Wolverine Worldwide, first quarter with negative results and the decision to invest in Italy
A negative start for Wolverine Worldwide with profits and sales down, but the forecasts for 2019 are positive.
Profits are down by -13% f0r a total of 40.5 million dollars, while sales fell back by -2% to 523.4 million euros. “Four of our top five brands delivered revenue above plan during the first quarter, including Merrell and Saucony, and our e-commerce business continued to be robust, growing in double-digits by 28% – said Wolverine Worldwide’s CEO and President – This strength helped to offset some the drop in sales at Sperry, caused by the downtrend in boat shoe sales in the USA and the unusual weather”.
Despite the results of this first quarter, the company expects to end 2019 with an estimated revenue between 2.28 billion and 2.33 billion dollars. To achieve this goal, the company has destined 40 million dollars for on-going investments meant to support the internationalisation of its leading brands, including Merrell, Sperry and Saucony in particular.
La Conceria reports the acquisition of Sport Lab by Wolverine Worldwide, with the intent of reinforcing its presence and optimising opportunities for growth, while also establishing a global design centre for the lifestyle of the brands in its Italian hub.