ROCKFORD, Mich. - Wolverine World Wide, Inc. (NYSE:WWW), a global leader in branded footwear and apparel, announced today the appointment of Susie Kuhn as President of the company's Active Group. Effective immediately, Kuhn will oversee the strategic direction and commercial performance of the Merrell, Saucony, and Chaco brands, as well as The Collective, Wolverine's center-of-excellence for consumer insights and innovation.
Susie Kuhn brings over two decades of expertise in global brand-building, having held senior positions at Foot Locker (NYSE:FL), Nike (NYSE:NKE), Converse, and URBN. Her background covers a broad range of disciplines, including wholesale, direct-to-consumer sales, merchandising, product design, development, and marketing. Prior to joining Wolverine Worldwide, Kuhn was President of Foot Locker's Europe, Middle East, and Africa division, where she was responsible for the brand's strategy and operational performance.
Chris Hufnagel, President and CEO of Wolverine Worldwide, expressed confidence in Kuhn's ability to drive growth for the Active Group, citing her diverse experience and collaborative leadership style. He emphasized her proficiency in managing consumer-focused businesses and her keen sense of consumer and market trends.
In response to her appointment, Kuhn expressed her enthusiasm for joining Wolverine Worldwide and her commitment to advancing the company's strategic transformation. She acknowledged the global recognition of the Merrell, Saucony, and Chaco brands and the role of The Collective in strengthening consumer connections. Kuhn aims to build upon the current momentum to accelerate growth for the brands and the company.
Wolverine World Wide, founded in 1883 and headquartered in Rockford, Michigan, operates a vast portfolio that includes several leading brands in casual, performance outdoor, athletic footwear, and apparel. The company's products are distributed by major retailers in the U.S. and across approximately 170 countries worldwide.
This leadership transition is part of Wolverine Worldwide's ongoing efforts to innovate and expand its global presence. The information is based on a press release statement from the company.
In other recent news, Wolverine World Wide has been making noteworthy strides in its financial performance. The company's Q2 results surpassed expectations, with revenue exceeding consensus estimates by 4% and adjusted EBITDA/EPS exceeding by over 100% and 300% respectively, for the past three quarters. UBS reaffirmed its Buy rating on Wolverine World Wide, expressing confidence in the company's potential for continued growth, particularly due to the strategic initiatives of its brand, Saucony. Piper Sandler also maintained an Overweight rating, highlighting the company's strategic repositioning efforts and the upcoming product releases from its brands.
KeyBanc upgraded the company's stock from Sector Weight to Overweight, setting a new target at $20.00, indicating optimism for the company's future growth. Telsey Advisory Group also raised its price target for Wolverine World Wide to $15.00, following the company's successful second quarter.
These are recent developments, reflecting the company's resilience and adaptability in the face of market challenges. Despite anticipated revenue decline for fiscal year 2024 and supply chain disruptions, Wolverine World Wide remains committed to strengthening its balance sheet and improving inventory levels. The company's strategic transformation and swift measures taken by management have laid the groundwork for a return to growth, expected to be evident in the fourth quarter.
InvestingPro Insights
As Wolverine World Wide (NYSE:WWW) welcomes Susie Kuhn to lead its Active Group, investors may find additional context from recent financial data and expert insights. According to InvestingPro, WWW's stock has shown significant volatility, with a remarkable 102.26% price total return over the past year and an 81.81% return year-to-date. This surge aligns with the company's strategic moves, including the appointment of new leadership to drive growth.
Despite the positive stock performance, WWW faces challenges. InvestingPro data reveals a revenue decline of 26.34% in the last twelve months, with analysts anticipating further sales decline in the current year. This backdrop underscores the importance of Kuhn's role in revitalizing the Active Group's brands and potentially reversing this trend.
On a positive note, an InvestingPro Tip indicates that net income is expected to grow this year, suggesting that cost-cutting measures or improved operational efficiency may be taking effect. Additionally, WWW has maintained dividend payments for 37 consecutive years, demonstrating a commitment to shareholder returns even in challenging times.
For investors seeking a deeper understanding of WWW's financial health and prospects, InvestingPro offers 10 additional tips, providing a comprehensive view of the company's position in the market.
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