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Wolverine World Wide

$27.78

-0.09 (-0.32%)

06:38
08/09/17
08/09
06:38
08/09/17
06:38

Wolverine World Wide updates transformation plan

Under the previously-announced Store Restructuring Plan, the company has closed 180 stores since the beginning of 2017 including 76 closures during the second quarter of fiscal 2017. The company expects an additional 33 store closings before the end of fiscal 2017, leaving a remaining retail store fleet of approximately 80 stores. The company incurred approximately $5.3 million of operating losses in the second quarter for stores closed, and these losses will not reoccur next year. The losses include $3.0 million of inventory mark-downs related to accelerated store closures. These store closures allowed the company to liquidate inventory totaling approximately $8.4 million during the quarter. Effective July 2, 2017, subsequent to end of the quarter, the company entered into an agreement to license the Stride Rite brand to Vida Shoes International, a leader in the children's footwear and fashion industry, currently marketing children's shoes under Carter's, OshKosh, Hanna Andersson and other brands. Effective July 31, 2017, subsequent to end of the quarter, the company entered into an agreement to sell the intellectual property and certain other assets related to the Sebago brand for $14.3 million. The agreement permits the company to sell-off its remaining inventory through the end of fiscal 2017.

  • 09

    Aug

WWW Wolverine World Wide
$27.78

-0.09 (-0.32%)

02/03/17
02/03/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Apache (APA) downgraded to Underperform from Neutral at Macquarie with analyst Paul Grigel citing a significantly lower revision in crude natural gas prices. The analyst expects Apache to ramp natural gas production in the second half 2017 and into 2018, at a time when he expects a decline in natural gas prices, creating lower cash flow and pressure on estimates given Apache's unhedged position. 2. GoPro (GPRO) downgraded to Underperform from Market Perform at Raymond James and to Underperform from Neutral at Baird. 3. Ralph Lauren (RL) was downgraded to Underweight from Neutral at Piper Jaffray, to Outperform from Buy at CLSA, and to Neutral from Buy at UBS. 4. lululemon (LULU) and Wolverine World Wide (WWW) were downgraded to Sector Weight from Overweight at KeyBanc. 5. Altria Group (MO) downgraded to Hold from Buy at Berenberg. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
05/17/17
BARD
05/17/17
UPGRADE
BARD
Outperform
Wolverine World Wide upgraded to Outperform from Neutral at Baird
05/17/17
BARD
05/17/17
UPGRADE
Target $30
BARD
Outperform
Wolverine World Wide upgraded to Outperform at Baird
As previously reported, Baird analyst Jonathan Komp upgraded Wolverine World wide to Outperform from Neutral citing improving fundamentals, ongoing business initiatives, margin recovery, and an attractive risk/reward. Komp raised his price target to $30 from $29 on Wolverine World Wide shares.
05/17/17
05/17/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. ConocoPhillips (COP) upgraded to Buy from Hold at Jefferies with analyst Jason Gammel saying the company's divestitures have repaired the balance sheet faster than expected. 2. TJX (TJX) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Kimberly Greensberger saying the pullback in shares following the first quarter comparable store sales miss and soft second quarter guidance creates a buying opportunity. 3. Wolverine World Wide (WWW) upgraded to Outperform from Neutral at Baird with analyst Jonathan Komp citing improving fundamentals, ongoing business initiatives, margin recovery, and an attractive risk/reward. Komp raised his price target to $30 from $29 on Wolverine World Wide shares. 4. Windstream (WIN) upgraded to Outperform from Underperform at Raymond James with analyst Frank Louthan saying the 52% selloff since August 5, 2016 appears overdone given an improved free cash flow outlook from recent acquisitions. 5. Clovis (CLVS) upgraded to Overweight from Neutral at JPMorgan with analyst Cory Kasimov saying the shares are down 35% over the last two months for "no clear fundamental reason." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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