Wolverine Worldwide Q3 revenues decline by 14.1 percent
Wolverine World Wide, Inc. reported revenue of 493.1 million dollars, down 14.1 percent, while on a constant currency basis, revenue was down 14.6 percent and company-owned ecommerce revenue grew 56.4 percent versus the prior year.
“The Company’s third quarter results significantly exceeded our expectations, reaffirming the inherent strength of our portfolio and strong brand positioning in winning product categories and distribution channels,” said Blake W. Krueger, Wolverine Worldwide’s Chairman and Chief Executive Officer, adding, “Saucony and Chaco delivered double-digit revenue growth in the quarter compared to the prior year, while Merrell and our work brands drove meaningful sequential revenue improvement versus Q2.”
The company said in a statement that reported gross margin was 41 percent, compared to 42.4 percent in the prior year, reported operating margin was 8.6 percent compared to 11.9 percent in the prior year and adjusted operating margin was 10.6 percent compared to 14.1 percent in the prior year. Reported diluted earnings per share were 27 cents compared to earnings per share of 57 cents in the prior year, while adjusted diluted earnings per share were 35 cents and on a constant currency basis, were 34 cents compared to 68 cents in the prior year.
“We expect that headwinds caused by the pandemic will persist in the near-term and that fourth quarter revenue will be down no more than 25 percent year-over-year, including the effects of a partial shift in revenue from our international business into the first quarter of 2021,” added Mike Stornant, Senior Vice President and Chief Financial Officer.