After strong Q1, Wolverine Worldwide raises full year outlook

Wolverine World Wide, Inc. said reported revenue was 510.7 million dollars, up 16.3 percent versus the prior year, while on a constant currency basis, revenue was up 14.3 percent versus the prior year. The company’s owned ecommerce reported revenue grew 83.6 percent versus the prior year.

For the full 2021, the company now expects revenue in the range of 2,240 million dollars to 2,300 million dollars, growth of 25 percent to 28 percent versus the prior year, up 50 million dollars from our outlook in February.

“We believe 2021 will be a breakthrough year for the company, and our first quarter performance was an excellent start,” said Blake W. Krueger, Wolverine Worldwide’s chairman and chief executive officer, adding, “Our brands are well positioned in trending, performance-oriented product categories like running, hiking, and work; and their momentum remains strong. We anticipate growth to continue to accelerate moving forward.”

Review of Wolverine Worldwide’s Q1 performance

The company added that reported gross margin was 43.5 percent compared to 41.4 percent in the prior year and adjusted gross margin was 44.3 percent compared to 41.4 percent in the prior year.

The company’s reported diluted earnings per share were 45 cents compared to 16 cents in the prior year, while adjusted diluted earnings per share were 40 cents and, on a constant currency basis, were also 40 cents, compared to 28 cents in the prior year.

The company remains focused on delivering its aspirational target of 500 million dollars in owned ecommerce revenue, more than doubling 2019 levels. Reported diluted earnings per share are now expected to be in the range of 1.70 dollars to 1.85 dollars and adjusted diluted earnings per share are now expected to be in the range of 1.95 dollars to 2.10 dollars.