US apparel firm Wolverine World Wide's operating profit expands in Q2

US-based footwear and apparel manufacturer, Wolverine World Wide’s revenue and profit increased significantly in the second quarter (Q2) of FY21 with consolidated revenue jumping 81 per cent to $631.9 million (Q2 FY20: $349.1 million) and operating profit expanding to $63.8 million ($7.5 million). Net earnings widened to $44.4 million (loss: $1.9 million).

 

US-based footwear and apparel manufacturer, Wolverine World Wide's revenue and profit increased significantly in the second quarter (Q2) of FY21 with consolidated revenue jumping 81 per cent to $631.9 million (Q2 FY20: $349.1 million) and operating profit expanding to $63.8 million ($7.5 million). Net earnings widened to $44.4 million (loss: $1.9 million).#

“Merrell and Saucony, our two largest brands, both achieved all-time record quarterly revenue – more than doubling their combined revenue year-over-year and driving combined revenue growth of more than 40 per cent versus 2019. Our strategic shift over the last several years together with ongoing category tailwinds has resulted in two-thirds of our revenue positioned in trending performance categories like hiking, running, and work,” Blake Krueger, Wolverine World Wide’s chairman and chief executive officer, said in a press release.

 

US-based footwear and apparel manufacturer, Wolverine World Wide's revenue and profit increased significantly in the second quarter (Q2) of FY21 with consolidated revenue jumping 81 per cent to $631.9 million (Q2 FY20: $349.1 million) and operating profit expanding to $63.8 million ($7.5 million). Net earnings widened to $44.4 million (loss: $1.9 million).#

Gross profit for Q2 FY21 was $270.4 million ($147.2 million), while operating expenses were $206.6 million ($139.7 million). Total direct-to-consumer revenue during the three-month period grew 17.5 per cent against the prior year and up 68.8 per cent against 2019. However, the company’s owned e-commerce revenue dipped 2.7 per cent versus the prior year and up 90.7 per cent versus 2019. Owned stores revenue escalated 380.5 per cent against the prior year and up 19.2 per cent against 2019.

 

US-based footwear and apparel manufacturer, Wolverine World Wide's revenue and profit increased significantly in the second quarter (Q2) of FY21 with consolidated revenue jumping 81 per cent to $631.9 million (Q2 FY20: $349.1 million) and operating profit expanding to $63.8 million ($7.5 million). Net earnings widened to $44.4 million (loss: $1.9 million).#

“Our future order book remains at historically high levels, sell-through at retail is strong, and our inventory position continues to improve. These positive trends give us confidence to again raise our outlook for fiscal 2021, which now anticipates $150 million more revenue than we projected at the start of the year and represents mid-single-digit revenue growth versus 2019 at the high end of our range,” Mike Stornant, Wolverine World Wide’s senior vice president and chief financial officer said.