Wolverine Worldwide sales decrease 14% in Q3
Outdoor and active apparel and footwear company Wolverine World Wide, Inc. (Wolverine Worldwide) announced a 14.1% decline in its third-quarter sales on Thursday, despite strong performances from its e-commerce channel and the Saucony and Chaco brands.
For the third quarter ended September 26, 2020, the Rockford, Michigan-based group reported revenue of $493.1 million, down from $574.3 million in the prior-year period.
In spite of the overall decline, revenues from Wolverine Worldwide’s owned e-commerce channel were a bright spot, rising 56.4% compared to the same period in the previous year. The company’s CEO, Blake W. Krueger, also pointed out that both the Saucony and Chaco brands delivered double-digit revenue growth in the quarter.
The company, which also owns the Merrell, Sperry, Hush Puppies and Wolverine brands, among others, reported quarterly net earnings of $22.4 million, or $0.27 per diluted share, down from $48.7 million, or $0.57 per diluted share, in the same period in the previous year.
“The company’s third quarter results significantly exceeded our expectations, reaffirming the inherent strength of our portfolio and strong brand positioning in winning product categories and distribution channels,” commented Krueger in a release.
“I am encouraged by our growing momentum in the face of the headwinds created by the global pandemic and excited about the growth opportunities in front of the company for 2021 and beyond,” he added.
Year to date, the company achieved revenues of $1.28 billion, compared to $1.67 billion in the first three quarters of the previous year. Net income for the period was $33.8 million, or $0.41 per diluted share, decreasing from $129.million, or $1.44 per diluted share.
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