Wolverine Worldwide's numbers drop in third quarter
With revenue just below $679 million (€601 million) for the third quarter closed on 12th September, the Wolverine Worldwide group recorded a 4.5% decline compared to the same period last year.
The group, owner of the Merrell, Stride Rite, Hush Puppies and Saucony brands, stated that the decline is linked to the impact of exchange rate fluctuations, as well as the closing down of several unprofitable stores and the end of operations for the Patagonia licence. As for like-for-like sales and comparable exchange rates, the footwear specialist stated that its revenues grew by 0.7%.
In terms of segments: the Lifestyle segment recorded a 9.8% decline (8.5% at constant exchange rates), for nearly $251 million (€222 million). The Performance segment fell 3.1% (+1.4% at constant exchange rates) reaching $249 million (€220 million), while sales for the Heritage brands lost 0.7% (+2.4%), at over $150 million (€133 million). Finally the group's other operations, consolidated in the US, generated $29 million (€26 million), equivalent to a 16.9% rise.
Wolverine Worldwide recorded an operating income of $75.9 million (€67 million) compared to $87.6 million (€77.6 million) a year ago. Net income was $46 million (€40.7 million) compared to $57.9 million (€51.3 million) a year earlier.
The group is currently forecasting yearly revenues between $2.69 and $2.71 billion (between €2.38 and €2.40 billion).
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