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Wolverine Worldwide grows 16% in the first half and doubles its profits

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Wolverine Worldwide continues to recover. The American footwear group, one of the largest in the world, has increased its turnover by 16% in the first half of the yearended June 30, up to 1,328.46 million dollars, as detailed by the company in its results.

Compared to 2019, the year before the pandemic, growth was 25.5%. In addition, the company has registered a net profit of 132.9 million dollars in the period, so doubled its figures compared to the same period in 2021.

In the second quarter alone, the company’s brands that increased their turnover the most were Merrell, which grew by 14%, to 203 million dollars; and Wolverine, which increased revenue 16.3% to $57.7 million. For its part, Saucony grew by 7.2%, reaching a turnover of 135.5 million dollars and Sperry reduced its business by 13.4%, to 70 million dollars. Sweaty Betty, the group’s new brand, entered 47.7 million in the period.

“For the second half of the year, we expect inflation, excess inventory across all channels and changing consumer behavior to have a significant impact on our industry and the company, so we are adjusting our outlook accordingly. consequence,” said Mike Stornant, executive vice president and chief financial officer.

By the end of the year, the company expects its revenue to grow between 14% and 16%, reaching between 2.74 billion dollars and 2.79 billion dollars. The current debt of the group is 1,227.4 million dollars and the cash available to them is approximately 700 million dollars.

The company’s portfolio includes brands such as Merrell, Saucony, Sweaty Betty, Sperry, Hush Puppies, Wolverine, Keds, Chaco, Bates, Hytest, and Stride Rite. In turn, Wolverine Worldwide is also licensed to the Cat and Harley-Davidson brands. Based in Rockford, Michigan, for more than 130 years, the company’s products are distributed internationally in more than 170 countries.

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