실적분석 2026년 8월 13일

Wolverine Worldwide ($WWW) Q2 2026 Earnings Analysis — Adjusted EPS Beat and Full-Year Guidance Raised

Earnings Scorecard

Revenue: $506 million (+6.8% YoY; consensus $501 million) ✅ Beat

EPS (Earnings Per Share): Adjusted $0.40 (consensus $0.38) ✅ Beat

Guidance: Raised — FY2026 adjusted EPS of $1.55–$1.65 (prior $1.43–$1.58); revenue of approximately $1.98–$2.00 billion (prior $1.96–$1.985 billion)

Stock reaction: After-hours +11.74% ($20.18) — as of 08-13 20:46 KST

What Went Well

Merrell and Saucony surge: Merrell revenue $175.5 million (+11.1%), Saucony $158.6 million (+9.9%)

Adjusted EPS beat: $0.40 vs. consensus $0.38 (GAAP $0.37)

Full-year guidance raised across the board: Revenue, gross margin, operating margin, and adjusted EPS all revised higher

The Active Group posted revenue growth of 9.3% YoY, leading the overall top line, while international revenue rose 10.9%. Inventory was reduced by 17.0% and net debt by 22.0%, further strengthening the balance sheet.

What Fell Short

Gross margin compressed by 70 basis points to 46.5%, mainly due to US tariff pressures

Work Group revenue declined: $105.8 million, down 1.6% YoY

Sperry and Direct-to-Consumer stalled: Sperry -2.4%, consumer direct-to-consumer essentially flat

The company said price increases and tariff mitigation efforts provided some offset, but the gross margin pressure is also reflected in the full-year outlook. The key open question for the growth narrative is when the Work Group and Sperry will rebound.

What Management Said

CEO Chris Hufnagel noted that the quarterly results led by Merrell and Saucony exceeded the company's own expectations, adding that it is delivering steady earnings growth through strategic execution and brand strengthening. He explained that the raised 2026 guidance reflects a smooth start to the year and progress across all businesses.

Market Reaction and Key Forward Catalysts

With revenue and adjusted earnings beating expectations and full-year targets lifted all at once, the market appears to have taken the print as confirmation that the core brand recovery is translating into actual results.

Whether Merrell and Saucony maintain growth rates near double digits in Q3

Whether tariffs and pricing actions allow gross margin to settle around the full-year target (approximately 46.9%)

Whether the Work Group and Sperry return to positive growth in the second half