Wolverine World Wide, Inc. (NYSE:WWW) Q4 2022 Earnings Conference Call February 22, 2023 8:30 AM ET
Company Participants
Alex Wiseman - VP, Finance
Brendan Hoffman - President and CEO
Mike Stornant - EVP and CFO
Conference Call Participants
Dana Telsey - Telsey Advisory Group
Jim Duffy - Stifel
Jonathan Komp - Baird
Sam Poser - William Trading
Mitch Kummetz - Seaport Research
Abbie Zvejnieks - Piper Sandler
Operator
Greetings and welcome to the Wolverine Worldwide Inc. Fourth Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [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. Please go ahead, sir.
Alex Wiseman
Good morning and welcome to our fourth quarter 2022 conference call. On the call today are Brendan Hoffman, our President and Chief Executive Officer; and Mike Stornant, our Executive Vice President and Chief Financial Officer.
Earlier this morning, we issued our press release and announced our financial results for the fourth quarter and full year 2022 and guidance for fiscal 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 disclosures, which adjusts, for example, for the impacts of non-cash impairment of Sperry and Sweaty Betty intangible assets, environmental and other related costs, net of cost recoveries, reorganization costs, costs associated with the integration of Sweaty Betty, receivable securitization transaction costs, gain on the sale of the Champion trademark, and foreign exchange rate changes. Prior year non-GAAP disclosures include additional adjustments for debt extinguishment costs, non-cash impairment related to one of the company's joint ventures and costs associated with the acquisition of the Sweaty Betty brand.
On February 8, 2023, we announced the sale of the Keds business to Designer Brands Incorporated. The parent company of footwear retailer DSW. At the same time, we announced the intention to grant an exclusive license to designer brands for Hush Puppies footwear in the United States and Canada.
Additionally, as previously announced on December 8, 2022, we have started a formal process to divest our Wolverine Leathers business. As such, our guidance for 2023 reflects future financial expectations and comparable results from 2022 that exclude the full-year impact of Keds and Wolverine Leathers and included an adjustment for the second half 2023 transition of our United States and Canada Hush Puppies business to a licensing model.