Wolverine Worldwide, Inc. (NYSE:WWW) is the leading manufacturer of non-athletic footwear in the U.S. Like many other retail companies during the period, Wolverine struggled against a bleak consumer backdrop. The company announced an 18% decline in third-quarter earnings due to inconsistent retail traffic and disappointing re-order patterns from its retail partners. Wolverine owns a broad portfolio of footwear brands including Sperry, Merrell, Keds, and Saucony and manufactures work boots for the military and construction workers. We believe an unusually warm winter and exposure to the oil and gas industry will create headwinds for Wolverine’s winter and work boots. Although we maintain a position in the stock, we are continuing to closely monitor fundamentals.
From Meridian Growth Fund Semi-Annual Letter to Shareholders 2016.
