×
83 941
Fashion Jobs
CONVERSE
Global Partner Markets Brand Merchandise Manager
Permanent · Boston
NIKE
North America Brand Manager, Women’s Running
Permanent · Beaverton
NIKE
Product Manager, Inventory Management
Permanent · Beaverton
NIKE
North America Merchandise Manager- Nike Direct Digital Commerce-Accessories And Equipment
Permanent · Beaverton
NIKE
Senior North America Merchandise Manager- Nike Direct Digital Commerce-Kids Apparel
Permanent · Beaverton
NIKE
North America Merchandise Manager- Nike Direct Digital Commerce-Women’s Performance Apparel
Permanent · Beaverton
CONVERSE
North America Account Marketing Manager, Skate
Permanent · Los Angeles
NIKE
Distribution Center Area Manager (Apparel Project - d1 Shift)
Permanent · Memphis
NORDSTROM
Asset Protection - Security Ambassador - Topanga
Permanent · Los Angeles
NORDSTROM
Asset Protection - Security Ambassador - Metro Pointe at South Coast Rack
Permanent · Costa Mesa
NORDSTROM
Asset Protection - Security Ambassador - nj Rockaway Commons rk
Permanent · Rockaway
NORDSTROM
Asset Protection - Security Ambassador - Southpark
Permanent · Charlotte
CENTRIC BRANDS
Account Executive - Accessories
Permanent · New York
CENTRIC BRANDS
Production Manager
Permanent · Los Angeles
ATHLETA
General Manager -Woodbury Lakes
Permanent · Woodbury
MICHAEL KORS RETAIL INC
ft Sales Supervisor, Houston Galleria
Permanent · Houston
NEW BALANCE
sr. Manager, Value Chain Business Operations
Permanent · Lawrence
L'OREAL GROUP
Packaging Operator ii
Permanent · North Little Rock
MACY'S
Asset Protection Detective, North Star Mall - Part Time
Permanent · San Antonio
MARSHALLS
70118-lp Detective
Permanent · Ann Arbor
HOMEGOODS
Loss Prevention Detective
Permanent · Lemont
SALLY BEAUTY CORPORATE
sr. Marketing Project Manager
Permanent · Denton
Published
Nov 10, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Wolverine Worldwide posts double-digit revenue growth despite supply chain disruption

Published
Nov 10, 2021

Outdoor apparel and footwear group Wolverine World Wide, Inc. (Wolverine Worldwide) reported an increase of 29.1% in its third-quarter revenue on Wednesday, progress achieved in spite of issues related to Vietnamese factory closures and global logistics hold-ups.


Saucony and Sperry achieved revenue growth of more than 40% in Q3 - Instagram: @saucony

 
In the third quarter ended October 2, 2021, the Rockford, Michigan-based company, which owns brands including Wolverine, Merrell, Saucony and Sperry, posted revenue of $636.7 million, compared to $493.1 million in the prior-year period. In constant currencies, the company’s year-over-year revenue growth was 28.2%.
 
E-commerce was a particularly strong channel for the group, seeing its sales increase 45% versus the previous year and 126% compared to Q3 2019, before the impact of the Covid-19 pandemic.

According to Wolverine Worldwide CEO Blake W. Krueger, supply chain disruptions were responsible for “at least a $60 million negative revenue impact” on the company’s Q3 results.
 
The executive further pointed out that the Merrell label was hardest hit by the closure of factories in Vietnam but was still able to achieve mid-single digit revenue growth. Both Saucony and Sperry, on the other hand, posted year-over-year rises of over 40%.
 
Wolverine Worldwide’s third-quarter results also benefited from the addition of British women’s activewear brand Sweaty Betty, acquired by the company on August 2, 2021. Disregarding the contribution of Sweaty Betty, the company’s Q3 revenues totaled $597.6 million, up 21.2% versus the prior-year period, while e-commerce increased 13.3% year over year.
 
In terms of earnings, Wolverine Worldwide broke even, as costs related to the Sweaty Betty acquisition, litigation and measures taken to deal with production and shipping delays ate into the company’s improved revenue. In the previous year’s third quarter, the group reported income of $22.4 million, or $0.27 per diluted share.
 
Year to date, Wolverine Worldwide achieved revenue of $1.8 billion, up 38.8% compared to $1.3 billion a year earlier. Earnings in the nine-month period were $83.2 million, or $0.98 per diluted share, versus $33.8 million, or $0.41 per diluted share, in 2020.
 
“Demand for our brands remains very strong as evidenced by continued strength in sell-through trends at retail and a robust order book that extends into Q3 2022,” said Krueger in a release. “We remain bullish on our outlook for the future in light of these trends and the composition of our portfolio which over-indexes on performance categories like hiking, running, and work.”
 
Nonetheless, SVP and CFO Mike Stornant highlighted that, due to the impact of the aforementioned factory closures on Wolverine Worldwide’s “ability to fully service the incredibly strong demand we are seeing in Q4,” the company has had to adjust its full-year financial outlook for fiscal 2021.
 
The group now expects its annual revenue to total around $2.4 billion, representing year-over-year growth of almost 35%, while diluted earnings per share are predicted to be in the range of $1.16 to $1.21.

Copyright © 2022 FashionNetwork.com All rights reserved.