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Wolverine Worldwide Reports Third Quarter 2025 Results<\/b><\/p>\n
ROCKFORD, Mich.–(BUSINESS WIRE<\/a>)– \n“We delivered a solid quarter with Merrell, Saucony, and Sweaty Betty all exceeding expectations. Our disciplined execution, coupled with another record gross margin quarter, delivered better-than-anticipated earnings per share,” said Chris Hufnagel, President and Chief Executive Officer of Wolverine Worldwide. “While we are pleased with our progress, we recognize there is still more work to do. Our teams remain focused on executing our brand-building model at pace while navigating a dynamic environment. As we approach the end of a pivotal year for Wolverine Worldwide, I’m encouraged by the improvements we’ve made across the enterprise \u2013 new strategies, new talent, new capabilities, new processes, new culture \u2013 all aimed to help us build awesome products, tell amazing stories, and drive the business in the relentless pursuit to make every day better and deliver value to our shareholders.\u201d\n<\/p>\n FINANCIAL HIGHLIGHTS<\/b><\/p>\n \nFinancial results for 2025, and comparable results from 2024, in each case, for our ongoing business exclude the results of the Sperry business, which was sold in January 2024. Tables have been provided in the back of this release showing the impact of these adjustments on our financial results.\n<\/p>\n THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS<\/b><\/p>\n (in millions)<\/i><\/p>\n<\/td>\n September 27, \n\u00a0\n<\/p>\n<\/td>\n September 28, Y\/Y Change<\/b><\/p>\n<\/td>\n Constant Reported Segment Revenue Results:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nActive Group\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$352.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$318.7\n<\/p>\n<\/td>\n \n10.7%\n<\/p>\n<\/td>\n \n8.8%\n<\/p>\n<\/td>\n<\/tr>\n \nWork Group\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$105.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$109.1\n<\/p>\n<\/td>\n \n(2.9)%\n<\/p>\n<\/td>\n \n(3.0)%\n<\/p>\n<\/td>\n<\/tr>\n \nOther\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$11.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$12.4\n<\/p>\n<\/td>\n \n(6.5)%\n<\/p>\n<\/td>\n \n(4.0)%\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Revenue\n<\/p>\n<\/td>\n \n$470.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$440.2\n<\/p>\n<\/td>\n \n6.8%\n<\/p>\n<\/td>\n \n5.5%\n<\/p>\n<\/td>\n<\/tr>\n \nOngoing Total Revenue\n<\/p>\n<\/td>\n \n$470.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$440.1\n<\/p>\n<\/td>\n \n6.9%\n<\/p>\n<\/td>\n \n5.5%\n<\/p>\n<\/td>\n<\/tr>\n Supplemental Revenue Information<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMerrell\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$167.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$159.2\n<\/p>\n<\/td>\n \n5.1%\n<\/p>\n<\/td>\n \n3.5%\n<\/p>\n<\/td>\n<\/tr>\n \nSaucony\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$133.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$104.8\n<\/p>\n<\/td>\n \n27.0%\n<\/p>\n<\/td>\n \n24.9%\n<\/p>\n<\/td>\n<\/tr>\n \nWolverine\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$45.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$49.4\n<\/p>\n<\/td>\n \n(8.2)%\n<\/p>\n<\/td>\n \n(8.2)%\n<\/p>\n<\/td>\n<\/tr>\n \nSweaty Betty\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$44.5\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$46.3\n<\/p>\n<\/td>\n \n(3.9)%\n<\/p>\n<\/td>\n \n(7.1)%\n<\/p>\n<\/td>\n<\/tr>\n \nInternational\n<\/p>\n<\/td>\n \n$242.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$213.8\n<\/p>\n<\/td>\n \n13.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDirect-to-Consumer – Reported\n<\/p>\n<\/td>\n \n$106.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$112.4\n<\/p>\n<\/td>\n \n(5.0)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDirect-to-Consumer – Ongoing\n<\/p>\n<\/td>\n \n$106.8\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$112.3\n<\/p>\n<\/td>\n \n(4.9)%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Reported Financial Metrics<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGross Margin\n<\/p>\n<\/td>\n \n47.5%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45.1%\n<\/p>\n<\/td>\n \n240 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Expenses\n<\/p>\n<\/td>\n \n$183.6\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$164.0\n<\/p>\n<\/td>\n \n12.