Wolverine World Wide, Inc. (NYSE:WWW) Q4 2022 Earnings Call Transcript

Abbie Zvejnieks: Got it. Thank you.

Operator: Thank you. Our next question comes from Carla Casella with JPMorgan.

Unidentified Analyst: Hi, good morning. This is Mike on for Carla. And thanks for taking our questions. I’ll be quickly as I can. A quick question. Did you guys say how much of your inventory was currently in transit. I know you disclosed that last quarter, but I’m wondering if there was an update for 4Q.

Mike Stornant: We didn’t add that, but it’s come down quite substantially from a quarter ago. I think it’s down over $100 million. It’s still elevated as we continue to work through some of the logistics, bottlenecks and container storage but has improved tremendously in the last three months. And we’d expect the in transit to normalize sequentially throughout the year.

Unidentified Analyst: Great. Thank you. And then did you guys ever give a disclosure on the timing of kind of the Leathers divestiture sale how much of that — how that bakes into the guidance?

Mike Stornant: Sure. Yes. Well, we’ve taken the Leathers business kind of as a held-for-sale operation. We’ve taken it out of our guidance that we shared today. But it’s a very active process. We have a couple of interested strategic parties that are evaluating the opportunity. We did not give a specific time frame because we don’t have one yet, but we’d expect some resolution by the middle of the year.

Unidentified Analyst: Great. Thank you. That’s all from us.

Mike Stornant: Thank you.

Operator: Thank you. Ladies and gentlemen, there are no further questions at this time. I would like to turn the floor back over to Brendan Hoffman for closing comments.

Brendan Hoffman: Thank you, everyone, for joining us today and your continued interest in Wolverine. We look forward to providing you another update at our earnings call in early May. Thanks very much.

Operator: That does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation.