Why Wolverine World Wide Stock Was Down Over 20% on Wednesday
Wolverine World Wide (NYSE: WWW) stock fell hard on Wednesday as shares declined 29% by 12:30 p.m. ET, compared with a 0.6% drop in the S&P 500. That drop added to a painful year so far for investors in the apparel and footwear specialist, whose shares are down over 50% in 2022.
It was sparked by an earnings announcement that depicted a surprisingly weak third quarter for the business.
The company reported Q3 results before the market opened on Wednesday. That announcement showed a 12% sales increase after accounting for currency exchange rate shifts and flat earnings on that basis. Both the revenue and profit figures were below management's expectations, it said in an investor presentation.
Source Fool.com
