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- **Revenue Beat**: Q3 revenue $470M (+7% YoY) exceeded guidance, driven by Merrell (+5%) and Saucony (+27%).
- **Gross Margin Expansion**: 47.5% (up 240bps YoY) due to cost savings and reduced promotions.
- **EPS Growth**: Adjusted EPS $0.36 (+29% YoY), beating expectations.
- **Saucony Momentum**: 27% growth with key city strategy (Paris, China) and new product launches (Endorphin Azura). 
- **Wolverine Restructuring**: New leadership targeting 2026 return to growth with premium products and marketing partnerships.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue of $470 million exceeded guidance, growing 7% YoY, driven by Merrell (+5%) and Saucony (+27%). Active Group revenue grew 11% YoY.
- **Brand Performance**: 
  - **Saucony**: 27% growth, led by performance running (Endorphin series) and lifestyle products (ProGrid Omni 9). APAC and EMEA regions saw strong expansion. 
  - **Merrell**: 5% growth, with market share gains in hike category. New product pipeline includes Agility Peak 6 and Wrapt Collection. 
  - **Sweaty Betty**: 4% YoY decline, but improving trends with DTC growth and margin expansion. 
  - **Wolverine**: 8% decline, with new leadership (Justin Cupps) focused on product innovation and marketing.
- **Strategic Initiatives**: 
  - Key city strategy (e.g., Saucony in Paris, Merrell in Paris). 
  - AI adoption and e-commerce platform modernization. 
  - Work Group restructuring with $20M+ annualized cost savings.

**【CFO Financial Commentary】**
- **Profitability**: 
  - Gross margin 47.5% (up 240bps YoY), driven by product cost savings and reduced promotions. 
  - Adjusted operating margin 9.1% (up 150bps YoY). 
  - Adjusted EPS $0.36 (up 29% YoY). 
- **Tariff Impact**: 
  - 2025 unmitigated impact $10M (vs. prior $20M estimate). 
  - 2026 incremental impact $55M, offset by product cost savings and mix improvements. 
- **Guidance**: 
  - FY2025 revenue $1.855B-$1.87B (6.4% growth). 
  - Q4 revenue $498M-$513M (2.2% growth). 
  - Gross margin 47.1% (FY2025) and 46.3% (Q4). 
  - Operating cash flow $85M-$95M.

**【Q&A Highlights】**
- **Saucony Expansion**: 1/3 of Q3 growth from new distribution, with 1,300+ doors in Fall '25. Spring '26 door count expected higher than H2 '25. 
- **Lifestyle vs. Performance**: Lifestyle footwear growing faster than performance, but both categories gaining share. 
- **Tariff Mitigation**: 2025 impact fully offset, 2026 impact to be managed through product cost savings. 
- **Wolverine Turnaround**: New leadership focused on premium positioning (Rancher Pro, USA-built products) and storytelling (Jordan Davis, Landman series).

Wolverine World Wide, Inc. (WWW) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

WWW

WWW fundamentals

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