0.56%Stock in Wolverine Worldwide (WWW) was down around 15% yesterday following the Rockford based footwear companies latest financials for fiscal year 2024.
As much as OG running brands like Saucony have been flying the flag for footwear innovation over the past 12 months with the launch of the Endorphin Speed 4 trainer, the general outlook in the world of footwear is still showing signs of uncertainty even for a brand like Saucony. Under the umbrella of the Rockford, Michigan based footwear company, Wolverine Worldwide, who yesterday reported their full fiscal 2024 results. Total revenue for fiscal 2024 was $1.76 billion, which was down 21.8% from $2.24 billion compared to the previous year. Saucony sales were down 18% to $406.5 million compared to $495.8 million from 2023 & Merrell sales were also down by 11.5% to $598.4 million from $675.8 million from the previous year. For the full fiscal 2024 year international revenue was also down by 15.9% to $861.6 million and DTC (direct to consumer) was down by 16.9% to $483.9 million. Shares in Wolverine Worldwide (WWW) were down around 15% yesterday as investors digested the weaker than expected full year results.
For the final quarter of 2024 overall revenue was down by 6% to $494.7 million from $526.7 million compared to the same period last year. There was however some positive news for the final quarter, Merrell saw a 1% increase in sales which were up to $163.4 million. Sales for Saucony did however decline by 5.3% to $99.6 million compared to the same period last year. Moving forward to 2025 the company expected revenue for fiscal 2025 to be between $1.795 billion to $1.825 billion with a growth of 2.5% to 4.3%. Also don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.
A year ago, we outlined an ambitious turnaround strategy composed of three chapters: stabilization, transformation, and inflection. We shared a plan to meaningfully strengthen the company’s balance sheet, expand profitability, and sequentially improve revenue trends, culminating with an inflection to growth in the final quarter of 2024. I’m pleased to report that we accomplished all of these objectives.
Chris Hufnagel – President and CEO Wolverine Worldwide
