UBS Evidence Lab inside: 2Q26 Preview: We Expect An In-Line Report

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UBS Evidence Lab inside: 2Q26 Preview: We Expect An In-Line Report

Powered by Lab Global22 JulyResearch2026ab Evidence UBS YES

Wolverine World Wide Inc Equities

AmericasUBS Evidence Lab inside: 2Q26 Preview: We

Expect An In-Line Report Retailers, Apparel

12-month rating Buy *

12m price target US$29.00We expect a solid Q2 report, but so does the market:

Our analyses indicate WWW had a strong Q2, led by robust trends at Saucony and

Merrell. We thus forecast a 2c Q2 EPS beat and expect WWW to deliver an in-line Q3 Price (21 Jul 2026) US$18.67

outlook. Regarding FY26, our base case is WWW will raise its $1.43-$1.58 EPS guidance RIC: WWW.N BBG: WWW US

by a similar magnitude as its Q2 outperformance. We think this update will likely meet

market expectations. The upside risk is ongoing sales momentum cause WWW to raise Trading data and key metrics

its FY26 outlook. The downside risk is tariffs and other cost pressures lead to a reduced 52-wk range US$32.40-14.65

FY26 EPS guide. The options market is pricing a +/-12.4% jump over earnings vs. an Market cap. US$1.53b

8.5% historical avg. move. We expect below-avg. volatility, but see a scenario where a Shares o/s 81.7m (COM)

relatively small change vs. expectations drives an outsized stock move. Free float 97%

Avg. daily volume ('000) 351

Sentiment around WWW leans bearish, in our view: Avg. daily value (m) US$5.9

UBS Quant team's data shows WWW is short-crowded with a -9.5 score, well below the Common s/h equity (12/26E) US$0.50b

Softlines peers’ 3.0 avg. Its score has also fallen over the last 3m. Additionally, WWW's P/BV (12/26E) 3.1x

10.5x FY2 P/E implies it trades at a 29% discount vs. the industry's 14.7x avg. Plus, Net debt to EBITDA (12/26E) 1.6x

WWW's stock has underperformed the S&P 500 by 700 bps YTD.