US brand Wolverine World Wide's revenue reaches $636.7 mn in Q3 FY2021

The revenue from the e-commerce distribution channel grew by 45 per cent compared to the third quarter of 2020 and by 126 per cent compared to the third quarter of 2019.

The company also acquired a women’s activewear brand Sweaty Betty on August 2, 2021. Sweaty Betty is a digitally oriented, premium global apparel brand, the contributions of which are also included in the Q3 results. The overall increase in e-commerce revenue includes 31.4 per cent contribution from the Sweaty Betty acquisition. It is expected that this deal will facilitate the growth and enhancement of the Wolverine’s fast-growing e-commerce business.

The total inventory of the company at the end of the quarter also increased by 26.5 per cent to $412 million compared to the same period in the previous year. Sweaty Betty contributed 16.1 per cent to the inventory growth.

“The company delivered strong double-digit revenue growth and exceptional earnings leverage, despite the increased supply chain disruption caused by Vietnam factory closures and global logistics delays,” Blake W Krueger, chairman and chief executive officer of the company, said in a press release.

Fibre2Fashion News Desk (DD)