Wolverine Worldwide has presented its economic results for the third quarter and suffered a total decline in sales of 16.6%. The quarterly result is 440.2 million US dollars. In the third quarter of 2023, it was $527.7 million. However, the sale of the Keds brand in February 2024 has an impact; in comparable values, the loss is 7.0%.
Nevertheless, the company declares that it achieved better results than expected. “In the third quarter, we delivered above-expected sales and profits – led by Merrell and Saucony, which exceeded our forecasts – as we continue to make progress on our plan to turn around the company and transform it for the future,” said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide. “We have completed another quarter with a record gross margin and more than doubled profit compared to the previous year. Today, we move forward with a stronger growth platform – a streamlined portfolio of authentic brands positioned in attractive categories, a much healthier balance sheet with our restructuring and stabilization efforts largely behind us, and finally, a talented, aligned and motivated team that drives the business forward every day.” Merrell is also the only brand that achieved more sales than in the same quarter last year, with an increase of 1.4%.
The fact that the result exceeds expectations is demonstrated by the fact that the company’s sales forecast for the full year has been revised upwards. Previously it was between $1.71 billion and $1.73 billion. Now Wolverine Worldwide expects earnings between $1.73 billion and $1.75 billion.
