Wolverine Worldwide is now “a different company”, CEO says
Footwear group Wolverine Worldwide has reported total sales revenues for 2023 of more than $2.4 billion. This represents a fall of 16.5% compared to the figure for 2022.
There were falls in revenue for each of the group’s main brands, which it divides into two groups, Active and Work. In the case of Merrell and the Wolverine brand, the declines were double-digit. Merrell’s revenues were down by 11.6%, reaching $675.8 million. In Wolverine’s case, the brand suffered a fall of 18.7% in revenues, reaching $201.2 million.
Sales revenue at running footwear brand Saucony (see image) was down too, but by the comparatively low figure of 1.9% to reach $495.8 million. Exercise apparel brand Sweaty Betty achieved revenues of $203.8 million in 2023, down by 3.8% year on year.
Before the last quarter of 2023, the group reported the results of its other brands under another name, Lifestyle. But it said on reporting the full-year results that Lifestyle was no longer “a reportable segment”. It reported the results of the brands concerned, Sperry, Keds, and Hush Puppies, as ‘other’.
It sold Keds and Wolverine Leathers in 2023. It announced the sale of Sperry in January this year. The group has also entered into “an adjustment” for Hush Puppies, changing this part of the business to a licensing model in 2023.
Commenting on the results, chief executive, Chris Hufnagel, said Wolverine Worldwide was in the process of executing a transformation plan “with great pace”. He said the “stabilisation phase” of a turnaround for the group was “largely completed” now.
He added: “Wolverine Worldwide is a different company than it was just six months ago, with a healthier balance sheet, enhanced efficiency to deliver higher profit and investment, and a redesigned organisational structure to strengthen our brand-building capabilities.”
