Wolverine World Wide, a marketer of branded casual, athletic, children’s and uniform footwear and apparel, reported 16.1 per cent decrease in its revenue to $439.3 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue of $523.4 million in same period prior year. However, company’s owned e-commerce grew 17.5 per cent in Q1 FY20.
Wolverine World Wide, a marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent decrease in its revenue to $439.3 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue of $523.4 million in same period prior year. However, company's owned e-commerce grew 17.5 per cent in Q1 FY20.#
Wolverine World Wide, a marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent decrease in its revenue to $439.3 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue of $523.4 million in same period prior year. However, company's owned e-commerce grew 17.5 per cent in Q1 FY20.#
Gross profit for the reported quarter were $181.8 million (Q1 FY19: $220.2 million). Selling, general and administrative expenses were $156.1 million (Q1 FY19: $164.0 million). Net earnings for the year fell from $40.6 million in Q1 FY19 to $12.8 million in the reported quarter.
Wolverine World Wide, a marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent decrease in its revenue to $439.3 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue of $523.4 million in same period prior year. However, company's owned e-commerce grew 17.5 per cent in Q1 FY20.#
Wolverine Michigan Group revenue were $247.8 million in the quarter. Wolverine Boston Group revenue were $182.1 million.
Wolverine World Wide, a marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent decrease in its revenue to $439.3 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue of $523.4 million in same period prior year. However, company's owned e-commerce grew 17.5 per cent in Q1 FY20.#
“While prioritising the health and wellbeing of our global team, we have quickly initiated a comprehensive set of measures over the last 30 days to proactively strengthen the company’s financial position in the face of the ongoing pandemic, Krueger said.
Wolverine World Wide, a marketer of branded casual, athletic, children's and uniform footwear and apparel, reported 16.1 per cent decrease in its revenue to $439.3 million in first quarter (Q1) FY20 ended on March 28, 2020 compared to revenue of $523.4 million in same period prior year. However, company's owned e-commerce grew 17.5 per cent in Q1 FY20.#
We believe our agile business model, which includes our well-established global distribution network and fast-growing digital channels, is well-suited for the future consumer landscape. Many of our brands are resonating with consumers faced with shelter-in-place restrictions, and our e-commerce business has accelerated following the close of the first quarter.”
Fibre2Fashion News Desk (JL)