Wolverine Worldwide releases 2021 results

Worldwide
Published:  09 March, 2022
Credit: Wolverine

Revenue was US$2.42 billion for Wolverine Worldwide in 2021, a 34.8% increase on the previous year (Covid-19 impacted).

The company saw e-commerce reported revenue increase by 39.7% compared with 2020 and 109.4% on pre-pandemic 2019.

On August 2, 2021, Wolverine Worldwide acquired women’s activewear brand Sweaty Betty. For 2021 as a whole, revenue excluding Sweaty Betty was up 28.3% while e-commerce revenue was up 18.3%.

Revenue for the fourth quarter alone was up 24.7% year-on-year to US$635.6 million and e-commerce revenue during this period was up 58.3%.

“We are very encouraged by our fourth quarter and full-year performance and momentum, despite the ongoing impact of the pandemic on our business. Revenue and earnings exceeded expectations entering the year," said Mike Stornant, Senior Vice President and Chief Financial Officer.

"As we transition to 2022, demand remains at historic levels and the progress made in 2021 to improve flow of goods and our inventory position gives us confidence in our outlook for high-teens revenue growth in 2022.”

Looking forward to 2022’s results, the company expects revenue to be in the range of US$2.78 billion to US$2.85 billion.