{"id":1234728696,"date":"2024-11-07T08:53:09","date_gmt":"2024-11-07T13:53:09","guid":{"rendered":"https:\/\/footwearnews.com\/?p=1234728696"},"modified":"2024-11-07T09:50:57","modified_gmt":"2024-11-07T14:50:57","slug":"wolverine-worldwide-www-q3-2024-earnings","status":"publish","type":"post","link":"https:\/\/footwearnews.com\/business\/earnings\/wolverine-worldwide-www-q3-2024-earnings-1234728696\/","title":{"rendered":"Wolverine Worldwide CEO Says Merrell and Saucony Sales \u2018Outpaced Forecast\u2019 in Q3"},"content":{"rendered":"


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Shares for Wolverine Worldwide were up over 9 percent in pre-market trading on Thursday following continued signs that the company\u2019s turnaround strategy is taking hold.<\/p>\n

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The Rockford, Mich.-based company said total revenue in the third quarter of 2024 was $440.2 million, down 16.6 percent from $527.7 million the same time last year. Ongoing total revenue in Q3 \u2013 which excludes the impact of sold assets like Keds<\/a>, Sperry<\/a> and the Wolverine leather business<\/a> \u2013 was $440.1 million, a decrease of 7.0 percent from $473.3 million the prior year period.<\/p>\n

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While these results are still a marked decrease, Wolverine\u2019s performance this quarter beat analysts\u2019 predictions of sales between $418.6 million and $423.8 million in Q3, according to Yahoo Finance.<\/p>\n

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The company also beat its own expectations, Chris Hufnagel<\/a>, president and chief executive officer of Wolverine, said.<\/p>\n

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\u201cIn the third quarter, we delivered better-than-expected revenue and earnings \u2013 led by Merrell and Saucony<\/a> outpacing our forecast \u2013 as we continue to make progress on our plan to turnaround and transform the company for the future,\u201d Hufnagel, said in a statement. \u201cWe drove another quarter of record gross margin and more than doubled earnings versus last year.\u201d<\/p>\n

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The CEO added that the company is \u201cmoving forward with a stronger platform for growth,\u201d which includes a \u201crationalized 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 driving the business each day.\u201d<\/p>\n

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By brand, Merrell and Sweaty Betty led the way in Q3 in terms of growth. At Merrell, net sales in the period were $159.2 million, a 1.4 percent increase from $157.0 million the prior year. At Sweaty Betty, net sales were $46.3 million, a 3.0 percent increase from $45.0 million just a year ago.<\/p>\n

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Turning to Saucony, sales declined 10 percent to $104.8 million in the third quarter from $116.4 million the same time last year. And the company\u2019s namesake Wolverine brand reported revenues down 12.3 percent in Q3 to $49.4 million from $56.3 million last year.<\/p>\n

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The company\u2019s international revenue was down 6.6 percent to $213.8 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 17.7 percent on a reported basis to $112.4 million. Net debt at the end of the quarter was $563 million, down $373 million compared to the prior year and down $179 million from the prior year end.<\/p>\n

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\u201cWhile pleased with the continued progress and early proof points to our strategies, we remain intently focused on driving the business forward to realize the full potential of our brands and delivering better returns to our shareholders,\u201d the CEO added.<\/p>\n

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Looking ahead, the company raised its guidance slightly and now expects total revenue from its ongoing business to be approximately $1.730 billion to $1.745 billion for the full fiscal year 2024. This range compares to the previous outlook<\/a> of approximately $1.71 billion to $1.73 billion for the year.<\/p>\n

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Diluted earnings per share for the year is now expected to be in the range of 56 cents to 66 cents and adjusted diluted earnings per share in the range of 80 cents to 90 cents. This compares to the previous outlook for diluted earnings per share in the range of 53 cents to 63 cents and adjusted diluted EPS between 75 cents and 85 cents.<\/p>\n

