EXEC: Saucony and Merrell Gaining Traction, But Remain Down Sharply in Q2

August 7, 2024

Wolverine Worldwide became one of the few companies in the outdoor space to hike its full-year guidance in recent months after seeing second-quarter results come in better than expected due to the margin benefits from its transformation plan and traction gained by its Saucony and Merrell brands.

In the quarter ended June 29, sales on a reported basis fell 23.7 percent, or 24.7 percent in constant currencies (cc), to $527.7 million. Excluding the impact of the divestiture of Sperry, Keds and Wolverine Leathers businesses, sales on an ongoing basis declined 18.4 percent (-18.3 percent cc) to $424.8 million, improving sequentially from a decline of 24.5 percent seen in the first quarter. SGB