Wolverine World Wide Inc
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Consumer Discretionary : Textiles, Apparel & Luxury Goods | Small Cap Value
Company profile

Wolverine World Wide, Inc. is a designer, marketer and licensor of a range of quality casual footwear and apparel, performance outdoor and athletic footwear and apparel, kids' footwear, industrial work boots and apparel, and uniform shoes and boots. The Company operates through two segments: Wolverine Michigan Group and Wolverine Boston Group. Its Wolverine Michigan Group consists of footwear and apparel under brand names Merrell, Cat, Wolverine, Chaco, Hush Puppies, Bates uniform footwear, Harley-Davidson and Hytest safety footwear. Its Wolverine Boston Group consists of Sperry footwear, Saucony footwear and apparel, Keds footwear and the kids' footwear business, which includes the Stride Rite licensed business, as well as kids' footwear offerings from Saucony, Sperry, Keds, Merrell, Hush Puppies and Cat. Its products are marketed in approximately 170 countries, including the United States, Canada, the United Kingdom and certain countries in continental Europe and Asia Pacific.

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0.37 (2.48%)
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DoorDash to lay off 1,250 employees as CEO says costs grew too fast

8:44 am ET November 30, 2022 (MarketWatch)

By Emily Bary

Company is 'not immune to the external challenges and growth has tapered,' CEO says

Food-delivery platform DoorDash Inc. plans to lay off about 1,250 employees, becoming the latest technology company to admit that it grew expenses too rapidly for the current climate.

Chief Executive Tony Xu announced the cuts in a Wednesday morning message to employees that was later posted to the company's corporate blog. The company had over 8,600 employees as of the end of last year, not including delivery people -- known as "Dashers" -- who will not be affected.

Xu said he was "truly sorry" for the move and that he expected it to "come as a shock, especially because our business remains strong and continues to grow."

He noted that DoorDash (DASH) was "actually undersized" before the pandemic and said that executives moved to speed up hiring as COVID-19 created greater demand for delivery.

"Most of our investments are paying off, and while we've always been disciplined in how we have managed our business and operational metrics, we were not as rigorous as we should have been in managing our team growth," he said in the post. "That's on me. As a result, operating expenses grew quickly."

Shares of DoorDash were up nearly 4% in premarket trading Wednesday.

Xu also pointed to the economic environment as he sought to explain the cuts.

"Our business has been more resilient than other e-commerce companies, but we too are not immune to the external challenges and growth has tapered vs our pandemic growth rates," he said. "While our business continues to grow fast, given how quickly we hired, our operating expenses -- if left unabated -- would continue to outgrow our revenue."

DoorDash joins a list of technology companies that have recently eliminated positions due to an adverse macroeconomic climate. Others include Meta Platforms Inc. (META), Lyft Inc. (LYFT), Roku Inc. (ROKU), and Twitter.

-Emily Bary


(END) Dow Jones Newswires

November 30, 2022 08:44 ET (13:44 GMT)

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