Consolidated Q2 revenue for Wolverine

Worldwide
Published:  28 July, 2015

The American footwear manufacturer has reported a strong performance for the second quarter of 2015, with growth in the U.S wholesale business.

Wolverine Worldwide Inc. reported a slightly lower second quarter earnings, with a decrease of 8.4% on an adjusted basis. Consolidated revenue rose to a record US$630.1 million, representing a growth of 2.7% compared to the same period last year and 4.9% on a constant currency basis. Adjusting for the impact of foreign exchange, retail store closures and termination of the Patagonia license agreement, adjusted revenue grew 6.9% compared to 2014.

The company reported a gross margin of 39.1%, a decrease compared to the previous year but in line with the company’s expectations. Adjusted operating margin is down 8.1%, mainly due to higher pension expense and planned incremental brand investment. Reported operating margin is also down 7.6%.

According to Mike Stornant, the company’s Senior Vice President and Chief Financial Officer, the strong performance in Q2 was highlighted by a mid-single digit revenue growth in the U.S wholesale business, a double-digit growth in EMEA, and a growth exceeding 50% in the Asia Pacific region, each on a constant currency basis. “Revenue for the quarter also benefited from higher than anticipated international shipments that were initially expected to deliver in Q3 2015. The company’s global diversity and reliable fiscal discipline helped deliver another very good financial performance in Q2 2015”, he stated.

Wolverine Worldwide brands include: Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates, and HYTEST. The company also is the global footwear licensee of the brands Cat and Harley-Davidson.

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