Strong quarter for Wolverine despite ‘macro headwinds’
Footwear group Wolverine Worldwide has reported revenues of $614.8 million for the first quarter of 2022, the period ending April 2, 2022. This represents an increase of 20% compared to the same quarter last year.
Its Merrell brand brought in the group’s biggest amount with $147.9 million, but this was down by 1.5% year on year. There was growth for Saucony, rising by 3.7% to $106.4 million, and for Sperry, increasing by 18.7% to $67.4 million, and for Wolverine, up by 12.2% to $58.8 million.
UK-based athletic apparel brand Sweaty Betty, which the group acquired last year, brought in $53.6 million for the quarter.
Chief executive, Brendan Hoffman, said these were strong financial results in the face of “continued supply chain challenges and macro headwinds”. He said the group was encouraged to see strong demand across all of its brands.
“We have upcoming product launches and powerful marketing initiatives planned to drive further excitement among consumers,” Mr Hoffman added.
