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Wolverine stock hits 52-week high at $18.6 amid robust growth

Published 07-11-2024, 08:18 pm
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Wolverine World Wide Inc . (NYSE:WWW) shares soared to a 52-week high of $18.6, reflecting a remarkable turnaround for the footwear and apparel company. Over the past year, Wolverine has seen its stock value climb by an impressive 110.37%, signaling strong investor confidence and a robust financial performance. This surge to new heights marks a significant milestone for the company, as it continues to expand its global footprint and innovate within its product lines, despite the challenging economic climate that has affected the retail sector at large.

In other recent news, Wolverine World Wide Inc. has reported third-quarter results that surpassed analyst expectations, leading to an increase in its full-year guidance. The company's adjusted earnings per share came in at $0.29, beating the estimated $0.21, with revenue reaching $440.2 million, outpacing the anticipated $420.95 million. Despite a 7% year-on-year decline in ongoing business revenue, key brands like Merrell and Sweaty Betty saw increases of 1.4% and 3% respectively.

Significant growth was noted in the company's gross margin, which expanded to 45.3%, a rise of 450 basis points year-on-year. This surge was attributed to lower supply chain costs and reduced sales of end-of-life inventory. Looking forward, Wolverine has upgraded its full-year outlook, now projecting an adjusted EPS of $0.80-$0.90 on revenue of $1.73-$1.745 billion.

In addition to these financial developments, the company managed to reduce its inventory levels by 49.4% year-on-year, amounting to $285.5 million at the end of the quarter. These are the recent developments for Wolverine World Wide Inc.

InvestingPro Insights

Wolverine World Wide's recent stock performance aligns with several key insights from InvestingPro. The company's shares have indeed demonstrated exceptional strength, with InvestingPro data showing a 96.57% price total return over the past year. This impressive gain is further supported by a strong 42.41% return over the last six months, indicating sustained momentum.

InvestingPro Tips highlight that WWW is currently trading near its 52-week high, which corroborates the article's mention of the stock reaching $18.6. Additionally, the tip noting a "Strong return over the last three months" (25.33% according to the data) reinforces the narrative of Wolverine's remarkable turnaround.

It's worth noting that while the stock has shown significant appreciation, the company faces some challenges. An InvestingPro Tip indicates that analysts anticipate a sales decline in the current year, which investors should consider alongside the positive stock performance. This contrast between stock appreciation and expected revenue decline could provide valuable context for those evaluating WWW's future prospects.

For readers seeking a more comprehensive analysis, InvestingPro offers 9 additional tips that could provide deeper insights into Wolverine World Wide's financial health and market position.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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