Luxury footwear manufacturer Wolverine Worldwide reported a 16.6 per cent drop in third-quarter revenue to US $ 440.2 million and a 7 per cent drop in ongoing operations revenue to US $ 440.1 million.
For the quarter, gross margin increased by 450 basis points to 45.3 per cent, with adjusted gross margin rising 380 basis points to the same level.
President and chief executive officer of Wolverine Worldwide, Chris Hufnagel, stated, “As we continue to move forward with our plan to turn the company around and reshape it for the future, we produced better-than-expected revenue and earnings in the third quarter, with Merrell and Saucony leading the way.”
Hufnagel further added that the brand has achieved another quarter of record gross margin and more than doubled earnings compared to last year. He also emphasised that the firm is advancing with a more solid foundation for growth and this includes a streamlined portfolio of genuine brands in appealing categories, a significantly stronger balance sheet with stabilized and restructured efforts.
Looking forward, Wolverine has updated its revenue and earnings guidance for fiscal year 2024. The company now expects 2024 revenue to range from US $ 1.73 billion to US $ 1.745 billion, up from the previous forecast of US $ 1.71 billion to US $ 1.73 billion.
