On a constant currency basis, Wolverine noted that revenue was down by just 0.5%, while revenue from the ongoing business totalled US$580.4 million, up by 2.9% on a constant currency basis.
Revenues from the company’s international business was reportedly especially strong, up by 12.6% (or 18% on a constant currency basis) to US$249.7 million. Gross margin for the quarter was 39.4%, down from 42.5% in the same period of 2022.
Looking forward to the full 2023 fiscal year, Wolverine Worldwide is expecting revenue from its ongoing business to be in the range of US$2.53-2.58 billion, representing growth of 0 to 2% and constant currency growth of 1 to 3%. The gross margin is forecast at around 41.3%.
Mike Stornant, Executive Vice President and Chief Financial Officer, said: “During the first quarter, we saw supply chain and working capital improvements in the business. Importantly, we also gained more certainty on current-year cost savings from Profit Improvement Office actions and we remain on track to deliver the earnings improvements planned for this year. The trading environment is challenging, but the diversity of our portfolio and its global reach is expected to help mitigate those challenges. As a result, we are reaffirming revenue and earnings guidance for fiscal 2023.”