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.
First Quarter 2025 Sales 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.
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.
See below for additional coverage of the overall Wolverine Worldwide business in Q1, as well as deeper dives into the Merrell and Saucony businesses:
EXEC: Saucony is the New Darling for Wolverine Worldwide as Sales Jump 30 Percent in Q1
EXEC: Merrell Parent’s CEO Lays Out Q1 Results, Tariff Plans and Q2 Growth Estimates
