Wolverine Worldwide, a global footwear company, has released its financial results for the third quarter of 2023, revealing a significant 23.7% year-on-year drop in revenue (24.7% on a constant currency basis), totalling US$527.7 million.
Specifically, revenue from the ongoing business witnessed a 21.2% constant currency decline, amounting to US$519.5 million. International revenue experienced a year-on-year decrease of 24.4%, reaching US$229 million, while international revenue from the ongoing business declined by 22.3% (24.6% on a constant currency basis), totalling US$221.8 million.
Direct-to-consumer revenue faced a 14.5% downturn, reaching US$136.6 million, with a 12.8% decline for the ongoing business. The gross margin for the quarter saw a slight improvement, rising to 40.8% from 40.2% in the corresponding quarter of 2022.
Looking ahead, Wolverine Worldwide anticipates full-year 2023 revenue for the ongoing business to be in the range of US$2.19-2.2 billion, signifying a decline of approximately 13%.
President and CEO Chris Hufnagel said: “In the third quarter, we achieved several critical milestones as we took decisive action to stabilise and transform the company, while delivering revenue and earnings in-line with our expectations. We continued to reshape our portfolio, reduce our inventory, and redesign the company to become consumer-obsessed brand builders – focused squarely on building compelling products and telling amazing stories.”
