25 Nov 2022
Wolverine World Wide’s revenues and earnings fell short of expectations in the third quarter due to continued supply chain disruptions, increased promotional sales and a worsening international geopolitical environment.
From July to September the US group had a turnover of $691.4 million, up 8.6% compared to the previous year. Merrell was the bright spot in the company’s portfolio, with its revenue growing by 33.6%. Conversely, Saucony lost 0.6%, and Wolverine also recorded a 1.2% decline.
In addition to lower consumption, especially of boat shoes and women’s sneakers, the group had to deal with congestion in its distribution centres and in the internal transport networks of the US. This caused delays in shipments which impacted sales.