×
81 558
Fashion Jobs
AIIR PROFESSIONAL
Brand & Digital Manager
Permanent · SCOTTSDALE
L'OREAL GROUP
Asst Mgr/Mgr - Brand Business Development & Sales Analytics
Permanent · New York
MACY'S
Manager, Asset Protection
Permanent · Roseville
MACY'S
Asset Protection Detective, State Street - Full Time
Permanent · Chicago
MACY'S
Asset Protection Security Guard, San Francisco Union Square - Full Time
Permanent · San Francisco
MACY'S
Asset Protection Officer, Bailey Road - Part Time (3840)
Permanent · North Jackson
MACY'S
Asset Protection Officer, Secaucus - Part Time (3840)
Permanent · Secaucus
MACY'S
Asset Protection Detective, Green Acres - Full Time
Permanent · Valley Stream
MACY'S
Asset Protection Officer, West Virginia - Full Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Hourly Supervisor, West Virginia - Full Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Officer, Secaucus st fj - Part Time (2840)
Permanent · Secaucus
MACY'S
Asset Protection Detective, Mall at Robinson Town Center - Full Time
Permanent · Pittsburgh
MACY'S
Asset Protection Security Guard, Newpark - Part Time
Permanent · Newark
MACY'S
Asset Protection Officer, Hayward - Part Time (3840)
Permanent · Hayward
MACY'S
Asset Protection Officer, Portland - Part Time (2841)
Permanent · Portland
MACY'S
Asset Protection Detective, Haywood Mall - Part Time
Permanent · Greenville
MACY'S
Asset Protection Detective, Montclair Plaza - Full Time
Permanent · Montclair
MACY'S
Asset Protection Detective, Manhasset - Full Time
Permanent · Manhasset
MACY'S
Asset Protection Detective, Haywood Mall - Flex
Permanent · Greenville
NIKE
Art Director, Global Brand Creative Studio – Men’s Lifestyle
Permanent · Beaverton
NIKE
Senior Business Consultant, Onboarding
Permanent · Beaverton
NIKE
sr. Technical Program Manager- Enterprise Data & Analytics
Permanent · Beaverton
Published
Apr 23, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Wolverine Worldwide revenues drop 16% on impact of Covid-19

Published
Apr 23, 2020

Wolverine World Wide, Inc. (Wolverine Worldwide), the owner of Merrell, Sperry and Hush Puppies, announced a 16.1% decline in its first-quarter revenues on Wednesday. However, the Rockford, Michigan-based company insisted that it is well positioned to “emerge even stronger” from the ongoing Covid-19 crisis.


Instagram: @hushpuppiesshoes

 
For the first quarter ended March 28, 2020, Wolverine reported total revenue of $439.3 million, compared to $523.4 million in the prior-year period. On a constant currency basis, the company’s revenue decreased 15.6% year over year.
 
Although the coronavirus pandemic has had a noticeable effect on Wolverine’s sales, the company was eager to point out that it saw solid revenue growth in its owned e-commerce channels, where sales increased 17.5% in the quarter, reflecting a wider Covid-19 consumer trend, as more shoppers head online to buy items they would usually have purchased in stores.

Wolverine’s Michigan group, which includes the Bates, Cat footwear, Chaco, Harley-Davidson footwear, Hush Puppies, HyTest and Merrell brands, as well as its namesake Wolverine brand, saw its quarterly sales fall 18.1% year over year, from $302.7 million to $247.8 million.
 
First quarter revenue at the Boston group, whose brands include Keds, Saucony and Sperry, decreased to $182.1 million, down 11.1% from $204.8 million in the same period in the previous year.
 
Wolverine’s quarterly earnings totaled $13.0 million, or $0.16 per diluted share, down from $40.5 million, or $0.43 per diluted share, in the prior-year period.
 
“Following record financial results in the fourth quarter of 2019, the Company delivered strong Q1 earnings results, despite challenging conditions caused by the Covid-19 pandemic late in the quarter,” commented Wolverine Worldwide chairman, CEO and president Blake Krueger in a release.
 
“Many of our brands are resonating with consumers faced with shelter-in-place restrictions, and our e-commerce business has accelerated following the close of the first quarter.  We believe the company is strong, well positioned to navigate the current challenges, and will emerge even stronger,” he added.
 
The company highlighted a range of initiatives it is implementing to deal with the economic disruption being caused by the Covid-19 pandemic, including the reduction of planned inventory receipts by around $300 million and the postponement of $25 million of capital expenditures, as well as the drawing down of the remainder of its revolving credit line.
 
Wolverine has also reduced planned operating expenses by an estimated $100 million for the remainder of 2020, through furloughs, executive salary cuts and organizational changes.
 
Thanks to these measures, Wolverine hopes to generate $150 million to $200 million of operating cash flow in 2020.

Organizational changes at the company have included the departure of Michigan group president Todd Spaletto, and the promotion of three brand presidents to Wolverine Worldwide’s executive leadership team, as well as the expansion of their responsibilities.

Copyright © 2022 FashionNetwork.com All rights reserved.