World Footwear

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Wolverine reports strong third quarter

Nov 18, 2019 United States
Wolverine reports strong third quarter
The US-based footwear giant reported revenue for the third quarter of 574.3 million US dollars increasing by 2.8% as compared to similar period in the prior year
“We delivered our highest quarterly revenue increase of the year driven by constant currency growth of over 11% from Merrell, Sperry and Saucony. Our adjusted earnings per share of 0.68 US dollars was a record performance for the company and meaningfully better than our expectations heading into the quarter. The double-digit growth from our biggest brands is a direct result of our continued focus on building trend-right product that resonates with consumers and ongoing execution of our digital-direct offense”, commented Blake Krueger, Wolverine World Wide’s Chairman, Chief Executive Officer and President.

Third Quarter Review
Wolverine reported revenue for the third quarter of 574.3 million US dollars increasing by 2.8% as compared to the prior year (adjusting for currency increased by 3.6%). Reported gross margin of 42.4%, was in line with expectations, and increased 80 basis points compared to 41.6% in the prior year. Reported operating margin was 11.9%. Adjusted operating margin of 14.1% exceeded expectations expanding 150 basis points compared to the prior year. Reported diluted earnings per share were 0.57 US dollars, compared to 0.60 US dollars in the prior year. Adjusted diluted earnings per share increased 9.7% to 0.68 US dollars compared to 0.62 US dollars in the prior year.
 
Full Year Outlook
The company is maintaining its full-year revenue guidance and updating its full-year earnings outlook to reflect estimated new tariff costs in the fourth quarter. Revenue is expected to be approximately 2.28 billion US dollars including approximately 7.0% constant currency growth in the fourth quarter. Gross margin is still expected to be approximately 41.0% matching the prior year's record level.

Image credits: Corinne Kutz on Unsplash

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