WWW - Why Wolverine World Wide Stock Slumped on Thursday
2023-08-10 12:14:47 ET
Shares of Wolverine World Wide (NYSE: WWW) lagged the market on Thursday, falling 19% by 11 a.m. ET. That drop came even as the S&P 500 gained over 1%. The apparel specialist's stock is now down 13% in 2023 compared to an 18% boost in the wider market.
Thursday's drop was driven by a flood of news from the executive team, including an earnings update and a management shake-up.
Wolverine World Wide said in a press release before the market opened that sales declined 17% in the Q2 selling period that ran through early July. This drop was not expected, management said, and reflected worsening selling conditions that affected most of its apparel and footwear brands. "Order demand has slowed as retailers manage their businesses more cautiously," CFO Mike Stornant said in a press release.
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Why Wolverine World Wide Stock Slumped on Thursday