Wolverine World Wide Exceeds Expectations in Q1
Wolverine World Wide, the parent company of Merrell, Saucony, Wolverine, and Sweaty Betty brands, exceeded market expectations in terms of revenue and earnings in Q1, thanks to its successful turnaround and transformation plan.
Chris Hufnagel, the CEO, reported that the company posted record gross margins, saw an acceleration in the direct-to-consumer business, and improved order trends across wholesale operations. However, total consolidated continuing revenue fell 24.5% to $390.8 million, and total revenue fell 34.6% to $394.9 million, compared to the same period last year.
Nevertheless, the company has been executing its turnaround and transformation plan with pace and making meaningful progress towards realising the full potential of its brands, platforms, and teams.
