In the fourth quarter of the fiscal year, the company saw revenue grow by 4.6% to US$665 million, up by 8.4% on a constant currency basis.
The company’s international business was particularly strong, up by 22.2%. Meanwhile, direct-to-consumer revenue was flat year-on-year at US$224.4 million.
For the full 2022 financial year, the company reported growth of 11.2%, or 14.2% at constant currency, with total revenue of US$2.68 billion.
Looking forward to the full 2023 fiscal year, Wolverine Worldwide is expected revenue in the range of US$2.53-2.58 billion, representing growth of approximately 0.0% to 2.0% and constant currency growth of approximately 1.0% to 3.0%.
“Despite a challenging year in 2022, we’ve taken important steps to become a more disciplined and agile company while focusing on long-term growth. Encouraging results from our 100-day action plan, initiated in the fourth quarter, include a reduction in inventory and debt levels, the sale of Keds, and the establishment of a new Profit Improvement Office to unlock savings to support growth acceleration in our highest potential brands,” said Brendan Hoffman, Wolverine Worldwide’s President and CEO.
“Our priorities for 2023 are to fuel growth in our Active Group, sustain positive momentum in our Work Group, and address underperforming brands while we further strengthen our financial position.”
The company is currently planning to divest or license its leather division, Wolverine Leathers, but has made no further announcements at this time.
