $1.70, with adjusted diluted EPS ranging from $1.40 to $1.60. Furthermore, Wolverine Worldwide aims to improve its inventory by around $225 million by the end of the year.

"We need to focus our efforts and investments on our active and work groups, specifically our growth brands. The recent sale of Keds and pending licensing of Hush Puppies will enable this focus, and these transitions are well underway. We are now exploring strategic alternatives for Sperry, while we continue the foundational work needed to position the brand for long-term success," said Brendan Hoffman, president and chief executive office.

Fibre2Fashion News Desk (DP)

US' Wolverine Worldwide projects revenue of $2.53-$2.58 bn in FY23

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