Wolverine Worldwide raises full-year outlook and reports strong Q1 results

United States
Published:  30 July, 2021
Credit: Cat Footwear

The U.S. headquartered footwear manufacturer has reported financial results for the first quarter ended April 3, 2021, and updated its full 2021 fiscal year revenue and earnings outlook.

Reported revenue was US$510.7 million, up 16.3% versus the prior year. On a constant currency basis, revenue was up 14.3% versus the prior year. Owned e-commerce reported revenue grew 83.6% versus the prior year.

Reported gross margin was 43.5%, compared to 41.4% in the prior year. Adjusted gross margin was 44.3%, compared to 41.4% in the prior year.

Reported operating margin was 11.4%, compared to 3.8% in the prior year. Adjusted operating margin was 10.2%, compared to 6.9% in the prior year.

Total debt at the end of the quarter was US$720.4 million, or US$505.7 million less than in the prior year, and total liquidity at the end of the quarter was US$1.2 billion.

Outlook 
For the full 2021 fiscal year, the company now expects revenue in the range of US$2.24 billion to US$2.3 billion, growth of 25% to 28% versus the prior year, up US$50 million from our outlook in February and exceeding 2019 revenue at the high end of the range. The company remains focused on delivering its aspirational target of US$5 billion in owned e-commerce revenue, more than doubling 2019 levels.