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Reported revenue of $598.8 million increased 2.6% during the second quarter, but adjusted revenue decreased 3.3% after taking effect for the calendar change noted above. Underlying revenue increased 1.4%.
Reported gross margin was 37.9%, compared to 38.8% in the prior year. Adjusted gross margin on a constant currency basis was 39.1%, up 60 basis points versus the prior year, and includes a negative 210 basis points impact of store closures.
Reported operating margin was 4.9%, compared to 7.2% in the prior year. Adjusted operating margin on a constant currency basis was 11.0%, up 380 basis points versus the prior year and excludes $3.0 million of incremental inventory markdowns related to the accelerated store closings.
Reported diluted earnings per share were $0.21, compared to earnings per share of $0.24 in the prior year. Adjusted diluted earnings per share were $0.43, a record second quarter performance for the Company. On a constant currency basis, adjusted earnings per share were $0.44, compared to $0.26 in the prior year.
Inventory at the end of the quarter was down 24.1% versus the prior year.
The Company generated $138.4 million of cash from operations during the second quarter.
The following information was filed by Wolverine World Wide Inc (WWW) on Wednesday, August 9, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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