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Wolverine Worldwide delivers 'record' Q2 revenue

Sophie Smith
16 August 2022

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.

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