Wolverine Q1 sales up 5.5% as Merrell and Saucony drive growth
Wolverine Worldwide announced on Thursday revenue climbed 5.5% to $412.3 million for the first quarter ended March 29, on the back of double-digit growth across its Merrell and Saucony brand sales.
The Rockford, Michigan-based footwear and apparel firm said international revenue jumped 16.4% to $207.8 million, while direct-to-consumer sales were down 9.4% to $96.4 million.
By brand, Merrell climbed 13.2% to $150.6 million and the company's Saucony brand was up 29.6% to $129.8 million during the quarter. Meanwhile, Sweaty Betty and Wolverine brand sales declined 15.9% to $38 million, and 9.2% to $37.4 million, respectively.
'Our results in the first quarter are further proof of the effectiveness of our strategy and the team's execution,' said Chris Hufnagel, president and chief executive officer of Wolverine Worldwide.
'Merrell and Saucony fueled our growth with double-digit revenue increases, and we more than tripled our earnings year-over-year, again delivering a record gross margin performance. We've worked to reinvent Wolverine Worldwide for the future – focusing squarely on awesome product, amazing stories, and driving the business.'
Looking ahead to the second quarter, Wolverine expects revenue to be approximately $440 million to $450 million, representing growth of approximately 3.7% to 6.0% compared to the second quarter of 2024. It expects diluted earnings per share in the range of $0.17 to $0.22 and adjusted diluted earnings per share in the range of $0.19 to $0.24.
The company did not provide a full-year 2025 outlook, 'due to uncertainty around tariffs and related macro-economic conditions,' the company said.
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