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Total revenue in the third quarter of 2024 was $440.2 million, down 16.6 percent from $527.7 million the same time last year.<\/p>\n","protected":false},"author":190673879,"featured_media":1234728698,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"authors":[],"contributors":[],"styled_by":[],"_image_credit":"","_wp_attachment_image_alt":"","pmc_selected_wwd_video_media":"","pmc_top_video_source":"","pmc_top_video_duration":"","wwd_top_video_source":"","wwd_top_video_duration":"","pmc_selected_featured_media":"","pmc_selected_video_media":"","pmc_selected_variety_video_media":"","variety_top_video_source":"","variety_top_video_duration":"","pmc_featured_media_has_alt_text":true,"_pmc_featured_animated_media_id":0,"_pmc_featured_video_override_data":"","_pmc_featured_video_override_url":"","pmc-gallery-linked-gallery":{},"pmc_list_item_description":"","primary_category":"","primary_vertical":"","_mt_pmc_exclude_from_seo":"","pmc-gallery":[],"categories":179,"subcategories":84144,"mt_seo_title":"Wolverine Worldwide WWW Q3 2024 Earnings Were Better Than Expected","mt_seo_description":"Wolverine Worldwide WWW Q3 2024 earnings are in: the footwear company reported that net sales were better than expected in the third quarter.","mt_pmc_exclude_from_seo":"off","_pmc_canonical_override":"","instant_articles_should_submit_post":false,"_sailthru_selected_alerts":[],"_sailthru_send_override":false,"_sailthru_alert_subject":"","_sailthru_breaking_news_meta_data":[],"experimental_features_inline_styles":"","linked_video_id":"","pmc_hubs_hide_header":false,"override_post_title":"","override_post_excerpt":"","apple_news_api_created_at":"2024-11-07T13:53:35Z","apple_news_api_id":"31da08ac-555e-4d6c-8f4b-fe170ef5c9aa","apple_news_api_modified_at":"2024-11-07T14:51:13Z","apple_news_api_revision":"AAAAAAAAAAAAAAAAAAAAAA==","apple_news_api_share_url":"https:\/\/apple.news\/AMdoIrFVeTWyPS_4XDvXJqg","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"[]","_pmc_automated_related_links":{"settings":{"module_name":"Related","hide_box":0},"data":[{"url":"","id":"","title":"","automated":true},{"url":"","id":"","title":"","automated":true},{"url":"","id":"","title":"","automated":true}]},"overlay_text_placement":[],"overlay_text_one":[],"overlay_text_two":[],"kicker_meta_block_field":[],"_pmc_kicker":[],"pmc_multiple_products_title":"","_jetpack_memberships_contains_paid_content":false,"jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[179,84144],"tags":[378247602,378240031,376844755],"post_format":[],"_post-options":[],"pmc_ads_suppression":[],"editorial":[],"ep_custom_result":[],"coauthors":[378249663],"jetpack_publicize_connections":[],"apple_news_notices":[],"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Wolverine Worldwide CEO Says Merrell and Saucony Sales \u2018Outpaced Forecast\u2019 in Q3","url":"http:\/\/footwearnews.com\/business\/earnings\/wolverine-worldwide-www-q3-2024-earnings-1234728696\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/footwearnews.com\/business\/earnings\/wolverine-worldwide-www-q3-2024-earnings-1234728696\/"},"thumbnailUrl":"https:\/\/footwearnews.com\/wp-content\/uploads\/2024\/11\/Merrell_Moab-Speed-2.jpg?w=150","image":{"@type":"ImageObject","url":"https:\/\/footwearnews.com\/wp-content\/uploads\/2024\/11\/Merrell_Moab-Speed-2.jpg"},"articleSection":"Earnings","author":[{"@type":"Person","name":"Stephen Garner"}],"creator":["Stephen Garner"],"publisher":{"@type":"Organization","name":"Footwear News","logo":"https:\/\/footwearnews.com\/wp-content\/uploads\/2018\/04\/cropped-fn_favicon2.png"},"keywords":["chris hufnagel","earnings","wolverine worldwide","business"],"dateCreated":"2024-11-07T13:53:09Z","datePublished":"2024-11-07T13:53:09Z","dateModified":"2024-11-07T14:50:57Z","pmc-gallery-linked-gallery":{}},"rendered":"