Wolverine Worldwide's Q3 revenues grow by 29.1 percent

Wolverine World Wide, Inc. said reported revenue was 636.7 million dollars, up 29.1 percent versus the prior year. On a constant currency basis, revenue was up 28.2 percent versus the prior year. Ecommerce reported revenue was up 45 percent versus the prior year and up 126 percent versus 2019.

“The company delivered strong double-digit revenue growth and exceptional earnings leverage, despite the increased supply chain disruption caused by Vietnam factory closures and global logistics delays” said Blake W. Krueger, Wolverine Worldwide’s chairman and chief executive officer in a statement, adding, “The unplanned supply chain disruptions resulted in at least a 60 million dollars negative revenue impact in Q3.”

Highlights of Wolverine Worldwide’s Q3 results

On August 2, 2021, Wolverine Worldwide acquired women’s activewear brand Sweaty Betty, which the company added, is expected to fuel growth and enhance the company’s ecommerce business.

The company’s reported gross margin was 43.2 percent compared to 41 percent in the prior year, while adjusted gross margin was 44.6 percent compared to 41.3 percent in the prior year.

Reported diluted earnings per share were 0.00, compared to reported diluted earnings per share of 27 cents in the prior year. Adjusted diluted earnings per share were 62 cents and on a constant currency basis, were 61 cents, compared to 35 cents in the prior year.

Excluding Sweaty Betty acquisition, the company’s underlying revenue was 597.6 million dollars, up 21.2 percent versus the prior year and 4 percent versus 2019. Ecommerce underlying revenue was up 13.3 percent versus the prior year and up 77.3 percent versus 2019.

Adjusted underlying gross margin was 43.2 percent compared to 41.3 percent in the prior year and adjusted underlying diluted earnings per share were 60 cents compared to 35 cents in the prior year.

Wolverine Worldwide expects 35 percent growth in FY21 revenues

For the full 2021 fiscal year, the company now expects revenue of approximately 2.4 billion dollars resulting in nearly 35 percent growth versus the prior year. This revenue outlook represents mid-single-digit growth over 2019 including Sweaty Betty, and low-single-digit growth excluding Sweaty Betty.

Reported diluted earnings per share are now expected to be in the range of 1.16 dollars to 1.21 dollars and adjusted diluted earnings per share are now expected to be in the range of 2.05 dollars to 2.10 dollars.