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Wolverine Worldwide reports Q1 FY20 revenue of $439 mn
23 Apr 20 2 min read
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.
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“Following record financial results in the fourth quarter of 2019, the company delivered strong Q1 earnings results, despite challenging conditions caused by the Covid-19 pandemic late in the quarter,” Blake Krueger, Wolverine Worldwide’s chairman, chief executive officer and president, said in a press release.
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 Michigan Group revenue were $247.8 million in the quarter. Wolverine Boston Group revenue were $182.1 million.
“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.
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)
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