Wolverine Worldwide news and archive

Wolverine Worldwide Q1 sales drop 2.5 percent

First quarter revenue of 599.4 million dollars at Wolverine Worldwide declined 2.5 percent versus the prior year and declined 0.5 percent on a constant currency basis. The company said revenue from the ongoing business was 580.4 million dollars representing constant currency growth of 2.9 percent. The company's international business rose 12.6...

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Wolverine places Sweaty Betty under London-based international group

Wolverine World Wide has announced that Sweaty Betty, the women’s activewear brand acquired in August 2021, will now report into the company’s London-based international group led by Isabel Soriano, which is responsible for the operations outside the US. This move, the company said, “will more closely align Sweaty Betty with Wolverine’s global...

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Sweaty Betty CEO and COO step down

Sweaty Betty is to bid goodbye to its CEO and COO as the athleisure brand restructures following its takeover in 2021. The Notting Hill-founded company, which launched in the late 1990s was bought for 300 million pounds by Wolverine Worldwide, an American footwear manufacturer based in Michigan. The transformation will see chief executive Julia...

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Tom Long to replace Blake Krueger as Wolverine Worldwide chairman

Wolverine World Wide, Inc. has announced that its chairman and retired CEO, Blake Krueger, will be retiring from the board on May 4, 2023. Tom Long, the board’s lead independent director, has been appointed to serve as chairman upon Krueger’s retirement. “On behalf of the board of directors, I would like to thank Blake for his many years of...

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Wolverine Worldwide posts Q4 loss

For the fourth quarter, Wolverine World Wide, Inc. revenue of 665 million dollars, rose 4.6 percent or 8.4 percent on a constant currency basis. The company reported a net loss of 361.6 million dollars or 4.59 dollars per share and adjusted diluted loss per share of 15 cents for the quarter. The company's international business increased 22.2...

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Designer Brands acquires Keds brand from Wolverine Worldwide

Designer Brands Inc. has completed the acquisition of Keds from Wolverine Worldwide. "Our growing strength in owned Brands is evident, given that just twelve months ago, the athleisure category was a massive white space opportunity for us, and we now control high-quality brands across multiple price points," said Doug Howe, incoming chief...

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Wolverine Worldwide expects earnings at low end of guidance range

Updating its outlook, Wolverine World Wide, Inc. said that the company expects fiscal 2022 full-year revenue of 2.685 billion dollars, representing approximately 11 percent growth and 14 percent on a constant currency basis. Fourth quarter revenue is expected to reach approximately 665 million dollars, representing approximately 5 percent growth...

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Wolverine Worldwide to reduce workforce, divest Keds brand

Wolverine World Wide, Inc. has started a formal process to divest or licence the Keds brand and Wolverine Leathers business, both of which, the company said, are low-profit contributors. In connection with these brand and organisational changes, the company initiated a workforce reduction earlier this week and expects theinitiative to result in...

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Wolverine Worldwide reorganises brand portfolio, appoints segment heads

As of the fourth quarter of fiscal 2022, Wolverine Worldwide has reorganised its portfolio of brands into three reportable segments: Active, Work Group and Lifestyle Group. In connection with reorganising the brand group structure, the company also announced promotions and leadership appointments for three company veterans: Chris Hufnagel, Tom...

Business

Wolverine Worldwide's Q3 revenue and profit miss forecast

Wolverine World Wide, Inc. revenue for the third quarter of 691.4 million dollars represents growth of 8.6 percent versus the prior year and growth of 12.2 percent on a constant currency basis. The company’s international business was up 33 percent to 303 million dollars and direct-to-consumer revenue was up 4.5 percent to 160 million dollars....

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Wolverine Worldwide names Nicholas Long as lead independent director

Wolverine World Wide, Inc. has announced the appointment of Nicholas T. (“Tom”) Long as lead independent director, effective November 4, 2022. The company said in a release that Long, a Wolverine Worldwide director since 2011 and current chair of the compensation committee, succeeds Dr. David T. Kollat, who will remain on the board. “Tom brings...

Business

Sweaty Betty reports 45 percent increase in FY turnover

Sweaty Betty has hailed a “strong year” in the 12 months to January 2 fuelled by a particularly good performance from its online business. The sportswear brand saw a 45 percent increase in turnover of 183.2 million pounds, up from 126.5 million pounds a year earlier. The company continued to be impacted by store closures during the period, but...