Wolverine Worldwide Q4 sales drop by 16.1 percent

For the fourth quarter, Wolverine World Wide, Inc. said reported revenue was 509.6 million dollars, down 16.1 percent versus the prior year, while on a constant currency basis, revenue was down 16.4 percent versus the prior year. The company’s owned ecommerce reported revenue grew 31.7 percent versus the prior year.

The company added that reported gross margin was 40.1 percent, compared to 37.8 percent in the prior year and adjusted gross margin was 41.4 percent compared to 37.8 percent in the prior year. Reported diluted loss per share was 2.10 dollars compared to a loss per share of 01 cent in the prior year, while adjusted diluted earnings per share were 21 cents and on a constant currency basis, were 22 cents compared to 59 cents in the prior year.

“The company delivered better-than-expected results for the fourth quarter and is poised to drive an accelerated recovery over the next twelve to eighteen months,” said Blake W. Krueger, Wolverine Worldwide’s Chairman and Chief Executive Officer in a statement.

Wolverine Worldwide’s full year turnover declines 21.2 percent

Reported revenue was 1,791.1 million dollars for the full year, down 21.2 percent versus the prior year on a reported and constant currency basis. The company said, owned ecommerce reported revenue grew 49.9 percent versus the prior year.

Reported gross margin was 41.1 percent compared to 40.6 percent in the prior year and adjusted gross margin was 41.5 percent compared to 40.6 percent in the prior year. Reported diluted loss per share was 1.70 dollars compared to earnings per share of 1.44 dollars in the prior year and adjusted diluted earnings per share were 93 cents, while on a constant currency basis, were 95 cents compared to 2.25 dollars in the prior year.

For the full 2021 fiscal year, the company expects revenue in the range of 2,190 million dollars to 2,250 million dollars, growth of 22 percent to 26 percent versus the prior year, approaching 2019 revenue at the high end of the range. The company is also focused on delivering its aspirational target of 500 million dollars in owned ecommerce revenue. Reported diluted earnings per share are expected to be in the range of 1.75 dollars to 1.90 dollars and adjusted diluted earnings per share are expected to be in the range of 1.90 dollars to 2.05 dollars.

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