Optimism still in place at Wolverine in spite of ‘headwinds’
Outdoor footwear group Wolverine Worldwide has reported revenues of just over $2 billion for the first nine months of this year. This represents an increase of 13.5% year on year.
The group said it now expects full year revenues of around $2.6 billion, growth of more than 10%, as long as there is no “meaningful deterioration of current market conditions”.
It warned that factors that could still bring about such as deterioration include impacts from covid-19, ongoing inflationary pressures, supply chain disruptions, changes in consumer confidence and geopolitical tensions.
Chief executive, Brendan Hoffman, commented: “We are facing congestion in our US distribution centres and inland transportation networks and many wholesale customers are currently dealing with heavier inventories and warehouse constraints. These headwinds have resulted in certain shipping delays that have impacted most of our brands.”
He added that Sperry’s performance (the brand’s revenues for the third quarter were down by more than 12%) was further impacted by softer-than-expected trends in the boat category and a sluggish start to boot sales owing to unusually warm weather.
