In the first quarter, Merrell had a revenue decline of 26.2% (26.6% at constant currency) to US$133 million, while Saucony was down 24.5% (24.7% at constant currency) to US$100.1 million.

Wolverine had a drop of 20.3% to US$41.2 million and Sweaty Betty fell by 4.8% (8.1% at constant currency) to US$45.2 million.

Looking forward to the full 2024 year, Wolverine expects revenue to be between US$1.68-1.73 billion.

Executive Vice President and Chief Financial Officer Mike Stornant said: “The company exceeded first quarter revenue expectations with well-balanced performance across the portfolio. We drove 540 basis points of gross margin expansion from a healthy sales mix and our profit improvement actions initiated last year.

“We also continued to strengthen the balance sheet by reducing inventory for our ongoing business by US$251 million year-over-year and net debt by US$55 million since year-end 2023 – both nicely ahead of our plan. We remain on track to achieve our financial objectives for the year, and we are encouraged by the progress we have made in such a short time frame.”