Wolverine World Wide Inc. (NYSE:WWW) Q3 2023 Results Conference Call November 9, 2023 8:30 AM ET

Company Participants

Alex Wiseman - Vice President of Finance eCommerce

Chris Hufnagel - CEO, President and Director

Michael Stornant - Executive VP, CFO, Chief Accounting Officer & Treasurer

Conference Call Participants

Jim Duffy - Stifel

Laurent Vasilescu - BNP Paribas

Mitch Kummetz - Seaport Global Securities

Abbie Zvejnieks - Piper Sandler

Sam Poser - William Trading

Mauricio Serna - UBS

Operator

Greetings, and welcome to the Wolverine World Wide Third Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Alex Wiseman, Vice President of Finance. Thank you, Alex. You may begin.

Alex Wiseman

Good morning, and welcome to our third quarter 2023 conference call. On the call today are Chris Hufnagel, President and Chief Executive Officer; and Mike Stornant, Executive Vice President and Chief Financial Officer.

Earlier this morning, we issued our earnings press release and announced our financial results for the third quarter 2023. The press release is available on many news sites and can be viewed on our corporate website at wolverineworldwide.com.

This morning's earnings press release and comments made during today's earnings call include non-GAAP financial measures. These non-GAAP financial measures were reconciled to the most comparable GAAP financial measures and attached tables within the body of the release. I'd also like to remind you that statements describing the company's expectations, plans, predictions and projections such as those regarding the company's outlook for fiscal year 2023, growth opportunities and trends expected to affect the company's future performance made during today's conference call are forward-looking statements under U.S. securities laws. As a result, we must caution you that there are a number of factors that could cause actual results to differ materially from those described in the forward-looking statements. These important risk factors are identified in the company's SEC filings and in our press releases.

With that being said, I'd now like to turn the call over to Chris Hufnagel.

Chris Hufnagel

Thanks, Alex. Good morning, everyone, and thank you for joining us on today's call. For the third quarter, we delivered revenue and earnings in line with our expectations and inventory notably better than our target. Importantly, we achieved several significant milestones in the turnaround of the company. We're executing more boldly and at a greater pace to stabilize and transform the business. While there is still much work to be done, I'm proud and encouraged by the progress we've made in a very short period of time. Mike Stornant will provide details shortly on the performance in the last quarter, followed by an update to our guidance for the balance of 2023.