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US firm Wolverine Worldwide posts revenue $2.24 bn in FY23

10 Jan '24

2 min read

Pic: Wolverine

Insights

Wolverine Worldwide reported preliminary FY23 revenue of $2.24 billion and Q4 revenue of $527 million.
Ongoing business revenue matched guidance at $2.20 billion for the year and $521 million for Q4.
Adjusted gross margins exceeded 39 per cent annually and 36 per cent for Q4.
Inventory levels were down to $460 million from the expected $490 million.

American footwear manufacturer Wolverine Worldwide has reported preliminary and unaudited revenue of approximately $2.24 billion for fiscal 2023 (FY23) and $527 million for the fourth quarter (Q4) of FY23. These figures align with the forecasts provided in November. Moreover, the revenue for the company's ongoing business was also in line with previous guidance, amounting to around $2.20 billion for the full year and $521 million for the fourth quarter.

Additionally, the company achieved a significant milestone with its adjusted gross margins, which were above 39 per cent for the full year and 36 per cent for the fourth quarter, meeting the targets set in November, Wolverine Worldwide said in a press release.

The company also reported that its full year and fourth quarter adjusted pre-tax earnings were in line with expectations. As of December 30, 2023, Wolverine Worldwide has also provided an update on its inventory and net debt positions. The inventory levels were approximately $460 million, which is lower than the previously guided figure of $490 million.

“We’re executing the stabilisation phase of our strategic transformation with tremendous pace, while redesigning Wolverine Worldwide for the future,” said Chris Hufnagel, president and chief executive officer. “For the fourth quarter and full year, we expect to deliver financial results in line with our guidance—while achieving better-than-anticipated year-end debt and inventory levels. Importantly, the performance of our direct-to-consumer business met our expectations for the critical holiday period as well—led by Merrell, Saucony, Sweaty Betty, and Wolverine.”

Fibre2Fashion News Desk (DP)

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