US footwear manufacturer Wolverine World Wide's Q1 FY21 sales up 16%

Wolverine World Wide, a US-based manufacturer and marketer of footwear and apparel, has reported 16.3 per cent revenue growth to $510.7 million in its first quarter (Q1) FY21 ended on April 3, 2021, compared to $439.3 million in the corresponding period previous fiscal. The company’s net earnings were $38.4 million (Q1 FY20: $13.0 million).

 

Wolverine World Wide, a US-based manufacturer and marketer of footwear and apparel, has reported 16.3 per cent revenue growth to $510.7 million in its first quarter (Q1) FY21 ended on April 3, 2021, compared to $439.3 million in the corresponding period previous fiscal. The company's net earnings were $38.4 million (Q1 FY20: $13.0 million).#

“We believe 2021 will be a breakthrough year for the company, and our first quarter performance was an excellent start,” Blake W Krueger, Wolverine Worldwide’s chairman and chief executive officer, said in a press release. “In the first quarter, Merrell revenue grew nearly 25 per cent, and Saucony revenue was up nearly 60 per cent compared to last year, powered by our accelerated digital strategy and big new product stories that are resonating with consumers. Our ongoing investment in digital fuelled e-commerce growth of 84 per cent, well ahead of our expectations.”

 

Wolverine World Wide, a US-based manufacturer and marketer of footwear and apparel, has reported 16.3 per cent revenue growth to $510.7 million in its first quarter (Q1) FY21 ended on April 3, 2021, compared to $439.3 million in the corresponding period previous fiscal. The company's net earnings were $38.4 million (Q1 FY20: $13.0 million).#

Gross profit for Q1 FY21 rose to $222.3 million ($181.8 million), while selling, general and administrative expenses were $174.4 million ($156.1 million). Operating expenses remained stagnant at $164.2 million compared to previous year. However, the company’s operating profit increased to $58.1 million ($16.9 million).

 

Wolverine World Wide, a US-based manufacturer and marketer of footwear and apparel, has reported 16.3 per cent revenue growth to $510.7 million in its first quarter (Q1) FY21 ended on April 3, 2021, compared to $439.3 million in the corresponding period previous fiscal. The company's net earnings were $38.4 million (Q1 FY20: $13.0 million).#

“Demand for our brands is strong, as evidenced by our better-than-expected e-commerce growth and our robust wholesale order book. Core inventory levels continue to increase in Q2 to support the business trends, and we expect to be well positioned to chase upside opportunities later in the year, giving us confidence to raise our outlook for the year,” Mike Stornant, Wolverine Worldwide’s senior vice president and chief financial officer said.