Wolverine World Wide has reported a 23.7% Q3 revenue decline, reaching $527.7 million, marked by significant decreases across most brands, except for Sweaty Betty, which surged by 19%.
The Michigan-based company disclosed ongoing business revenue at $519.5 million, excluding recent divestitures and adjustments.
International revenue saw a 24.4% dip to $229 million, with ongoing business experiencing a 22.3% decrease to $221.8 million. Direct-to-consumer (DTC) revenue plummeted by 14.5% to $136.6 million, reflecting a 12.8% drop for the ongoing business compared to the previous year.
Despite overall declines, Wolverine brand business showed mid-single-digit drops, Saucony faced mid-teens declines, and Sweaty Betty exhibited double-digit growth.
CEO Chris Hufnagel noted, «While market conditions remain challenging, we’re taking necessary steps to reinvigorate our brands for profitable growth.»
The earnings update unveiled strategic transformation initiatives, including global workforce restructuring and identified annual savings of $215 million. Organizational changes like ‘The Collective’ and ‘global licensing’ aim to make Wolverine a consumer-focused growth company.