Wolverine World Wide, a US-based marketer of branded casual, athletic, children’s and uniform footwear and apparel, has announced its financial results for third quarter (Q3) FY20 that ended on September 26, 2020. Revenue dropped 14.1 per cent to $493.1 million during Q3 FY20 compared to $574.3 million in the same quarter previous fiscal.

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, has announced its financial results for third quarter (Q3) FY20 that ended on September 26, 2020. Revenue dropped 14.1 per cent to $493.1 million during Q3 FY20 compared to $574.3 million in the same quarter previous fiscal.#

“The company’s third quarter results significantly exceeded our expectations, reaffirming the inherent strength of our portfolio and strong brand positioning in winning product categories and distribution channels,” Blake W Krueger, Wolverine Worldwide’s chairman and chief executive officer, said in a press release. “Saucony and Chaco delivered double-digit revenue growth in the quarter compared to the prior year, while Merrell and our work brands drove meaningful sequential revenue improvement versus Q2.”

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, has announced its financial results for third quarter (Q3) FY20 that ended on September 26, 2020. Revenue dropped 14.1 per cent to $493.1 million during Q3 FY20 compared to $574.3 million in the same quarter previous fiscal.#

Gross profit during Q3 FY20 dropped to $202.0 million (Q3 FY19: $243.3 million). Selling, general and administrative expenses were $157.5 million ($165.9 million). Company’s operating profit during the reported quarter slipped to $42.6 million ($68.3 million). Net earnings came down to $21.7 million ($48.6 million).

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, has announced its financial results for third quarter (Q3) FY20 that ended on September 26, 2020. Revenue dropped 14.1 per cent to $493.1 million during Q3 FY20 compared to $574.3 million in the same quarter previous fiscal.#

“Innovative, fresh product paired with compelling storytelling continued to fuel demand, as evidenced by our owned e-commerce business, which grew over 56 per cent compared to last year,” Krueger said.

 

Wolverine World Wide, a US-based marketer of branded casual, athletic, children's and uniform footwear and apparel, has announced its financial results for third quarter (Q3) FY20 that ended on September 26, 2020. Revenue dropped 14.1 per cent to $493.1 million during Q3 FY20 compared to $574.3 million in the same quarter previous fiscal.#

We expect that headwinds caused by the pandemic will persist in the near-term and that fourth quarter revenue will be down no more than 25 per cent year-over-year, including the effects of a partial shift in revenue from our international business into the first quarter of 2021. We will continue to invest behind the ongoing momentum of our key brands to enable accelerated growth in the first quarter of 2021,” Mike Stornant, Wolverine Worldwide’s senior vice president and chief financial officer, said.