Wolwerine Worldwide: negative first quarter (barely), acquires Sport Lab (Montebelluna)

Revenue and sales decreasing, but better than the forecast. During the first quarter of Wolwerine Worldwide’s activity, the company has decided to invest in Italy. Let’s begin with the financial statement. Revenue was 532.4 million USD, down 2% (-1% with constant exchange rates), while profits fell 13% to 40.5 million euro. “4 out of 5 brands we own had higher profits during the quarter, in comparison to expectations, than our strategic plan, among which were Merrell and Saucony, and our e-commerce generated a 28% increment in comparison to the previous year: profit per stock was also higher than we expected”, stated the company’s ceo and president, Blake Krueger.  He continues explaining how, on the other hand, the problems for the brand Sperry are also given by the decline of boat shoes on the USA market, particularly due to the unfavorable weather conditions. The company confirmed its revenue estimates for the entire year: 2.28 billion to 2.33 billion USD (+3%). Krueger explained that: “We foresee revenue growth to pick back up in the next quarter and rush towards the end of the year, also thanks to our initiatives. We have strengthened our direct control on European activities by acquiring Italian distributor Saucony”. Wolwerine, in fact, has taken control of Sport Lab, Montebelluna’s based company with revenue of about 60 million euro “to further solidify our market presence and maximize growth opportunities. The Italian cluster will become a center for global design for the lifestyle products of the brand”.

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