Wolverine Worldwide reports FY19 revenue of $2,274 mn

02 Apr '20

2 min read

Pic: Wolverine World Wide/ Cat Footwear

Wolverine World Wide, a leading marketer of branded casual, active lifestyle, athletic and apparel, posted 1.5 per cent increase in its revenue to $2,273.7 million in full fiscal 2019 ended on December 31, 2019 compared to revenue of $2,239.2 million in prior year. However, net earnings fell from $200.2 million in FY18 to $128.9 million in reported year.

“We delivered a strong finish to the fiscal year reflecting progress on our Global Growth Agenda, which drove over 5 per cent constant currency revenue growth. Our fourth quarter revenues were highlighted by mid-teens growth from our largest brands - Merrell and Sperry, acceleration in our digital-direct DTC offense and improved international expansion,” Blake Krueger, Wolverine World Wide’s chairman, chief executive officer and president, said in a press release.

Company’s fourth quarter (Q4) FY19 revenue grew 4.8 per cent to $607.4 million. Net earnings in Q4 reported a loss of $0.5 million compared to earnings of $39.3 million in same period prior year.

Gross profit over the year were $923.8 million (FY18: $921.3 million). Selling, general and administrative expenses in the year were $669.3 million (FY18: $654.1 million).

Wolverine Michigan Group's FY19 revenue were $1,299.7 million. Wolverine Boston Group’s revenue were $910.9 million.

The company in its future outlook for FY20 expects revenue to be approximately $2.29 billion to $2.34 billion, representing growth of approximately 3.0 per cent at the high-end of the range. In recent years, the company has diversified its supply chain away from China and in 2020, China is expected to represent less than 20 per cent of its global production, down from approximately 40 per cent in fiscal 2019, as reported.

Fibre2Fashion News Desk (JL)

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