“Our results in the first quarter are further proof of the effectiveness of our strategy and the team’s execution. Merrell and Saucony fueled our growth with double-digit revenue increases, and we more than tripled our earnings year-over-year, again delivering a record gross margin performance (…). While there’s uncertainty in the marketplace today, I’m excited by the momentum we’ve generated, and I believe we’re well positioned with great global brands, a variety of strategic and operational advantages, and most importantly, a talented and resilient team to navigate the near-term challenges and emerge an even better company”, said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide.

First Quarter Results

In the three months ending on the 29^th of March, the company’s total revenue increased by 4.4% (or 5.6% on a constant currency basis) to reach 412.3 million US dollars, as compared to the same period last year.

The performance of Merrell and Saucony stood out during the first quarter. The former recorded revenue growth of 13.2% (or 14.4% on a constant currency basis), reaching 150.6 million US dollars, while the latter recorded growth of 29.6% (or 31.3% on a constant currency basis), reaching 129.8 million US dollars, on a comparable basis to the same quarter of 2024.

On the contrary, the Wolverine brand recorded a first quarter revenue decrease of 9.2% to 37.4 million US dollars and the Sweaty Betty brand recorded a first quarter revenue decrease of 15.9% (or 15.5% on a constant currency basis) to 38.0 million US dollars, on a comparable basis to the same period of the prior year.

Wolverine Worldwide highlighted that the gross margin “improved significantly” in the first quarter, rising from 45.9% to 47.3%. This was due to a healthier sales mix, lower promotional activity, and the benefits of supply chain cost initiatives.

In the first quarter of this year, the company reported diluted earnings per share of 0.13 US dollars, representing a 168.4% increase, as compared to a diluted loss per share of 0.19 US dollars in the same quarter of 2024.

At the end of the quarter, inventory decreased by 84 million US dollars to 271 million US dollars, as compared to the same period last year. Net debt also decreased, by 83 million US dollars respectively, to 604 million US dollars.

Outlook

The company expects second quarter revenue of approximately 440 to 450 million US dollars, representing growth of 3.7 to 6.0%, on a comparable basis to the second quarter of 2024. Diluted earnings per share are expected to be in the range of 0.17 to 0.22 US dollars.

However, due to uncertainty surrounding tariffs and related macroeconomic conditions, the company is not providing a full year outlook.