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Wolverine Worldwide posts Q2 sales growth of 81 percent

By Prachi Singh

29 Jul 2021

Business

Image: Saucony, Facebook

For the second quarter of 2021, Wolverine World Wide, Inc. said, reported revenue was 631.9 million dollars, up 81 percent versus the prior year. On a constant currency basis, revenue was up 77.7 percent versus the prior year.

The company said in a release that total direct-to-consumer reported revenue was up 17.5 percent versus the prior year and up 68.8 percent versus 2019. The company-owned ecommerce reported revenue was down 2.7 percent versus the prior year and up 90.7 percent versus 2019, and company-owned stores reported revenue was up 380.5 percent versus the prior year and up 19.2 percent versus 2019.

“With record revenue in the second quarter and demand for our brands continuing to accelerate, we now expect to deliver meaningful growth this year over both 2020 and 2019,” said Blake W. Krueger, Wolverine Worldwide’s chairman and chief executive officer.

Wolverine Worldwide posts Q2 earnings per share of 53 cents

The company’s reported gross margin was 42.8 percent compared to 42.2 percent in the prior year, while adjusted gross margin was 44.5 percent compared to 42.2 percent in the prior year. Reported operating margin was 10.1 percent compared to 2.1 percent in the prior year, while adjusted operating margin was 12.6 percent, compared to 5.1 percent in the prior year.

The company added that reported diluted earnings per share were 53 cents, compared to a reported diluted loss per share of 2 cents in the prior year. Adjusted diluted earnings per share were 67 cents, and, on a constant currency basis, were 65 cents compared to 8 cents in the prior year.

Wolverine Worldwide raises full year outlook

For the full 2021 fiscal year, the company now expects revenue in the range of 2,340 million dollars to 2,400 million dollars, growth of 31 percent to 34 percent versus the prior year, up 150 million dollars from the company’s previous outlook in February.

The company said, this revenue outlook represents growth of 5.6 percent over 2019 at the high end of the range.

Reported diluted earnings per share are now expected to be in the range of 1.85 dollars to 1.95 dollars and adjusted diluted earnings per share are now expected to be in the range of 2.20 dollars to 2.30 dollars.