ready I'm challenging across Executive thank you and my my next Hufnagel, for to in time, to company's excited Good like and chapter I the Chris to over also past for am new would I for to the I pleased years. to me for confidence success in brands President support everyone. their take. Directors join in position Chief a their honored Officer. our and Long organization you, entire on like story, appreciation hard morning, and would Wolverine our role me XX Board Tom company XXX-year and the navigate to this colleagues Thank and work for express this vote work am to assignment, from Tom. I'm and the of for this Worldwide's call new together this of as I future.
consumers. our our with to getting and our brand, strengthen Armour, Fitch, Before want Abercrombie I for partners, The I our Wolverine our mentored and and joining people, and about by leaders developed results Worldwide, and you. Gap, Under our brands, of numbers daily ultimately an some the I industry. brands, opportunities leaders; facing forward, footing Wolverine and to pace path myself & Since today, the briefly for to have ready the better to knowledge work joining and introduce understand deliver truly processes, product, and obsess their into amazing challenges I some great our to Prior intimate including to Wolverine, shareholders. to be move fortunate who was the both company,
track. hit our the shareholder back great with matters on and ahead. excited first believe believe levering to my brands. From and our running, to I Drawing about this talented day day three what most more on out. extraordinarily journey well that brands become with call value; me in Worldwide great playbook let transform ground create builder Wolverine firmly I importantly, have experiences, must brands. you, work teams, start I we of things very the do my the company capabilities and have get and on can a
informed solve for that insights by covetable and products, consumers' awesome build needs. they priced wants First, innovative, deep trend-right, right, products
Second, met. ongoing also be Modern they great stories; when experiences push-pull amazing in must consumers. relationship stories an their brands and and consumers their with want that brands differentiated, to meaningful tell meet where engage
great brand, Third we'll we've those across Worldwide, protect day, Wolverine the repeatable business playbook this drove model brand-building a for the new and implement finally, to heights. and Merrell, pursuit playbook portfolio, now than and a which leading every relentless and their teams each CAT to is and build Footwear to at success. into and constant a have the put And be brands new to of pattern brands practice driving great This and better today. tomorrow model
I'm the current updated Mike future, short the update the year. Stornant to financial in about this the now seen second-half recent excited But the morning is contributors company's position, marketplace the cover continue our quarter's to well and will Turning most results while outlook we've of of the in more shortly. of the expect softness and to headwinds detail the that we business impacting expectations.
abate quarters expect over economic retail, the current cleaner coming We past consumers uncertainties, and tough at become to move these comparisons. post-COVID inventories as we normalize, headwinds lapse trends
global allow reach brands potential. secular great yet we where global near-term are at domestic like strong, strong Sweaty Moreover, Caterpillar Active from market trends returns. same work, full operations from foundation category-leading authentic Despite amazing and have have loved focus outlook, the poised centers industry-leading to about share, own our excellence to benefits long-term generate I believe in world, that a in they At today, attractive know platforms, the big, XX% place Within yet Wolverine consumers, and partners, we on Betty Merrell, and I our Group, markets. areas, corporate to their brands have benefit products, Wolverine creation. the current with in Saucony, a Wolverine of and around strong and demand their situation of consistent brands time, the and group,
and actions. Finally, consumers, growth, and dedicated we a and other. believe deliver opportunity great our I'm long-term value. our us, have generate in of on we we brands, to ability faster front shareholder and But promise team need to significant to bolder profitability, take in to I each have that a confident our
XX Over the to as months, reposition has steps taken important company. Wolverine last several we
our across change drive planted While quarters. results the several next not today, to these the improvements over meaningful actions are organization benefiting all and the seeds are
line. $XX in to million we're quickly To we're getting inventories in we effectively back quarter report our XXXX, than motion, achieve to pleased reduction that the by to actions I'm in on our lower $XXX be, highlight track million versus year-end. inventory, of end are expected the at and a
and agile planning designed will Office, Critical XXXX, and in free our increased initiatives, targeted specifically be in is on enterprise-wide in management Improvement to investments and to with accurate managing Our goals for business. line on to deliver our XXXX. both process full-year more are schedule, savings end-to-end its our more for track product capacity allow and along us tools Profit brands,
into seeing in important trail and On Triumph past the Saucony market signs synergies Sweaty XX other brand Betty new for running Merrell introductions. I'm hike saw strong And recent front, share work several seeing assortment. introductions, expected also specifically of months. for yielding new for product a quarter, the our is and launches hike efficiencies. and the for than positive recent both in halo early gaining Encouragingly, category brand, are of that integration the positive to most a of the the is XX, pleased product cost also seeing report each preformed the better traction. Merrell's within response styles is better We've to Savior accelerated effect and the and acceptance we
new licensing strong portfolio Saucony, pursue our in leaders. urgency. passion we've with growth Sperry decision critical more we include They to be opportunities a operations to global targeting bring streamlining a the strategic, and about of transform efforts excited thought key Betty, sale and Finally, North the a sense teams these Key Sweaty Merrell, leaders strategic while their to with brands; business. for Group, and managing in consumer-centric the experience deep Puppies all organization efficient alternative our approach, our and leaders. agile of new the also and efficient. America, have We've biggest steps more other approach our along integrated, of have results Hush to Wolverine our for working and three more in Keds, taken initiated I'm and focused to together Leathers
Boston brand-building drive our across campus closure decision sharing all one organization, excited end, year-end. of our the the To we of collaboration under the at the footwear This the U.S. and the near-future. to roof teams will implementation accelerate including of in our this across I'm best increased brands of this including playbook. the our offices, consolidation week, practices announced have
our for more reliability, improved our costing, partners drive and the chain, efficiency, front, with working chain our to a and competitive supply On long-term advantage best ultimately global actioning supply to transparency, we're brands making approach operations strategic, a agility, partners. the
like to would we're clear I that starting over. not make it
a We good, place. sound strategy have in
a playbook, clear have We to made bolder talent. scalable The that have and faster need proven and move amazing we it recent be authentic our to potential. fullest achieve only challenges brands,
we making become better progress financial are the the reallocate As builders. brand must in to Focus current modern on focus reinvest on our capacity innovation, consumer also brands. each navigate to resources challenges, product obsession, realign company, finding creation. demand And our footing to of stabilize we our while ultimately, to the which and be day competencies
a a over to XX our want value. this call new to Mike, hand to next we the challenges, capacity remain leveraged priorities, that in deleverage balance brands. about confident see advance and But the our building you over business ability we opportunity emphasize in our place I across strategic We execute. in in near-term the have months. with to plan lead maintain I sheet, away our our entire you Despite a bridge variety invest in to to to about through am to shareholder the the with XXXX. I line a that of target return I how excited XX% we backdrops here hope drive out playbook economic to have organization of before three a playing will take on sight points this shortly ready this team and in proven a walk to a Mike margin framework achieving operating hand
attacking all to face capitalize on our any critical We to of a faster. the are are us issues company. commitment And being opportunities that bolder we we have through well-positioned front and in
Gradual sufficient. improvement will not be
we invest to the for priorities, key actionable face. growth pragmatic capacity place balance challenges brands have coming updates strategic you in to an to more sheet, our while look advance forward with maintain We deleverage sharing and in months. building accounting on progress our We the the in
Mike? Financial Now, President Stornant, over Executive to Mike Officer, Vice and our Chief
