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Hush Puppies parent Wolverine tops profit Q1 profit estimates as sales fall short [MarketWatch]

Wolverine World Wide, Inc. (WWW) 
Last wolverine world wide, inc. earnings: 4/22 06:30 am Check Earnings Report
Company Research Source: MarketWatch
Hush Puppies parent Wolverine World Wide Inc. announced a series of measures Wednesday to preserve cash during the coronavirus pandemic as it posted first-quarter earnings that beat on profit but fell short on sales. The Rockford, Michigan-based company, which also owns the Keds and Wolverine brands, said it had net earnings of $12.8 million, or 16 cents a share, in the quarter, down from $40.6 million, or 43 cents a share, in the year-earlier period. Adjusted per-share earnings came to 28 cents, ahead of the 15 cents FactSet consensus. Revenue fell 16.1% to $439.3 million, below the $455 million FactSet consensus. The company said cash-saving measures are expected to save $500 million in 2020, and lead to $150 million to $200 million of operating cash flow. The company has drawn down the remaining $367 million in its revolving credit line, reduced inventory receipts by about $300 million and postponed $25 million of capex planned for 2020 2020 until business conditions stabilize. It Show less Read more
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