Search for ‘strategic alternatives’ announced for another Wolverine brand
Outdoor footwear group Wolverine Worldwide has reported revenues of $599.4 million for the first quarter of 2023. This was a fall of 2.5% compared to the same period last year.
Wolverine also presented a comparison of its “ongoing revenues”, with a figure of $580.4 million for the first three months of 2023, an increase of 0.8% year on year.
It explained that “ongoing revenues” exclude figures for the Keds footwear brand, which it sold in February 2023, and for its group leather sourcing division, Wolverine Leathers, the sale of which is not complete yet.
Designer Brands acquired Keds and, at the same time, acquired an exclusive licence in the US and Canada for another Wolverine brand, Hush Puppies.
At the end of the first quarter of this year, Wolverine changed the way it runs gymwear and activewear brand Sweaty Betty, placing it under the control of its international business group; it has since said that it regards Sweaty Betty as one of the brands in the group that can best help it achieve growth.
Chief executive, Brendan Hoffman, commented: “We need to focus our efforts and investments on our active and work groups, specifically our growth brands, Merrell, Saucony and Sweaty Betty.”
He said the recent sale of Keds and pending licensing of Hush Puppies “will enable this focus”.
In a new announcement, Mr Hoffman added that the group was now “exploring strategic alternatives” for another of its brands, Sperry. In the meantime, he said Wolverine would continue to carry out “the foundational work needed to position [Sperry] for long-term success”.
