Wolverine Worldwide delivers 'record' Q2 revenue
Wolverine Worldwide, owners of Sweaty Betty, Hush Puppies and Wolverine, has released its financial results for the second quarter ending 2 July 2022, revealing a 12.9% increase in revenue to £590 million ($713.6 million).
For the second quarter, Wolverine Worldwide, Inc. shared the following results:
- Revenue at Sweaty Betty totalled £39.2 million ($47.4 million)
- Revenue at Merrell increased 14% to £168.4 million ($203.6 million)
- Revenue at at Saucony increased 7.2% to £112.1 million ($135.5 million)
- International business revenue was up 45.3% to £244.2 million ($295.2 million)
- Direct-to-Consumer revenue was up 21.1% to £137.5 million ($166.2 million)
- Gross margin of 43%, attributed to lower-than-expected closeout sales
Looking ahead to FY22, the group's revenue is expected to be in the range of £2,267 billion ($2.740 billion) to £2,309 billion ($2.790 billion), representing growth of approximately 14% to 16%. Gross margin is expected to be approximately 42.5%.
Brendan Hoffman, Wolverine Worldwide's President and CEO, said: "Despite a slowdown in June shipments, we are pleased with delivering record organic revenue in the quarter. We faced unplanned headwinds related to elevated customer inventory, a stronger US dollar, and some lingering supply chain delays, but our operating margin was better-than-expected in the quarter.
"While we continue to expect sequential growth acceleration in the second half, we now have a revised outlook for the back-half of this year that assumes higher promotional activity and elevated inventory in our wholesale channels."
Founded in 1883, Wolverine Worldwide is a global marketer and licensor of branded casual, active lifestyle, work, outdoor sport, athletic, children's and uniform footwear and apparel. The company’s portfolio also includes Merrell, Saucony, and Sperry.
