Wolverine reports 16% Q3 revenue drop

Wolverine Worldwide announced on Thursday revenue fell 16.6% to $440.2 million for the third quarter ended September 28, 2024, on the back of a double-digit dip across its Saucony and Wolverine brand sales.​

The Rockford, Michigan-based footwear and apparel firm said international revenue fell 6.6% to $213.8 million, while direct-to-consumer sales were down 17.7% to $112.4 million.    

By brand, Merrell climbed 1.4% to $159.2 million and the company’s Sweaty Betty brand was up 3% to $46.3 million during the quarter. Meanwhile, Saucony and Wolverine brand sales declined 10% to $104.8 million, and 12.3% to $49.4 million respectively. 

“In the third quarter, we delivered better-than-expected revenue and earnings – led by Merrell and Saucony outpacing our forecast – as we continue to make progress on our plan to turnaround and transform the company for the future,” said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide. 

“We drove another quarter of record gross margin and more than doubled earnings versus last year. Today, we’re moving forward with a stronger platform for growth – a rationalized portfolio of authentic brands positioned in attractive categories, a much healthier balance sheet with our restructuring and stabilization efforts largely behind us, and finally, a talented, aligned, and motivated team driving the business each day.”

Looking ahead, Wolverine raised its revenue and earnings guidance for fiscal year 2024. It now expects 2024 revenue to be approximately $1.730 to $1.745 billion, compared to $1.71 to $1.73 billion. 

Lastly, it now expects diluted earnings per share in the range of $0.56 to $0.66, compared to the previous outlook in the range of $0.53 to $0.63.