Wolverine Worldwide delivers 24.7 percent revenue increase in Q4

Image: courtesy of Sweaty Betty by photographer Cliff Watts For the fourth quarter, Wolverine World Wide, Inc. reported revenue of 635.6 million dollars, up 24.7 percent versus the prior year. On a constant currency basis, revenue was up 24.6 percent. Excluding Sweaty Betty, revenue increased 9.4 percent versus the prior year and decreased 8.2 percent versus 2019. Ecommerce revenue was up 58.3 percent versus the prior year and up 108.5 percent versus 2019. Excluding Sweaty Betty, ecommerce revenue was up 12.7 percent versus the prior year and up 48.5 percent versus 2019. “We are pleased that the company managed through a challenging supply chain to deliver nearly 25 percent revenue growth in the fourth quarter,” said Brendan Hoffman, Wolverine Worldwide’s president and chief executive officer, adding, “We expect to further unlock the growth potential of our brands as we deliver on our fiscal 2022 outlook of mid to high-teens revenue growth.” Wolverine Worldwide trims Q4 loss Gross margin for the quarter was 41.3 percent, compared to 40.1 percent in the prior year, while adjusted gross margin was 43 percent compared to 41.4 percent in the prior year. Excluding Sweaty Betty, adjusted gross margin was 41.5 percent compared to 41.4 percent in the prior year. Diluted earnings per share were negative 18 cents, compared to diluted earnings per share of negative 2.10 dollars in the prior year. Adjusted diluted earnings per share were 41 cents, and on a constant currency basis, were 39 cents compared to 21 cents in the prior year. Excluding Sweaty Betty, adjusted diluted earnings per share were 31 cents compared to 21 cents in the prior year. Wolverine Worldwide’s full year revenue improves 34.8 percent For the full year, revenue was 2,414.9 million dollars, up 34.8 percent versus the prior year. On a constant currency basis, revenue was up 33.4 percent versus the prior year. Excluding Sweaty Betty, revenue increased 28.3 percent versus the prior year and 1 percent versus 2019. Ecommerce reported revenue was up 39.7 percent versus the prior year and up 109.4 percent versus 2019. Excluding Sweaty Betty, ecommerce revenue was up 18.3 percent versus the prior year and up 77.3 percent versus 2019. Gross margin was 42.6 percent compared to 41.1 percent in the prior year and adjusted gross margin was 44.1 percent compared to 41.5 percent in the prior year. Excluding Sweaty Betty, adjusted gross margin was 43.4 percent compared to 41.5 percent in the prior year. Diluted earnings per share were 81 cents, compared to diluted earnings per share of negative 1.70 dollars in the prior year. Adjusted diluted earnings per share were 2.09 dollars and on a constant currency basis, were 2.05 dollars, compared to 93 cents in the prior year. Excluding Sweaty Betty, adjusted diluted earnings per share were 1.98 dollars compared to 93 cents in the prior year. Wolverine Worldwide anticipates full year revenue growth of 15 to 18 percent For the full year, the company said, revenue is expected to be in the range of 2.775 billion dollars to 2.850 billion dollars, representing growth of approximately 15 percent to 18 percent . Diluted earnings per share are expected to be between 2.30 dollars to 2.45 dollars and adjusted diluted earnings per share are expected to be between 2.50 dollars to 2.65 dollars, representing growth of 19.4 percent to 26.5 percent. Gross margin is expected to be in the range of 43.5 percent to 44 percent and operating margin is expected to be approximately 10.2 percent, while adjusted operating margin is expected to be approximately 11 percent, up approximately 35 bps versus 2021.
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