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOperating Margin\n<\/p>\n<\/td>\n \n8.4%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.9%\n<\/p>\n<\/td>\n \n50 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.30\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$0.28\n<\/p>\n<\/td>\n \n7.1%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-GAAP and Ongoing Business Financial Metrics<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Expenses\n<\/p>\n<\/td>\n \n$180.2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$165.1\n<\/p>\n<\/td>\n \n9.1%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Operating Margin\n<\/p>\n<\/td>\n \n9.1%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.6%\n<\/p>\n<\/td>\n \n150 bps\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted Diluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.36\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$0.28\n<\/p>\n<\/td>\n \n28.6%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConstant Currency Diluted Earnings Per Share\n<\/p>\n<\/td>\n \n$0.35\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$0.28\n<\/p>\n<\/td>\n \n25.0%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Gross margin<\/b> was 47.5% compared to 45.1% in the prior year. The increase was primarily due to the benefit of supply chain cost initiatives, lower promotional activity, and the positive impact from recent price increases, partially offset by the impact of incremental U.S. tariffs.\n<\/p>\n Inventory <\/b>at the end of the quarter was $293 million, down $2 million, or approximately 0.7%, compared to the prior year.\n<\/p>\n Net Debt<\/b> at the end of the quarter was $543 million, down $20 million, or approximately 3.6%, compared to the prior year.\n<\/p>\n FULL-YEAR 2025 OUTLOOK<\/b><\/p>\n \nThe Company’s outlook reflects the impact of foreign currency and the inclusion of a 53rd week in 2025, which will affect annual comparisons. Comparable results from 2024 for our ongoing business exclude the financial impact of Sperry which was sold in January 2024.\n<\/p>\n \nFor fiscal year 2025, the Company expects:\n<\/p>\n CHANGE IN INVENTORY ACCOUNTING<\/b><\/p>\n \nDuring the third quarter of 2025, the Company elected to change its method of accounting for certain inventory in the U.S. from the last-in, first-out (“LIFO”) method to the first-in, first-out (\u201cFIFO\u201d) inventory costing method. The Company applied this change in inventory costing method by retrospectively adjusting its historical financial statements. Tables have been provided in the back of this release showing the impact of the accounting policy change.\n<\/p>\n NON-GAAP FINANCIAL MEASURES<\/b><\/p>\n \nMeasures referred to in this release as \u201cadjusted\u201d financial results and the financial results of the “ongoing business” are non-GAAP measures. Adjusted financial results exclude environmental and other related costs net of recoveries, non-cash impairment of long-lived assets, reorganization costs, pension settlement costs, financing transaction costs, gain on sale of business, trademarks and long-lived assets, and costs associated with divestitures. The financial results of the ongoing business exclude financial results from the Sperry business. The Company also presents constant currency information, which is a non-GAAP measure that excludes the impact of fluctuations in foreign currency exchange rates. The Company calculates constant currency basis by converting the current-period local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company’s current period reported results. The Company believes providing each of these non-GAAP measures provides valuable supplemental information regarding its results of operations, consistent with how the Company evaluates performance.\n<\/p>\n \nThe Company has provided a reconciliation of each of the above non-GAAP financial measures to the most directly comparable GAAP financial measure. The Company believes these non-GAAP measures provide useful information to both management and investors because they increase the comparability of current period results to prior period results by adjusting for certain items that may not be indicative of core operating results and enable better identification of trends in our business. The adjusted financial results are used by management to, and allow investors to, evaluate the operating performance of the Company on a comparable basis. Management does not, nor should investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.\n<\/p>\n EARNINGS CALL INFORMATION<\/b><\/p>\n \nThe Company will host a conference call today at 8:30 a.m. ET to discuss these results and current business trends. The conference call will be broadcast live and accessible under the \u201cInvestor Relations\u201d tab at www.wolverineworldwide.com<\/a>. A replay of the conference call will be available on the Company\u2019s website for a period of approximately 30 days.\n<\/p>\n ABOUT WOLVERINE WORLDWIDE<\/b><\/p>\n
\nWolverine World Wide, Inc. (NYSE: WWW) today reported financial results for the third quarter ended September 27, 2025.\n<\/p>\n\n
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