Vietnam halt hurts Merrell, but Saucony and Sperry spur Wolverine growth
Outdoor footwear group Wolverine World Wide has reported revenues of almost $1.8 billion for the first nine months of the year, an increase of almost 40% compared to the same period last year.
Chief executive, Blake Krueger, said he was pleased with the growth the group had achieved in spite of challenges such as global logistics delays and closures at manufacturing partners’ factories in Vietnam owing to covid-19 restrictions.
Mr Krueger explained that Merrell was the brand most affected by the factory closures, but pointed out it had still achieved revenue growth. He singled out the group’s Saucony and Sperry brands as having driven growth particularly strongly; both of these brands increased revenue by more than 40% over the nine-month period.
“Demand for our brands remains very strong,” Mr Krueger said. “We remain bullish on our outlook for the future in performance categories like hiking, running, and work. We are also excited about the addition of Sweaty Betty to our portfolio, a fast growing brand that enhances the digital and apparel capabilities of the company.”
