In 2020, the company generated revenue of US$1.79 billion, down 21% compared to US$2,273.7 million in 2019, attributed to the Covid-19 pandemic. The decrease reflects a 19.1% decline from the Michigan Group and a 23.6% decline from the Boston Group. Changes in foreign exchange rates decreased revenue by US$0.5 million during 2020. Owned e-commerce revenue increased 49.9% during 2020 compared to 2019.

The company delivered adjusted operating margin of 7.5% and operating cash flow exceeded Wolverine Worldwide’s expectations, totalling US$309 million, which is close to an all-time record for the company. Gross margin for 2020 was 41.1%, an increase of 50 basis points from 2019. Compared to 2019, inventory decreased US$105.1 million, or 30.2%.

Wolverine Worldwide finished the year with US$1.1 billion of total liquidity and a bank-defined debt leverage ratio of 1.6 times.

Brendan Hoffman, President, Wolverine Wordwide, said: “Looking ahead, our new product pipeline is stronger than ever, and we are focused on leading with digital and direct-to-consumer e-commerce. I could not be more excited about the Company’s opportunities for future growth.”