The company expects to count year-end inventory of approximately $805 million, down from $880 million at the end of Q3. The year-end inventory includes approximately $40 million for Keds and Wolverine Leathers, two businesses that are each currently in an active sale process.

Year-end net debt is expected to be at $1 billion, down from $1.3 billion at the end of Q3, it added.

​“During the fourth quarter, we achieved our revenue, inventory management and cash flow goals,” said Brendan Hoffman, president and CEO. “The acceleration of our inventory reduction efforts is expected to pressure fourth-quarter earnings toward the low end of our guidance. We are executing well against a 100-day action plan that establishes near-term operational improvements needed to set the foundation for growth and profit improvement moving forward.

“The continued liquidation of end-of-life inventory is critical to this plan and we are encouraged by the progress made and options available to further clear these goods in early 2023,” concluded Hoffman.

Last month, Wolverine announced plans to divest its leather and Keds brands from its brand portfolio, following news in November of a business reorganization and management reshuffle.