Shares for Wolverine Worldwide dropped nearly 17 percent in Wednesday morning trading following the company\u2019s full year results.<\/p>\n
The Rockford, Mich.-based footwear company<\/a> said total revenue in the fourth quarter of 2024 was $494.7 million, down 6.1 percent from $526.7 million the same time last year. Ongoing total revenue in Q4 \u2013 which excludes the impact of sold assets like Keds, Sperry and the Wolverine leather business \u2013 was also $494.7 million, an increase of 3.0 percent from $480.5 million the prior year period.<\/p>\n By brand, Merrell and the company\u2019s namesake Wolverine label led the way in Q4 in terms of growth. At Merrell, net sales in the period were $163.4 million, a 1.0 percent increase from $161.8 million the prior year. At the Wolverine brand, net sales were $62.4 million, a 20.5 percent increase from $51.8 million just a year ago.<\/p>\n Turning to Saucony, sales declined 5.3 percent to $99.6 million in the third quarter from $105.1 million the same time last year. And at Sweaty Betty, net sales decline 5.9 percent in Q4 to $63.4 million from $67.3 million.<\/p>\n The company\u2019s international revenue was down 5.4 percent to $252.7 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 18.8 percent on a reported basis to $151.7 million. Net debt at the end of the quarter was $496 million, down $246 million or approximately 33.1 percent compared to the prior year.<\/p>\n As for the full fiscal year 2024, Wolverine Worldwide said total revenue was $1.76 billion, down 21.8 percent from $2.24 billion from 2023. Ongoing total revenue in fiscal 2024 was $1.75 billion, a decrease of 12.1 percent from $1.99 billion the prior year.<\/p>\n By brand, Merrell reported net sales in 2024 of $598.4 million, down 11.5 percent from $675.8 million in fiscal 2023. At Saucony, sales declined 18.0 percent to $406.5 million from $495.8 million, while the Wolverine brand sales decreased 4.0 percent to $193.1 million from $201.2 million. Sweaty Betty net sales for the year declined tk percent to $198.9 million from $203.8 million.<\/p>\n The company\u2019s international revenue was down 15.9 percent to $861.6 million on a reported basis compared to the prior year, while its direct-to-consumer revenue was also down 16.9 percent on a reported basis to $483.9 million.<\/p>\n \u201cA year ago, we outlined an ambitious turnaround strategy composed of three chapters: stabilization, transformation, and inflection,\u201d Chris Hufnagel<\/a>, president and chief executive officer of Wolverine Worldwide, said in a statement. \u201cWe shared a plan to meaningfully strengthen the company\u2019s balance sheet, expand profitability, and sequentially improve revenue trends \u2013 culminating with an inflection to growth in the final quarter of 2024. I\u2019m pleased to report that we accomplished all of these objectives.\u201d<\/p>\n