Wolverine World Wide, Inc. reported total revenues for the first quarter ended March 29, 2025, amounted to $412.3 million, a 4.4 percent increase from 394.9 million in the year-ago Q1 period. Sales increased 5.6 percent in constant-currency (cc) terms. On an ongoing basis, excluding the Sperry business divested in January 2024, sales grew 5.5 percent (+6.7 percent cc) year-over-year.

Merrell and Saucony posted strong quarters, while Wolverine Group and Sweaty Betty declined year-over-year.

Merrell increased 13.2 percent (+14.4 percent cc) in the first quarter, and Saucony jumped 29.6 percent (+31.1 percent) year-over-year. International business increased 16.4 percent year-over-year.

“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 CEO, 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. While there’s uncertainty in the marketplace today, I’m excited by the momentum we’ve generated, and I believe we’re well positioned with great global brands, a variety of strategic and operational advantages, and most importantly, a talented and resilient team to navigate the near-term challenges and emerge an even better company.”

First Quarter 2025 Sales Summary 

Income Statement Summary
Gross margin improved 140 basis points year-over-year to 47.3 percent of net sales in Q1, reportedly due to a healthier sales mix, lower promotional activity and the benefit of supply chain cost initiatives.

Operating expenses were reduced 5.1 percent to $175.1 million, or 4.8 percent of net sales, in Q1, compared to $184.5 million, or negative 0.8 percent, in the 2024 Q1 period.

On a reported basis, WWW reported diluted EPS of 13 cents per share in the first quarter, flipping the script from a loss of 19 cents per share in the 2024 Q1 period.

Balance Sheet Summary
Cash and cash equivalents were $106.5 million at quarter-end, down year-over-year from $169.7 million at March 30, 2024.

Inventory at the end of the quarter was $270.7 million, down $84 million, or approximately 23.6 percent, compared to $354.3 million at March 30, 2024.

Net Debt at the end of the quarter was $604 million, down $83 million, or approximately 12.1 percent, compared to the prior-year quarter-end.

Second Quarter 2025 Outlook
Following its strong financial performance in the first quarter, the company said its outlook for the second quarter reflects expectations for continued momentum in the business.

Revenue is expected to be approximately $440 million to $450 million, representing growth of roughly 3.7 percent to 6.0 percent, compared to the second quarter of 2024 ongoing business and constant-currency growth of approximately 3.4 percent to 5.7 percent.

Operating margin is forecasted to be approximately 6.7 percent, down 10 basis points compared to the second quarter 2024 operating margin and adjusted operating margin of roughly 7.2 percent, up 90 basis points compared to the second quarter 2024 adjusted operating margin for our ongoing business.

Diluted earnings per share are forecast in the range of 17 cents to 22 cents, and adjusted diluted earnings per share in the range of 19 cents to 24 cents on diluted weighted average shares of approximately 81.1 million.

Full-Year 2025 Outlook
Due to uncertainty around tariffs and related macroeconomic conditions, the company said it is not providing a full-year 2025 outlook and is withdrawing its 2025 guidance issued on February 19, 2025.

Image courtesy Saucony